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Memecoins Are Fueling Growth on Coinbase’s Blockchain

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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

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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.

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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.

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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

The post Memecoins Are Fueling Growth on Coinbase’s Blockchain appeared first on HIPTHER Alerts.

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Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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