BALD Memecoin Launch Shocks Coinbase’s Base Blockchain Creator
BANGKOK – Coinbase’s Base blockchain launched in August 2023, and grew with the power of memecoins like BALD, a reference to CEO Brian Armstrong’s bare scalp. But the protocol’s creator says there’s more to the story than silliness.
Unpredictable Beginnings
“BALD caught us all by surprise. You know, this was before the public launch of Base. It was when it was just open for developers,” Jesse Pollak said during an interview on the sidelines of Devcon in Bangkok. “I remember waking up on Saturday morning and being like, what is going on? It was not in our plan, and it happened.”
BALD was a salient reminder before Base’s public launch that the crypto space can be unpredictable, and sometimes, rather than trying to control everything, the stewards of a protocol simply need to lean into the chaos and figure out how to turn unexpected situations into something great, Pollak said.
Something that’s not a rugpull, which Bald unfortunately ended up being.
Diversifying Beyond Memecoins
Even though dozens of memecoins have launched on Base in the last year, Pollak wants the protocol to be known for more than that. He has been on a world tour with Base, meeting developers in Africa and Asia, emphasizing the significant growth in emerging markets like Southeast Asia, Kenya, and India.
On-chain data shows that Base is quickly catching up to Solana in stablecoin issuance, with over $3.5 billion in stablecoin market cap, making it the sixth-highest chain for dollar-pegged tokens.
Decentralization and Openness
Base, as a layer-2 protocol built on Ethereum, aims to embrace decentralization. Pollak argues that the platform’s ties to Coinbase do not lead to an unhealthy level of centralization, citing the example of the BALD memecoin incident as proof of the platform’s openness.
Base’s recent launch of fault proofs allows for increased decentralization by enabling any active address to validate and challenge transactions, reducing reliance on centralized entities. Pollak emphasizes that even if Coinbase were to disappear, people would still be able to transact seamlessly on Base.
Overall, Base continues to evolve as an open economy where participants can engage freely, showcasing its commitment to decentralization and innovation in the blockchain space.