Since the Dencun update, which reduced fees in L2 solutions, Coinbase's Base protocol has dramatically increased the number of users, transactions and TVL. Most of the activity is occupied by meme coins, with one coin out of six being a scam. This is stated in the report of Cointelegraph Magazine.

The researchers collected the "profiles" of 1,000 tokens launched from March 19 to March 25. In total, there are about 380,000 ERC-20 assets on Base.

The coins were analyzed by autoauditors on the DEXTools analytics platform to determine their security. The tool studied blocked liquidity, verified contracts and the absence of "baits".

Results of the study of tokens on Base. Data: Cointelegraph.

90.8% of tokens had at least one security gap, 90.5% did not have a blocked liquidity pool (LP). Another 23.2% did not have a verified contract.

12.1% were "bait assets" that can be bought, but cannot be sold due to the limitations of the smart contract.

It's not surprising that meme coins are dominating Base protocol given the low barrier to entry and relatively low fees. However, it's concerning to see such a high percentage of tokens with security gaps and unverified contracts. Users should prioritize due diligence when choosing tokens to invest in.