Base Blockchain Attracts $68 Million in Ether Ahead of Official Launch

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By BitcoinWiki News

Key Takeaways:

– Coinbase-backed layer-2 blockchain Base has attracted millions in Ethereum (ETH) ahead of its official launch
– Over the weekend, Base witnessed over $200 million in trading volumes and more transactions than established networks like Arbitrum
– Traders have flocked to Base in the hopes of lucrative returns, particularly from meme coins
– Token BALD experienced a massive surge, skyrocketing by about 4,000,000% from its initial issuance to its peak price
– However, BALD token has since dropped by more than 78% after a developer pulled liquidity out of the coin, causing a rug pull
– Base’s lack of a functional two-way bridge created opportunities for exploitative practices and rug pulls
– Some users discovered they had purchased imitation tokens that couldn’t be sold on the open market
– Traders rush to Base to seek ways to make money in an otherwise stagnant market
– While some believe in the opportunities for profit, others have doubts about Base’s long-term prospects
– Base went live for developers in July for testing applications and blockchain-based products


Coinbase-backed layer-2 blockchain Base has attracted significant attention and trading volume ahead of its official launch. Despite not being open to the public, the platform has seen over $200 million in trading volumes and more transactions than established networks like Arbitrum. Traders have flocked to Base, hoping to earn lucrative returns, especially from meme coins. One meme coin called BALD witnessed rapid growth and generated over $68 million in Ether bridged to Base within 48 hours. However, the token eventually experienced a significant drop of over 78% compared to its peak. The lack of a functional two-way bridge on Base has led to exploitative practices and rug pulls. Tokens like brian (BRIAN), toshi (TOSHI), and basedbot (BOT) surged initially but quickly dropped, leaving traders with minimal returns. Opportunistic developers have taken advantage of the situation by deploying numerous tokens and executing rug pulls. Some traders believe that the rush of capital into Base is driven by investors seeking ways to make money in a stagnant market. However, others have doubts about Base’s long-term prospects, with concerns about the blockchain’s fundamentals. Base, built on OP Stack, went live in July for developers to test applications and blockchain-based products.

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