The ERC50 protocol against "Majidagē" is here—will DINO reshape meme gameplay?
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The ERC50 protocol against "Majidagē" is here—will DINO reshape meme gameplay?
DINO will become the new standard for issuing meme coins.
Navigating Web3 tides with focused insightsAuthor: Frank, PANews
"Trust no one but the code"—perhaps this resonates deeply with many seasoned Meme coin veterans, especially after enduring the chaotic weekend of "Majic Rug Pull."
The Launch of the First Fair-Launch ERC50 Protocol
On March 29, a Meme project named DINO began fundraising on the Base chain, and this motto became the foundation of its community trust. DINO announced the launch of a new ERC50 protocol designed for fair distribution, where nearly all operations during the presale are written directly into the smart contract. The protocol enables automatic token allocation, automatic vesting lockups, automatic refunds, and automatic addition of liquidity provider (LP) tokens to the trading pool. According to the team, the project achieves: no admin controls, no insider allocations ("rat farming"), and no rug pulls.
Within two days, the project raised 301 ETH from over 1,400 addresses, totaling approximately $1.06 million. As promised, half of the tokens and all raised ETH were injected into the LP pool and permanently locked. By the afternoon of April 1, DINO had 8,968 unique token holders, with an LP pool size reaching $8.2 million, ranking fourth on the Base chain.
DINO's success has sparked discussions around the ERC50 protocol. A user @TheDarkRippler tweeted: "DINO will become the new standard for launching Meme coins."
Can the Fairer ERC50 Spark Another Meme Frenzy?
Currently, the term "ERC50" is only used by the DINO project and has not been officially recognized as an ERC standard through community voting. On March 27, a GitHub user named WhiteRiverBay published a new protocol titled "evm-fair-launch."
The code documentation outlines the following features:
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No administrator, no special withdrawal rights, no insider advantages, no faster access for anyone, no possibility of rug pulls—100% of funds raised go directly into the liquidity pool
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The contract is an ERC20-compliant token contract
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Adds fair-launch functionality specifically for Uniswap-V2 liquidity pools
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Users simply send ETH to the contract to receive tokens
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Users can return their tokens to the contract at any time before launch to get a full refund
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Once conditions are met, users need only send 0.0005 ETH to the contract, which then automatically sends all sold tokens and equivalent ETH value into a DEX to establish liquidity. Tokens become tradable immediately.
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Only Uniswap-V2 version contracts are currently provided to prevent premature liquidity additions.
From a technical standpoint, the ERC50 protocol leverages Uniswap-V2 mechanisms to achieve true fairness in token distribution. However, for users aiming to earn returns by providing liquidity, the current version does not allow LP token withdrawals—all LP tokens are permanently locked within the contract. That said, the protocol submitter noted that they are developing a new version that allows extraction of LP rewards (specifically fees generated from trading), intended to incentivize ongoing project development.
In reality, the functionalities attributed to the so-called ERC50 protocol aren't particularly novel. Features like automated locking and distribution have long been widely implemented across various IDO platforms. What makes it compelling now is their application in the context of today’s Meme coin funding craze, addressing key pain points and expectations around Meme coin launches. Especially significant is how its release coincided almost exactly with Andrew Huang's controversial "Majic Rug Pull," creating a stark contrast between opaque celebrity-driven projects and transparent, code-enforced fairness.
In terms of wealth effect outcomes, the rationally structured Meme coin DINO did not trigger a wild bull run. According to PANews calculations, DINO’s fundraising price was approximately $0.000116. As of the afternoon of April 1, its price peaked at $0.0023—an increase of about 20x—and later stabilized around $0.0011, representing roughly a 10x gain. Compared to earlier explosive Solana-based Meme coins like BOME and SLERF, which saw gains of hundreds or even thousands of times, DINO’s performance appears modest. This raises an important question: Is the core driver of Meme coins trust—or hype?
Base Chain Continues Draining Solana and Ethereum
From another perspective, this disparity may reflect fundamental differences between Solana and the Base chain. Recently, Base has made notable strides in the Meme coin space, achieving unexpected traction—though still trailing behind Solana.
On March 30, the number of contract creations on Base reached 2,091—an increase of nearly 31x compared to just 66 on March 1. On the same day, Base's mainnet daily active users surpassed 450,000, marking its second-highest record. On March 31, Base broke its own 24-hour trading volume record on decentralized exchanges (DEXs), rising about 25% from the previous day and exceeding $1 billion in volume.
In comparison, while Solana’s recent daily count of new token launches has declined from its peak of 9,943, it remains relatively stable at over 6,000 to 7,000 per day. On March 30, Solana recorded 1.52 million daily active users—far surpassing Base’s numbers.
However, another set of data reveals something more intriguing. Over the past seven days, Solana and Ethereum experienced a net outflow of approximately $4 million worth of assets to the Base chain. During the same period, Base saw $25 million in outflows but $31 million in inflows—a net capital inflow of around $6 million. This suggests that much of Base’s recent surge in transaction activity stems from draining liquidity and attention away from Ethereum and Solana.
With recent wealth-generating stories emerging on Base such as DEGEN and mfercoin, this trend of Base siphoning activity from other chains may continue for some time.
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