🚨BASE LAUNCHES COIN: RUG, ISSUES, MELTDOWN

The Spaces discussed the controversial token launch on the Base platform, which is backed by Coinbase. The launch was criticized for being poorly executed, leading to confusion and loss of trust among the community. Observers suspected foul play due to the rapid price fluctuations and lack of clear communication from the Base team. The conversation also delved into broader issues of professionalism within the crypto space, the evolution of blockchain ecosystems, and the impact of layer twos on Ethereum's dominance. Despite the drama, some speakers defended the launch as an experimental step toward innovating on-chain content creation.

Discussion Summary

Context and Introduction

The discussion started with breaking news on the Mario Not file channel about the launch of a coin by Base, which is a protocol associated with Coinbase. There was immediate concern over whether this coin launch was a credible effort or if it was a fraudulent campaign, as the chart for the token showed a quick and severe decline.

Issue and Concerns

Main Concerns Raised:

1. Miscommunication and Poor Rollout:

   • There was significant miscommunication regarding the launch of the token. Base posted about the token on Zora without clear and detailed announcements or warnings.
   • Concerns grew about whether this was a premeditated rug pull or simply poor execution.

2. Impact on Base and Broader Implications:

   • Participants highlighted the reputational risk for Base, given its association with Coinbase, particularly after Coinbase had its SEC case dropped.
   • The potential impact on builders within the Base ecosystem who felt deceived and frustrated, with some losing trust in the chain they had been working on.

Detailed Discussion Points

Participants’ Views:

• Pulse: Raised concerns about the seriousness of the launch and the poor planning involved.
• Buzz: Criticized the rollout as one of the worst they've seen, noting that it resembles a typical meme coin launch fiasco.
• Gary: Took a contrarian view, suggesting that the launch wasn't necessarily a disaster, framing it as an experiment to tokenize content.

Additional Perspectives:

• Technical and Market Analysis:
  • The launch involved sniping by a few wallets which controlled a significant portion of the total token supply and quickly liquidated their holdings for profit.
  • Issues with the timing and understanding of market sentiment were particularly jarring, given that Jesse from Base seemed disconnected from the prevailing negative sentiment in the crypto space.

Strategic Insights and Lessons

Reflection on Base's Approach:

• The community largely expected better communication and strategic execution, given Coinbase’s stature and its resources.
• Many expressed disappointment about the missed opportunity to use a significant moment for Base to generate positive engagement rather than controversy.

Market Sentiment and Speculation:

• Participants speculated whether the chaotic launch was due to internal complexities or misjudgment of market sentiment, given the bearish conditions.

Conclusion

The Spaces panel was dynamic, reflecting a deep mix of shock, disappointment, strategic critique, and the type of community-centric reflection that often follows such events. Despite the harsh criticism, some participants held onto optimism regarding Base's experimental intents, highlighting the volatile and unpredictable nature of meme and content coin launches.

Final Remarks:

• The discussion concluded with a call for more effective market strategies and better communication in future initiatives. As a result, the crypto community remains vigilant about Base's next steps and eagerly anticipates strategic pivots to avoid similar missteps.

Community Engagement:

• The conversation remained interactive with numerous opinions shared, creating a well-rounded examination of the Base coin launch fiasco.