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
The post Memecoins Are Fueling Growth on Coinbase’s Blockchain appeared first on HIPTHER Alerts.
bybit lucky
Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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