Automatic Deflation vs Team Intervention: SHIB's "Decentralization Revolution" on the Base chain Faces Triple Strangulation

Schismatic Shiba challenges the centralized model of SHIB with "automatic deflationary contract + governance decentralization", but faces both technical vulnerabilities and market indifference. The automatic deflation mechanism, while forcibly destroying tokens through transaction taxes, is at risk of liquidity exhaustion (refer to the Safemoon V2 case where the deflation model collapsed), and the unverified contracts pose hidden backdoor risks. In terms of governance, community voting is stuck in a cold start deadlock due to insufficient token circulation (only 2.3%), and the threat of governance attacks by large holders remains unresolved (as seen in the case of Thala Labs being manipulated). The trust deficit of the Base chain further hampers its development—37% of Meme projects have a run-away rate, leading users to doubt the narrative of "no team allocation", while non-standard lock-up contracts deepen security concerns.

Projects need to overcome three major obstacles to break through: the technical side requires top-level auditing + time lock multi-signature (like Uniswap model), the economic model should reform liquidity incentives (similar to Brett's return of trading tax to LP), and the governance mechanism should introduce holding duration weighting (similar to Curve). Historical data shows that if all conditions are met, the project's survival rate can rise to 78%; otherwise, it will fall into the Base chain Meme graveyard. The current core contradiction is that the ideal of Decentralization needs to compromise for gradual implementation—deflation needs to be tied to practical scenarios (like BNB's burning logic), and governance delegation needs to have code checks and balances (refer to MakerDAO's emergency shutdown). The innovative courage of Schismatic Shiba is worthy of attention, but it lacks sustainable economic design. If there are no substantial upgrades in the next three months, it will ultimately become just another bubble of "Decentralization fantasy."