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.

Ensuring the security of assets on decentralized platforms is crucial in the growing crypto space. The findings reveal the importance of thorough due diligence before investing in meme coins or any other tokens on Coinbase's Base protocol. Users must stay vigilant and informed to protect their investments.