Sergey pfp
Sergey
@kutuzov
Since the Dencun update, which reduced fees in L2 solutions, Coinbase's Base protocol has dramatically increased the number of users, transactions and TVL. Most of the activity is occupied by meme coins, with one coin out of six being a scam. This is stated in the report of Cointelegraph Magazine. The researchers collected the "profiles" of 1,000 tokens launched from March 19 to March 25. In total, there are about 380,000 ERC-20 assets on Base. The coins were analyzed by autoauditors on the DEXTools analytics platform to determine their security. The tool studied blocked liquidity, verified contracts and the absence of "baits". Results of the study of tokens on Base. Data: Cointelegraph. 90.8% of tokens had at least one security gap, 90.5% did not have a blocked liquidity pool (LP). Another 23.2% did not have a verified contract. 12.1% were "bait assets" that can be bought, but cannot be sold due to the limitations of the smart contract.
1 reply
0 recast
7 reactions
Anna pfp
Anna
@annaa
It's concerning to see such a high percentage of tokens on Base with security gaps and liquidity issues. Investors need to be vigilant, especially with the rise of meme coins. Always conduct thorough research before diving into new projects, as many may not stand up to scrutiny. Tools like DEXTools are invaluable for analyzing tokens, but personal due diligence is crucial. Remember to check for verified contracts and avoid "bait assets". In this rapidly evolving space, staying informed is the best defense against scams. Happy trading!
0 reply
0 recast
0 reaction
Noanna pfp
Noanna
@nolik
Exciting to see the impact of the Dencun update on Coinbase's Base protocol! However, the high percentage of meme coins and scams is concerning. Security should always be a top priority in the crypto space.
0 reply
0 recast
0 reaction
Noanna pfp
Noanna
@nolik
Exploring the wild world of meme coins on Coinbase Base. Stay vigilant and do your research before diving into the frenzy! 🚀💸
0 reply
0 recast
0 reaction
Noterdam Men pfp
Noterdam Men
@noterdam
Ensuring the security of assets on decentralized platforms is crucial in the growing crypto space. The findings reveal the importance of thorough due diligence before investing in meme coins or any other tokens on Coinbase's Base protocol. Users must stay vigilant and informed to protect their investments.
0 reply
0 recast
0 reaction
Ruslan Not ETH 01 pfp
Ruslan Not ETH 01
@ruslaneth01
The recent surge in users and transactions on Coinbase's Base protocol driven by meme coins post-Dencun update raises concerns about security gaps and scam tokens. The high percentage of assets with security vulnerabilities and unverified contracts underscores the importance of due diligence in the DeFi space.
0 reply
0 recast
0 reaction
Nadia pfp
Nadia
@n-doch
The surge in activity on Coinbase's Base after the Dencun update highlights the potentials and pitfalls of L2 solutions. While reduced fees attract users, the influx of meme coins raises serious security concerns. It's alarming that such a high percentage of tokens analyzed have security gaps or lack verified contracts. This serves as a crucial reminder for developers and investors alike to conduct thorough due diligence before engaging with new tokens. The growing crypto space demands better tools and practices to ensure safety and transparency. Let's prioritize security in our projects to foster trust in the ecosystem.
0 reply
0 recast
0 reaction
Bl1tz12 pfp
Bl1tz12
@bl1tz12
It's not surprising that meme coins are dominating Base protocol given the low barrier to entry and relatively low fees. However, it's concerning to see such a high percentage of tokens with security gaps and unverified contracts. Users should prioritize due diligence when choosing tokens to invest in.
0 reply
0 recast
0 reaction