App delays and online attacks, Base co-founders' token issuance sparks community dissatisfaction

Author: Chloe, ChainCatcher

Yesterday, Base co-founder Jesse Pollak launched the jesse token, scheduled for release at 1:00 AM Beijing time on November 21. Before the token launch, Jesse tweeted that the token would debut on the Base App, emphasizing that this was to test and promote the creator coin feature of the Base App, allowing users to directly participate in minting and trading through the App, while promising no pre-sale, internal distribution, or any unfair mechanisms.

However, the community reacted strongly, with many users waiting in the Base App but unable to buy in time due to app crashes and delays. Eventually, Jesse turned to post the contract address on X, while the update for the Base App was delayed by about 17-20 minutes, causing retail investors to miss the opportunity to buy at a low price. The community complained of being teased, calling it "the most failed fair launch in Base history," with some users even spending hours trying to obtain an App invitation code without success.

In addition, according to tracking data from Arkham, the token was immediately targeted upon launch, with a total of 26% of the supply (about 261.7 million tokens) bought in the same block, primarily achieved through the Flashblocks mechanism of the Base network. The snipers paid high priority fees to compete, with the top two snipers making profits of approximately $707,700 and $619,600, totaling $1.3 million in arbitrage. The community referred to this as a "scientist battlefield," where retail investors had little chance to participate.

Currently, the jesse price is $0.01705, with a market cap of $17.05 million.

Jesse's Vision to Return Rights to All Creators

Jesse insists that this is not a meme coin, but a "creator coin," which is a lasting asset deeply linked to his personal brand and influence. The emergence of creative tokens, combined with "content coins," aims to return ownership and profits to creators and fans.

As early as April this year, Base had generated controversy over content coins. At that time, the official Base account posted a slogan "Base is for everyone" on Zora, which was automatically minted into a tradable token. Subsequently, Base shared this post on the X platform. The resulting token's market cap skyrocketed to $17 million within an hour, but then plummeted by 90%.

This incident sparked much controversy in the community, with many users believing it was a meme coin endorsed by the Base official account. On the other hand, the on-chain analysis platform Lookonchain revealed that three cryptocurrency wallets had purchased the "Base is for everyone" token before the official announcement and quickly sold off after the news broke, collectively profiting $666,000. After these whales sold off, the token's market cap fell below $2 million, turning later entrants into victims and raising suspicions of insider trading.

The "Base is for everyone" token was effectively backed by Base, severely damaging community trust at the time. In response to the controversy over Base allegedly profiting at the expense of retail investors, Base explained that the token was automatically minted by the Zora platform, and Base merely posted a message on the platform.

According to a report by CCN, Jesse later admitted that he personally approved the post and stated that it was an experiment, while denying allegations of market manipulation. Since then, he has continued to mint "content coins" on Zora.

High Probability of Celebrity Coins Ending in Failure

Despite Jesse emphasizing the differentiation between content coins/creator coins, this type of token issuance tied to celebrities and creators often ends in failure.

A study by CoinWire found that among 1,567 meme coins promoted by 377 celebrities on the X platform, 86% lost at least 90% of their value within three months of receiving endorsement.

Even relatively successful projects like tokens from Trump and singer Iggy Azalea, which maintained market cap and trading volume over a longer period, are unlikely to reach the heights they once achieved again.

Whether meme coins or content coins/creator coins, they are all part of the so-called attention economy game. Retail investors may have the opportunity to taste high returns, but their value is often difficult to sustain, especially when mainstream altcoins are weak, and Jesse chooses to launch a token at this time, the market may not respond favorably.