The day before yesterday, Dog Mom posted a new article on her blog, adopting a new dog and collaborating with the Own The Doge community to launch the official token $cocoro, deployed on the BASE chain, with the contract address 0x937a1cFAF0A3d9f5Dc4D0927F72ee5e3e5F82a00.
Since the publication of this article, the price of the token has been rising, with the market cap exceeding 100M within an hour. This article will explain various operations of dev on-chain step by step.
1. How to verify the distribution of token economics
We can see the token economics of $cocoro in the official Twitter of the Own The Doge community, where 75% is added to LP, 20% is for community airdrop, and 5% is for DAO reserves.
When we see the above token economics, how can we verify whether dev has correctly distributed according to the token economics?
The commonly used tools have limited support for the BASE chain, and currently, the best and most user-friendly tool for checking changes in liquidity pools is okx.
We open the okx web version, input the CA of $cocoro (https://www.okx.com/zh-hans/web3/detail/8453/0x937a1cfaf0a3d9f5dc4d0927f72ee5e3e5f82a00), and in the [Liquidity Pool Changes] section, we can see all the add and remove operations. By sorting the [Time] in ascending order, we can see the first two add operations, each adding 375M of $cocoro to the single-sided pool. The amounts of these two transactions exactly match 75%, consistent with what is described in the token economics.
In the [Holding Address] section, we can see the holding situation of the addresses, where the second-ranked address held 25% when it first went online, which aligns with the 20% community airdrop and 5% DAO reserves in the token economics. The second-ranked address shows a holding of 26.38%, which is more than 25% because dev received the transaction fees from adding to the pool, resulting in an increase in tokens.
2. How to view dev's operations
Several commonly used tools have average performance in recognizing and operating on the BASE chain dev address, so we can analyze it using a block explorer.
1. Find the dev address
Open the block explorer and input the CA of $cocoro (https://basescan.org/address/0x937a1cfaf0a3d9f5dc4d0927f72ee5e3e5f82a00). In the [More Info] section on the homepage, we can see the contract creation information, including the dev address, the transaction hash for token creation, and the source address of the funds. From the image, we can see that the dev address is 0x319C399d3D7d7A2972a6A59646A060Bb29d82A29.
2. View dev's operations
In the block explorer, input the dev address 0x319C399d3D7d7A2972a6A59646A060Bb29d82A29 (https://basescan.org/address/0x319c399d3d7d7a2972a6a59646a060bb29d82a29), and open the [Token Transfers (ERC-20)] section, only looking at transactions where the [Token] column is "ERC-20: Cocoro". The transactions from bottom to top are as follows:
a. Create the token and mint 1B tokens.
b. Transfer 1 token to a test address to verify functionality (indicating that dev is still very cautious).
c. Transfer the 1 token back from the test address to the dev address.
d. Two transactions each added 375M tokens to the single-sided pool (corresponding to the liquidity addition section in the first chapter).
f. Transfer the remaining 250M tokens to address 0x735A2Ea69997e668dD0f4b2a30fFa9f01e045072.
3. View LP Ownership
When adding liquidity in Uniswap V3, an NFT is automatically minted, which records the details of the liquidity pool. Owning this NFT means owning the corresponding pool, and the ownership of the pool can be transferred by transferring the NFT. Locking the pool is also done by operating on the NFT.
In the previous section, we can open the [NFT Transfers] section of the dev address to see the transfer status of the NFTs. From bottom to top, each transaction is as follows:
a. The two transactions at the bottom are for adding a single-sided pool, minting the corresponding NFT, compared to transaction d in the previous section.
b. The two NFTs from the two pools are transferred to address 0x735A2Ea69997e668dD0f4b2a30fFa9f01e045072 in two transactions.
For the two transactions in a, we can open any one to view the transaction details and obtain the NFT's Token ID. For example, opening the last transaction in the image above (https://basescan.org/tx/0x12efd530c4245216596993c780075770484622cd68e9cd85e18497bf93bacd81), we can see that dev transferred 375M tokens to an address, but did not transfer weth, indicating that this is an addition to a single-sided pool, not a double-sided pool. In the lower part, we can see that the Token ID of the NFT corresponding to this pool is 2256046, as shown in the image.
Similarly, we can check that the Token ID of the NFT corresponding to another liquidity addition transaction is 2256052.
4. Verify if the Pool is Locked
The official Twitter of the Own The Doge community mentioned that 75% of the LP is permanently locked. So how do we check if it is locked? From the previous section, we know that dev transferred the ownership of the pool to address 0x735A2Ea69997e668dD0f4b2a30fFa9f01e045072, so we need to check if this address has any locking behavior.
Input this address in the block explorer (https://basescan.org/address/0x735a2ea69997e668dd0f4b2a30ffa9f01e045072) and check the transactions in the [Transactions] and [Token Transfers (ERC-20)] sections. No transactions related to locking the pool were found, indicating that the locking mentioned in the official Twitter has not been done yet. We only see a transaction for receiving fees (https://basescan.org/tx/0x316d0ea27ae38fd33b694e2bb444c5ec1567a56b7e4b403ec257d3c0ccb1a124), with the received fee valued at around 1.7 million USD.
3. How to View Detailed Information of LP
From the above, we know that dev initially added two single-sided pools. So how do we view the detailed information of these two single-sided pools, such as the price range and the fees generated?
1. Using the Uniswap Official App
Open the Uniswap website https://app.uniswap.org/, download the corresponding app based on your phone type, and in the wallet settings, select [Add Wallet] -- [Add Wallet for Viewing Only], input the address 0x735A2Ea69997e668dD0f4b2a30fFa9f01e045072, which owns the pool.
On the Uniswap website, select [Connect] in the upper right corner and choose [Uniswap Mobile, Scan QR Code to Connect]. A QR code will appear on the page, scan it with the Uniswap app on your phone and click "Connect."
After a successful scan, the web version will connect to the wallet, and you can see the connected wallet address in the upper right corner of the webpage. In the [Liquidity Pools] section, you can see the pool information. There are two pools for $cocoro, one of which is out of range, and the other is within range.
By clicking on the pool, you can see detailed information, such as the minimum price, maximum price, current price of the price range, as well as the remaining amounts of weth and cocoro in the pool, and the unclaimed fees.
Currently, the unclaimed fees in the two pools are 120,000 USD and 119,000 USD, respectively. From the content in Chapter 2, Section 4, we know that the claimed fees amount to 1.7 million USD, so the total income from fees for the project team is 1.94 million USD.
The advantage of this viewing method is that it is natively supported by Uniswap, while the downside is that it requires downloading the app.
2. Directly View via URL
From the previous viewing method, we know that the pool's URL is “https://app.uniswap.org/positions/v3/base/2256046”, where the last part of the URL is the NFT's Token ID. We have already found that the Token IDs corresponding to the two pools are 2256046 and 2256052, respectively, so we can construct the viewing URLs for the two pools as follows:
https://app.uniswap.org/positions/v3/base/2256046
https://app.uniswap.org/positions/v3/base/2256052
Using the above two URLs, we can query the detailed information of the pools.
The advantage of this method is that constructing the URL allows for quick and convenient viewing, but it requires prior knowledge of the pool's corresponding NFT Token ID.
3. Using Impersonator Simulation
Impersonator is an open-source project (https://github.com/impersonator-eth/impersonator) that allows you to simulate logging into dapps with any Ethereum address via WalletConnect or iFrame.
Open the Impersonator official website https://impersonator.xyz/, where you need to fill in the wallet address and select the chain. Here, enter the wallet address 0x735A2Ea69997e668dD0f4b2a30fFa9f01e045072, select "Base" for the chain, and choose one of the three simulation methods: "WalletConnect," "iFrame," or "Extension."
(1) WalletConnect Method
Using the WalletConnect method, we first need to open the Uniswap webpage and select [Connect] in the upper right corner, then choose [WalletConnect].
In the WalletConnect QR code page that appears, click to copy, then paste the content into the "WalletConnect URI" field on the Impersonator website. At this point, the Uniswap website will connect to the address you entered above, allowing you to view the pool information.
(2) iFrame Method
Choosing the iFrame method is simpler; just enter the Uniswap URL in the "dapp URL" field and click "Connect" to display the Uniswap connection wallet URL interface below. You can then view the detailed information of the pool.
This method may not be supported by some dapps; if not, you can choose the WalletConnect method from the previous section to view.
The "Extension" method simulates through a plugin, which will not be explored here.
Impersonator also currently supports simulating wallet logins to dapps on the Solana chain, but it only supports the WalletConnect method at this time. In our previous article "Step-by-Step Guide: Quickly Mastering the Method to View Meteora Liquidity Price Ranges," we chose to use an observation wallet. At this time, you can use Impersonator for simulated login. However, unfortunately, Meteora currently does not support connecting wallets via WalletConnect.
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