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Understanding the BASE Ecosystem and $BALD Memecoin

Introduction to Base Chain
Base Chain is a Layer 2 solution implemented by the US-based exchange Coinbase, announced in February 2023, and launched its Mainnet for developers on July 14th of the same year. The standout project within the ecosystem is the $BALD Memecoin, which has experienced astonishing growth of over 2m% in just two days

The BASE ecosystem has been witnessing significant growth and attraction, which is evident in the incredible numbers.

It’s important to note that currently, bridge.base.org is not available, and to transfer ETH into the BASE ecosystem, users need to send $ETH to the Portal Proxy Contract, ensure that only ETH is sent to this contract, sending any other assets will result in permanent loss.

Step 1: Add BASE chain to your wallet or connect wallet https://chainlist.org/chain/8453

  • Network Name: Base Mainnet
  • RPC Endpoint: https://developer-access-mainnet.base.org
  • Chain ID:8453
  • Currency Symbol: ETH
  • Block Explorer: https://basescan.org

Step 2: Bridge your $ETH to the BASE chain

Analyzing $BALD Memecoin
$BALD is a memecoin that emerged on the BASE ecosystem on July 30th, initiated by the wallet address 0xccfa0530b9d52f970d1a2daea670ce58e4176389. This wallet has also been linked to Coinbase and has played a crucial role in providing liquidity for the BALD/ETH trading pair on the DEX LeetSwap. Moreover, it has been a significant contributor to bridging ETH to the BASE ecosystem, amounting to over $12M

The connection between $BALD and Coinbase is further strengthened by the wallet’s history of holding a substantial amount of cbETH (Liquid Staking Token – LST), a token issued by Coinbase for users who stake ETH using Coinbase’s staking service. This connection suggests that there might be some affiliation or involvement of Coinbase in the $BALD project.

The connections to Coinbase raise questions about the involvement and support from one of the leading exchanges in the crypto space. The BASE ecosystem’s long-term viability depends on fostering a culture of quality projects and sustainable growth, avoiding excessive reliance on speculative memecoins that may carry risks for the overall reputation of the ecosystem.

The allure of $BALD can be attributed to multiple factors. Firstly, its name, “bald,” seems to allude to wealthy individuals like Brian Armstrong and Jeff Bezos… Additionally, its marketing strategy, focusing on the potential for life-changing gains, has been effective in attracting new participants. The fact that users cannot immediately withdraw their funds has led to an increase in Total Value Locked (TVL), creating a positive growth trajectory for the project.

However, it is essential to recognize that pushing memecoins like $BALD into the ecosystem can result in short-term gains but may pose risks to the reputation and sustainability of the entire BASE ecosystem if not supported by high-quality and innovative projects built on BASE. Sustainable growth and maintaining a healthy financial flow will require genuine, well-developed projects that add real value to the ecosystem.

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