Coinbase-backed public chain Base sparks a meme coin frenzy, with meme coin BALD surging over thirty times in a single day.

The L2 blockchain under Coinbase introduced several meme coins over the weekend, with $BALD surging 30x due to suspicions of its high association with Coinbase and founder Brian Armstrong.

L2 Coinless Public Chain Base

In February of this year, Coinbase announced the launch of Base Gas, a L2 coinless public chain based on Optimism technology that uses ETH. The developer mainnet went live on July 13th, but it is expected to be officially released to the general public in early August.

In addition to bringing Coinbase's original large user base into the decentralized world, Base aims to work with Optimism to create a L2 multi-chain network system called the "Super Chain."

Review: Coinbase Releases Base Development Plan! Collaborates with Optimism to integrate L2 network and create "Super Chain"

New Meme Coin $BALD Surges

According to DEX Screener data, including BALD, Optism, TOSHI, Twitter, SHIBFLOKI, all saw tens of times increase in value in the past day.

In the past 24 hours, the cross-chain trading volume on Base has reached as high as $241 million, while BALD has surged by approximately 3,628% against ETH since its launch.

$BALD Token Name and Deployer Spark Speculation

Since BALD means "bald" in Chinese, it has already led people to associate it with Coinbase CEO Brian Armstrong.

In addition, the deployer of the token, suspected to be BALD, was found to hold cbETH on-chain, which is Coinbase's liquidity staking token. This has further led speculative investors in the crypto community to believe that BALD is likely the token Coinbase will officially announce in the future.

Although the official cross-chain bridge has not yet been launched, users can still achieve cross-chain transactions through the Portal Proxy Contract entry contract.

According to Dune data, Base's total TVL has exceeded $60 million.

Despite Coinbase's emphasis on not issuing tokens with the launch of Base and using ETH as the on-chain transaction fee, and the current inability to cross back to Ethereum from Base, this has not stopped the crypto community's frenzy of speculation.