Today, Base co-founder Jesse Pollak announced that he will soon launch his personal creator token, jesse, on the Base App, with a release date set for November 20 at 9:00 AM Pacific Standard Time (1:00 AM Beijing time on November 21). The jesse token will be launched from his Base App account jesse.base.eth.

Thanks to this news, Zora, which supports creator tokens for the Base App, saw an increase of about 8% during the day.

Why is Jesse launching his personal token? He stated on X, "Content coins track short-term attention, while creator coins track long-term content value. The combination of both creates a flywheel effect that returns ownership, control, and revenue rights back to creators and their fans. With $jesse, my flywheel effect will be complete."

In reality, this seems very much like a personal advertisement for the Base App. The Base App is akin to Coinbase's own "Alipay"; it serves as the application hub of the Base network, encompasses a social network with a creator economy mechanism, allows for token trading and transfers, and even features a "Yu'ebao"—where USDC in the Base App can enjoy an annualized yield of up to 3.85%.

Ironically, Jesse's explanation for issuing his personal token was in response to a tweet that read:

"The last time I bought a token you promoted, it went to zero within hours."

Among the prominent figures in the crypto space, Jesse has left a poor impression on retail investors, being notorious for "shouting out calls and then forgetting them." However, from the perspective of his role as a co-founder of Base, seeking attention and development for his own chain, his actions are quite understandable.

On April 17, the official Base Twitter account posted with the image, "Base is for everyone," and included a link to a token launched on Zora.

The market cap of that token instantly surged to $17 million, only to plummet 90% within five minutes. In response, a spokesperson from Base stated in an email to The Block that Base did not launch "Base is for everyone," as it was automatically minted by the Zora platform, and Base merely posted about it on that platform. The token was neither an official Base token, nor did Base sell it.

In fact, about an hour before the official Base tweet, Jesse had minted a token on Zora related to his tweet about the difference between content coins and meme coins. During those days, he was fervently sharing his views on content coins, and a week later, Zora issued a token.

An interesting subplot is that at that time, alon, the founder of pump.fun, jumped in to claim that the idea of tokenizing everything is harmful to the market, especially for influential people, as issuing tokens means taking on corresponding responsibilities, which is an unwritten but tacit rule in the blockchain space.

Now, alon has gone from a righteous figure to being daily questioned in the trenches with "Where's your airdrop?" while Jesse has stepped up to finally issue a token that takes on responsibility. The crypto space is indeed fascinating.

In addition to launching a bunch of content coins related to his tweets on Zora, Jesse has also bought tokens, such as:

• On July 18, 2024, he spent 0.3 ETH to buy the Base ecosystem meme coin MIGGLES, which later reached a market cap of about $120 million, currently valued at around $8.8 million.

• On November 21, 2024, he spent 0.333 ETH to buy the meme token ANON deployed by clanker AI on farcaster, which later reached a market cap of about $65 million, currently valued at around $970,000.

These can be seen as his support for coins within his own ecosystem. Recently, to attract meme coins from Solana to bridge to Base, he not only had an abstract show with Chillhouse but also personally bought some meme coins on Solana.

So, returning to Jesse's issuance of a personal token, the visions he describes should not be taken lightly by retail investors. As he initially replied to alon, these things are his "attempts to grow the pie and explore new things." On one hand, his statement as the head of Base makes sense, while on the other hand, it reveals his mindset regarding issuing tokens, namely, "Since it's an attempt, it could fail."

For retail investors, this sounds very ruthless, but it cannot be said to be entirely unreasonable, as even in more mature stock markets, there is always a sign at the entrance stating "The stock market has risks; invest with caution." No company will push its stock price for the sake of "being fair to retail investors." Many people often say that many meme coins are "conspiracy schemes"; if information asymmetry can be called a "conspiracy," then perhaps all meme coins are "conspiracy schemes," as there are always ulterior motives behind price increases.

This may be a difference that exists between domestic and foreign contexts, or more accurately, a difference arising from the conflicting interests of retail investors and project parties. For many prominent figures in the foreign crypto space, issuing tokens does not carry such grand goals, nor is there a heavy moral burden; if it succeeds, it's good luck or skill, and if it fails, it simply fails—life has many failures, and issuing tokens is just one of them. Moreover, even if there are well-meaning developers or crypto celebrities, it does not mean they understand the meme market better than retail investors.

For example, recently, the privacy-themed meme coin mec on Solana originated from a joke by Helius CEO @0xMert_ during a live stream and was deployed by Synthetix and Infinex founder @kaiynne. At that time, @kaiynne stated that mec, which he launched for the third time, was his "redemption work." However, all he could do was use the creator income generated by the token for buybacks, and then there was nothing more.

It is unrealistic to expect that celebrities will always consider their reputations and keep pushing prices up.

Will Jesse take this seriously? It's possible; the token may experience a short-term surge after launch, but such potential should not be the basis for heavy investment. A more flexible strategy would be to treat it as an attempt to engage with the Base App, making a small purchase with the hope of possibly receiving future Base token airdrops, thereby lowering expectations for this new token.

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