I tried to create a “Base” and felt helpless and ironic in the process…
Written by: Cookie
Without relying on “Odyssey” or airdrop marketing, Coinbase’s Layer2 network Base, with a meme myth that has increased a thousandfold, has ignited the market and attracted countless attention.
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In about 14 hours, it increased by 2000 times. Around 5 o’clock yesterday afternoon, it still had a market value of nearly 56 million US dollars, with 8774 WETH in the pool. Considering that during the rise, people generally believed that Base could only enter assets but not exit (note: it can actually be crossed out, recommended reading: Tutorial | Step-by-step guide to withdraw ETH from Base Chain), such a large pool and the perception of “only enter but not exit” that easily scares people have formed a huge contrast, making players feel very unbelievable. People even joked that $BALD is Coinbase’s “advertisement,” and this joke has spread widely on Twitter and various WeChat groups:
Smart public chain: We have a dog that increases a thousand or ten thousand times a day
Stupid public chain: We are about to start a 2-month Odyssey event
But in just over 3 hours, $BALD showed its fangs and destroyed everything. The project party suddenly withdrew a total of 8660 ETH and 179 million $BALD liquidity within 7 minutes. The price of $BALD plummeted, with a maximum drop of 80%. Currently, according to the data on dexscreener, there are only 12 ETH left in the liquidity pool of $BALD, and the TVL of the Base network has also plummeted from around 42 million US dollars to 9.42 million US dollars.
Changes in TVL of the Base network
The “guillotine” trend of $BALD, like a game, like a dream
Players who have suffered heavy losses
“Charging the dog” is a cruel “PvP game.” Crypto players know that this is no different from licking the blade, but they always march forward under the temptation of getting rich quickly, handing their fate to the anonymous project parties who may be leisurely drinking beer on the other side of the screen. I tried to create a “Base,” and the process was so easy and enjoyable that I felt so helpless and ironic…
With only $14, and a few clicks of the mouse, a “Base” was born
After connecting the wallet and signing on Thirdweb, click “Contracts” and then click “Deploy contract”.
Then we can choose the type of contract to deploy. There are many types to choose from here, including one-click deployment of ERC-20, ERC-721, and ERC-1155 tokens without code. It even supports deploying an ERC-721 token with staking functionality, rentable NFT ERC-4907, and trading markets like OpenSea. Here I will simply deploy an ERC-20 token, so I choose “Token”:
Then click “Deploy now” to enter the settings page:
The settings page is as follows:
– Image: Token logo.
– Name: Token name.
– Symbol: Token symbol.
– Description: Token description.
– Primary Sale Recipient: The address where the revenue from token presale will go. Since we have chosen a “Token” contract without a presale price, this field is actually not used.
– Platform fees: Additional taxes can be applied to the revenue from token presale. In addition, if you deploy a service such as an NFT marketplace, you can levy taxes on all secondary transactions that occur in the contract.
After setting all these, choose the network to deploy on. I chose Base:
The “Name” I set is “ZaicheshangBuhuibaHaimeimai111Shufule”, “Symbol” is SHUFU, “Description” is “GM SHUFULE”, and “Image” is a comfortable Tieba (Baidu Post Bar) sticker pack. After successfully deploying with a cost of $2.26, the effect is as follows:
The contract can already be seen on basescan:
Back to the settings center, there is a “Token” option in the left menu. Clicking on it allows you to mint a given amount of tokens. I minted 111111111111111 tokens and then put them together with 0.186 ETH into a liquidity pool on LeetSwap. This way, this token can be traded on LeetSwap just like $BALD.
Minting tokens cost me $0.42, and setting up the liquidity pool on LeetSwap cost me $11.35. The cost of creating a “Tu Gou” token is only $14.03, plus a little effort and clicking on the mouse.
Afterwards, I closed the liquidity pool and discarded all permissions in the “Permission” function of the Thirdweb settings page, and the experiment ended.
However, when using Quick Intel to check the contract created by Thirdweb, there are still quite a few yellow and red flags:
Checking the $BALD contract with Quick Intel yields much better results:
Thirdweb failed to implement the buy/sell transaction tax function, so I did some searching and found a one-click token issuance tool that can indeed set the buy/sell transaction tax. It’s so smart…
I can’t verify the security of this tool. However, the principle of this tool that helps deploy contracts with one click is roughly as follows: the tool itself is a contract, and after the settings are confirmed, the contract will execute the “Deploy Token” operation to complete the deployment with the corresponding settings. I randomly selected a contract deployed using this tool for testing, and the situation is better than Thirdweb:
Conclusion
I highly recommend everyone to use Thirdweb to deploy their own token and give it a try. Although it is a simple process, you can personally experience something different (but please don’t do anything malicious).
Indeed, to create a “dog coin” with a market value of millions or even tens of millions of dollars, you still need to create an official website, conduct various viral marketing to induce fission, and so on. However, as a “Crypto player” like me, when we rack our brains to evaluate whether a project has a “big enough” vision, does all of this make you feel a bit ironic?
Handing over our fate to the “dog coin creator” and the “400U team”, will we make a profit or a loss? Is this the Crypto world that you desire and that I desire?
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