Blockchain
Memecoins Are Fueling Growth on Coinbase’s Blockchain
Memes touch Base
The memecoin frenzy has overtaken Base, a blockchain launched by Coinbase Global Inc. that’s meant to be the centerpiece of its expansion into decentralized finance and nonfungible tokens.
Activity has exploded on Base, with the total value of cryptocurrencies sent to the blockchain topping $1 billion, according to tracker DeFiLlama.
Coinbase’s Base Blockchain Gains Popularity
Memecoins, the highly speculative tokens that mostly aren’t available on Coinbase’s exchange, are driving traders to the blockchain. Among the most-traded tokens on Base, according to tracker DEX Screener, are ANIME, which describes itself as “no utility. just art and $anime,” and DEGEN, a nod to a nickname for traders who embrace the riskiest tokens. Wallets paying the most in Base transaction fees potentially belong to trading bots profiting from memecoins, according to Parsec’s data and analysis by Michael Silberling of OP Labs.
Most-Traded Tokens on Base
When Coinbase announced the launch of Base, known as a Layer 2 because it’s built on top of Ethereum, the company promoted it as a “bridge” between its users and the broader crypto world including DeFi, blockchain-based games and NFTs. Yet the memecoin frenzy highlights the fact that online casinos are still crypto’s biggest use case.
“It’s Coinbase’s L2, so they immediately get a lot more attention and credibility than most others, simply due to the distribution potential,” said Anil Lulla, co-founder of crypto research firm Delphi Digital. “It shouldn’t be the pure focus and goal of all these chains to just become a casino.”
A software upgrade on Ethereum in March has been credited with fueling the growth. One impact of the upgrade, known as Dencun, is significantly lower costs for trading on L2 blockchains. Dencun made L2s like Base “competitive with chains like Solana,” said Ryan Watkins, co-founder of Syncracy Capital.
Base was ready for Dencun on Day 1 and the upgrade brought average fees down from about 10 cents to 1 cent or less, according to a Coinbase spokesperson.
“Base’s mission is to bring the next billion users onchain, and we are encouraged by the recent influx of activity,” the spokesperson said in a statement. “Our focus is making onchain technology accessible to anyone around the world, including by allowing for cheaper onchain transactions.”
Watkins pointed out that while Coinbase may receive criticism for the memecoin frenzy, the exchange has “no control” over what’s launched on Base. Still, analysts say interest in memecoins could be good for Coinbase, and the growth may overshadow any criticism.
“If memecoin mania is what it takes to convince users to set up a wallet and try out your chain, it may be worth it,” said Lulla.
Watkins said that Base is already generating an estimated $2 million daily in fees.
With more applications beyond memecoins, “this would be a big win for Coinbase if Base became one of the most-used chains,” Watkins said.
Hearing them out
“Binance having a board composed primarily of company insiders tells me they are still resistant to outside control and oversight, and the lack of depth on the board of independent members with deep regulated financial risk or compliance experience is not ideal.”
Austin Campbell
Adjunct professor at Columbia Business School and a consultant for blockchain firms.
Source: bloomberg.com
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Blockchain
Digital Payment Gateway Market Industry Trends and Opportunities 2030, with Competitor Analysis for PayPal, Stripe, Adyen, Worldpay, Razorpay Software, Mollie, BlueSnap, Klarna Bank and Dwolla
Digital Payment Gateway Market
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
The post Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users appeared first on News, Events, Advertising Options.
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
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