Bald Tokens Made Traders "Go Bald" (Latest Rug Pull

GM Readers!📪 It's BitDegree Insider, and you know what time it is.

⭐️Today's selection:

😎Cool Facts Derby
👌Selected Meme of The Day
📰Bite-Sized News

COOL FACT DERBY

It's Tuesday, innit? Time to dig deeper into recent & fascinating events! Oh, also. Happy August! The last month of the summer. Already!

FACT #1Bald Tokens Making Traders Go Bald (Latest Rug Pull)

Memecoins are now on Base - Coinbase's new Layer-2 blockchain project. But not only memecoins. Here's what I mean.

As of the 1st of August, over $82 Million in ETH has already been one-way bridged to Base.

Numbers look rather inspiring. But hey, there's a catch.

The mainnet version of Base for developers was released on July 14, 2023. However, an official bridge between the blockchain and the Ethereum ecosystem was not added to the network.

Instead, users have access to the portal's proxy server contract. And initially, this dramatically played into the hands of the BALD memecoin. The name, of course, is a reference to the founder of Coinbase. And his haircut…

This 'bridge' only works one way. There are no stablecoins. In addition, the Layer-2 Base team recently announced: the public mainnet will be launched in August. But the test version of it (devnet) is already working, therefore already attracting users to it.

This means that new players are one-way bridging money into Base, and not withdrawing it from there. People bring their ETH into the network, use it to buy memecoins, make profits, and then, they're left with a choice: Either buy new memecoins or hold their ETH. You could say it's a spiral that never ends. Money does not leave the blockchain, it only gets poured in.

It almost sounds like something that other blockchains could try recreating as a kind of promotion that would attract new users to their project.

But… This 'situation' involves relying on memecoins. Which means that there's a lot of risk involved. And, of course… Something happened.

While the hype around the asset was gaining momentum, BALD suddenly plummeted in price. The creators of the token withdrew liquidity, performing a rug pull. Although it was denied stating that this was simply a change in the type of liquidity.

The token does not have its own website, social networks, and team support. Who stands behind it and what goals it pursues is unknown. Someone has already joked around that it is the very same SBF while under house arrest.

The fact remains simple. As of today, over $23M in ETH is currently held by this malicious, anonymous rug-pulling memecoin developer or a team of them.

TL;DR: Coinbase's new Layer-2 blockchain project, Base, attracted over $82 million in one-way bridged ETH, mostly through memecoins. The project lacks a proper bridge to Ethereum, leading to a continuous inflow of funds but no withdrawals, and this reliance on memecoins led to significant risks, as demonstrated by the sudden price drop and liquidity withdrawal of the BALD memecoin, leaving over $23 million in ETH held by unknown malicious developers.

FACT #2Ethereum Birthday!

Well, this one's a nice, upbeat piece of news! Ethereum turns 8 years old!

On July 30, Ethereum celebrated its eighth birthday - on this day in 2015, the former commercial director of the Ethereum Foundation, Stephen Tual, announced the launch of the main network in which the first genesis block was mined.

The blockchain's history began in 2013 when programmer Vitalik Buterin decided to create a platform that supports smart contracts and decentralized applications (dApps).

At the beginning of 2014, the Ethereum whitepaper was published. The document detailed a universal blockchain capable of performing various tasks and automating contracts without intermediaries.

To bring his ideas to life, Vitalik Buterin created the non-profit organization Ethereum Foundation. In July 2014, over 30,000 Bitcoin were raised through a public crowdsale to develop the decentralized Ethereum network.

Today, Ethereum is the second-largest blockchain by capitalization and has a developed ecosystem. I mean, the numbers speak for themselves:

In honor of the network's birthday, the head of the Binance crypto exchange, Changpeng Zhao (CZ), shared a photo taken on May 2, 2015, when Vitalik Buterin stayed at his apartment and constantly talked about the new blockchain. Changpeng Zhao admitted that he did not buy ETH then and considers it the "missed opportunity of his life".

Here we are, ending on a good note! Or do we?

8 years of development, and the commission fee for a regular token swap is $8. Looks like the older the network gets, the more expensive commissions get. Well, let's hope it's just a joke! And let's expect that by the 10th anniversary, we will see Ethereum's Renaissance!!!

TL;DR: Ethereum celebrated its eighth birthday on July 30, 2023, marking eight years since its mainnet launch. Since its launch, Ethereum has become the second-largest blockchain by capitalization that's capable of supporting smart contracts and dApps.

FACT #3Making Sense of it All

Bald tokens making people go bald (or gray), $23M worth of ETH rug pulls, one-way bridges, new Layer-2 blockchains, ever-increasing commission fees…

What the hell is all this stuff?

For an outsider, this must be incomprehensible. And that's just the pain of catching up with what is happening in the industry.

Now, imagine the pain of getting intertwined in numerous Layer-1-2-3 projects, exchanges, and wallets… And, thus… Forgetting about your own crypto.

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