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BASE: The Next Solana? $1B Daily Volume Ignites ‘Base Season’ Hype

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BASE, the layer 2 protocol built on Ethereum, has hit notable milestones, igniting excitement and speculation within the cryptocurrency market. On March 30th, it reached a whopping $1 billion in daily trading volume, shattering its own trading volume record on DEX within 24 hours as well as outstripping all leading L2s in terms of daily transaction count. The remarkable feat has prompted renowned industry figures such as Lark Davis to pose the question: Is Base poised to become the new Solana?

The surge in activity is evident in the DeFi realm, as the platform recorded a 25% increase compared to the previous day’s $959.63 million, according to Dune Data Analytics.

BASE
BASE: The Next Solana? $1B Daily Volume Ignites 'Base Season' Hype 2

It’s noteworthy to mention that since the launch of EIP-4844, commonly called proto-danksharding, Ethereum layer-2 solutions such as Base have posted a five-fold increase in demand, demonstrating the scalability and efficiency of these solutions. Developed by the centralized cryptocurrency exchange giant Coinbase, the L2 leverages the OP Stack from Optimism to provide a scalable and secure Layer 2 blockchain solution.

BASE, The Ultimate Enterprise Catalyst

Not long ago, the exchange announced its decision to migrate both corporate and customer USDC balances to its L2 network. The move highlights the layer 2’s potential to manage and secure user funds with lower fees and faster settlement times. With over 80 million users set to be onboarded onto the Base network, the potential for explosive growth in meme coins and other assets on the platform is evident.

..gonna onboard their 80M+ users straight to on-chain with their smart wallet. #Meme coins on the L-2 will make it to 100-1000x high

The promising on-chain trend has even triggered the prospect of “Base season,” capturing the attention of traders, who anticipate significant gains akin to the momentum seen on the Layer 1 network of Solana.

Ryan Watkins, of Messari, underscored the significance of the Ethereum rollup. He suggested that the L-2 could potentially serve as the ultimate catalyst, encouraging enterprises to start constructing on-chain. Overall, the Base network has experienced a “parabolic” surge in transactions, as noted by Alex Svanevik, founder and CEO of crypto analytics platform Nansen.

Coinbase Leads On-Chain Ops: Move Funds On L2 Base

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Coinbase is moving both corporate and customer USDC balances on its L2 network, Base, to manage and secure user funds with lower fees and faster settlement times, VP Max Branzburg recently announced. This transition will not impact the Coinbase user experience, Branzburg reassured users. Furthermore, he expressed excitement about advancing their operations on-chain. He encouraged other firms to embrace similar approaches.

If you’re curious about how Coinbase manages and secures your funds, you can learn more here. We always store your assets 1:1. We will never repurpose your funds. We do not lend or take any action with your assets, unless you specifically instruct us to.

CEO Brian Armstrong lauded the move, emphasizing that the crypto industry needs to bridge the gap to traditional finances [tradfi] to facilitate the flow of fiat into crypto. “For that, I think Coinbase is providing the most trusted infrastructure globally, including now for derivatives,” he said.

Coinbase is moving its business on-chain. Eventually, all crypto exchanges will move on-chain Then banks Every asset is a future token. Every bank is a future chain Ethereum is the world’s settlement layer.

The reaction has been mixed. Some expressed concerns about whether a centralized player holding customer assets can truly be considered decentralized or not, or if it is safe against hacks or exploits.

Meanwhile, since the launch of EIP-4844, commonly called proto-danksharding, Ethereum layer-2 solutions like Base have posted a 5x increase in demand, driving fees back up. Gas fees skyrocketed by a staggering 2000% on March 20, reaching an average of $2 during periods of intense network congestion.

Coinbase L2 Team Plans To Hike Gas Fees By 50%

Although fees swiftly returned to their usual $0.2 level as activity levels subsided, they surged once more over the weekend, reaching $1.9—an 1100% increase. To reduce fees and scale, Base Contributors is set to increase the gas target by 50% [to 3.75 mgas/s] soon and then to 5 mgas/s following an observation period, targeting early next week.

Following Ethereum’s Dencun upgrade, Base’s TVL metrics reach unprecedented levels. As reported by TronWeekly, the total value locked hit a new all-time high of $2.16 billion. The current total locked-up volume of the Ethereum Layer 2 network is over $36 billion.

SEC & CFTC Divide Puts Ethereum’s Status In Jeopardy

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The future of Ethereum, the world’s second-largest cryptocurrency, has become murky as two major regulatory bodies spar over how to classify the pioneering blockchain technology. Allegations from the Commodity Futures Trading Commission that digital assets like Ether are commodities have put the agency at odds with the Securities and Exchange Commission, which is actively investigating whether to define Ethereum’s native token as a security.

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This interagency feud bubbled to the surface during the CFTC’s recent filing against KuCoin, one of the largest crypto exchanges. “The complaint charges KuCoin illegally dealt in off-exchange commodity futures transactions and leveraged, margined, or financed retail commodity transactions.” In its complaint, the derivatives regulator explicitly labeled Bitcoin, Ethereum, Litecoin, and stablecoins like USDC and USDT as commodities under law. But simultaneously, the SEC is drilling down on the Ethereum Foundation itself over Ether’s status.

Prominent crypto lawyer Jake Chervinsky slammed the CFTC’s commodity claims as “savage” pushback against the SEC’s Ethereum inquiry. Fox Business reporter Eleanor Terrett likewise flagged the developments’ significance amid the SEC’s broader crypto crackdown.

Congressional Pressure: Letter Regarding Ethereum to SEC Chair

On Capitol Hill, top Republicans are piling pressure on SEC Chair Gary Gensler over the haziness. In a letter, leaders of the House Agriculture and Financial Services committees blasted the lack of clarity after Prometheum, a broker-dealer regulated by the SEC, announced plans to offer custody services for Ether. The lawmakers warned such a move could “irreparably” disrupt digital asset markets given the precedent that Ethereum is not a security.

Their missive took aim at Gensler’s refusal to share his agency’s stance on Ether, accusing him of fueling confusion in the crypto wild west. It questioned if the SEC would proactively address misconduct by broker-dealers like Prometheum and demanded guidance on which digital tokens count as securities.

The letter reads:

Your unwillingness to clarify the treatment of ETH only exacerbates the confusion and uncertainty regarding ETH’s classification as demonstrated by the Prometheum announcement.

For the crypto world, the mounting concerns investors fear that a regulatory crackdown could be imminent for Ethereum and its ecosystem of decentralized apps and services. All eyes are now to see which path regulators ultimately choose for Ethereum’s innovative but unruly blockchain.

Related Reading | BlackRock’s CEO Larry Fink Urges Immediate Action on Looming Retirement Crisis

USDT Users Beware: Binance Axes TRC20 Support

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Binance’s recent announcement regarding the discontinuation of support for USD Coin (USDC) deposits and withdrawals via the TRC20 network has sparked attention in the cryptocurrency community. Following Circle’s decision to halt USDC support on Tron’s network, Binance will follow suit, ceasing TRC20 support starting April 5, 2024, at 02:00 am UTC. Despite this change, users can still trade USDC on Binance without disruption. The move reflects the dynamic nature of the crypto landscape, where networks and partnerships evolve over time.

However, deposits and withdrawals of USDC through other supported networks remain unaffected, providing users with alternative avenues for managing their digital assets. As the industry continues to mature, such adjustments underline the importance of staying informed and adaptable in navigating the crypto market’s intricacies.

USDT’s Role in Bitcoin’s Future

Tron founder Justin Sun’s announcement in February stirred excitement within the cryptocurrency community as plans for a Bitcoin layer-2 solution began to unfold. This innovative approach aims to intertwine Tron’s tokens with the Bitcoin network, potentially unlocking a vast pool of liquidity for the Bitcoin ecosystem. The proposed solution includes supporting a “wrapped” version of Tether (USDT), currently pegged at $1.00, facilitating seamless movement of stablecoins and tokens between Tron and Bitcoin.

Sun’s roadmap outlines a strategic move to link Tron directly with Bitcoin, tapping into over $55 billion in value within the Bitcoin network. This integration holds the promise of injecting financial vitality into Bitcoin, as highlighted by Sun’s vision.

Tron’s spokesperson, hinted at the likelihood of creating a wrapped version of USDT as part of the plan. With Tron already hosting more than half of USDT’s $104 billion issued across various blockchains, its significant liquidity and stability position it as a key player in this endeavor.

The proposed integration not only promises to attract new users to the Bitcoin ecosystem but also to expand its utility, particularly in decentralized finance (DeFi). Sun emphasized the seamless interaction and interoperability between Tron-based tokens and Bitcoin, aiming to maintain speed, low fees, and security.

While still in its conceptual phase, Tron’s plan to venture into the Bitcoin layer-2 space underscores its commitment to innovation and collaboration within the cryptocurrency landscape. Leveraging existing cross-chain protocols and collaborating with Bitcoin layer-2 projects, Tron sets the stage for a transformative leap in the intersection of blockchain networks.

OKX Axes USDT in Europe: Launch 30 New Trading Pairs

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Crypto exchange OKX will no longer accept trading pairs with USDT for users based in the European Economic Area. Only EUR and USDC pairs would be available for spot trading as of March 18. However, USDT-related deposit withdrawals and over-the-counter transactions remain accessible for OKX’s users in the region, per a spokesperson.

In a screenshot shared by a user, OKX cited regulatory concerns as the reason behind the modifications. Alongside the delisting, the exchange plans to launch 30 new EU-compliant trading pairs.

OKX
OKX Axes USDT in Europe: Launch 30 New Trading Pairs 5

Recently, the leading crypto exchange announced its 16th Proof of Reserves [PoR] report. As reported by TronWeekly, the value of the assets held by the users has changed considerably since the previous report on January 25. BTC assets have decreased by 11,707 units to 135,900, while ETH declined a bit from 87,789 to 1.42 million. Notably, USDT reserves grew by 427 million units to 5.716 billion.

The abrupt move came as a surprise, as stablecoins like USDT form a major chunk of crypto trading. Stablecoins are the preferred choice due to their minimal volatility, as their value is pegged to traditional fiat currencies like the dollar. But it’s no surprise given how regulators have stepped up scrutiny of stablecoins due to concerns about the broader risks.

Despite their inherent nature of maintaining price stability, crypto advocates have cited counterparty issuer risk. Unlike Bitcoin or Ethereum, stablecoins like USDT rely on a centralized single entity [Tether Limited] to manage issuance and redemption. Here, the stability and redeemability of the stablecoin might face an uncertain future if its issuing entity encounters financial difficulties, regulatory issues, or legal challenges.

OKX’s Move: Implications

Additionally, stablecoins are not legally insulated from bankruptcy if any financial troubles arise for the issuing entity. This lack of legal protection could exacerbate risks in the event of insolvency or regulatory action against the issuer.

Investors and users of stablecoins should be aware of these risks and consider them when deciding whether to hold or transact with stablecoins. Diversification and due diligence are essential strategies to mitigate counterparty issuer risk when dealing with stablecoins or any other financial instrument.

Soaring Litecoin: Crushing Competition with 41.76% Transaction Dominance

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Litecoin (LTC) has emerged as a surprising leader in the realm of cryptocurrency payments, surpassing its more renowned rivals such as Bitcoin (BTC), Ethereum (ETH), and even the meme-inspired Dogecoin (DOGE). Bitpay’s latest data reveals that Litecoin commands a remarkable 41.76% dominance in total transaction count, marking an all-time high for the digital currency.

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Source: Litecoin

In the world of cryptocurrencies, where innovation and adoption reign supreme, Litecoin’s resurgence in payment dominance is significant. Despite its underdog status and sliding rankings in recent times, LTC’s prowess in facilitating transactions underscores its enduring relevance in the market.

Bitpay’s platform plays a crucial role in enabling merchants and businesses to accept cryptocurrencies as viable payment options, thereby expanding the utility and accessibility of digital assets. While Bitcoin remains the poster child of the crypto world, its 24.36% dominance in Bitpay’s transaction count highlights Litecoin’s newfound prominence.

Ethereum, renowned for its decentralized finance ecosystem, trails behind with a 9.05% dominance, while Dogecoin, propelled by its meme-inspired appeal, holds a modest 6.8%. The landscape also features other contenders such as Polygon (MATIC), Bitcoin Cash (BCH), and USDC, each with varying degrees of dominance.

Litecoin’s Address Surge

Litecoin, Maker, and LidoDao are all experiencing a surge in address activity, typically indicating a rise in market capitalization. Maker [MKR] and LidoDao [LDO] have seen an 8% uptick since the year began, contrasting with LTC’s stagnant performance. Despite heightened network activity, LTC’s price hasn’t mirrored this trend, leading analysts to label its behavior as a bullish divergence.

While LDO and MKR have both gained 8% in value since January, LTC faced adversity during December’s market crash, plummeting over 14% in just 24 hours. Analysts, including Ali Martinez, attribute this decline to intensified selling pressure. Despite the market recovery, LTC struggles below $65.

Martinez said that Investors must remain vigilant amidst LTC’s uncertain trajectory. He warns of potential further dips, stating,

“Litecoin’s outlook appears challenging. Continued selling pressure could push LTC to $38, possibly confirming a bear flag formation.”

For Litecoin, this resurgence in payment dominance signifies a potential turning point, as reported by TWJ. As the protocol seeks to reclaim its position amidst a rapidly evolving crypto landscape, this milestone serves as a reminder of its enduring potential. While challenges lie ahead, LTC’s ability to carve a niche in the payments arena hints at a promising future, albeit one that demands continued innovation and adaptation.

Pepe’s 395% Surge In 7 Days Sparks Memecoin Frenzy: Tales Of Fortunes & FOMO

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The meme coin mania continues to astound as Pepe, one of the leading contenders, has witnessed a meteoric rise in both price and trading volume. In the bygone week alone, Pepe underwent an astounding price hike by more than 395.04% and an impressive 24-hour trading volume surge of 114.64% equivalent to $3.3 billion. Additionally, a well-known on-chain analyst firm, Lookonchain, also reported about its most recent price rally indicating that it had increased by about 53% within a day; this caused quite a sensation to the meme coin’s value.

PEPE 7D graph coinmarketcap
CoinMarketcap

According to Lookonchain, significant transactions have also been witnessed, with notable players making moves in the Pepe market. Two whales were reported to have bought a large amount of 840.86 billion $PEPE tokens worth $4.9 million just three hours before now. Meanwhile, another investor with a code name 0x379e has withdrawn heavy 500 billion of the tokens from Binance amounting to $2.96 million. In addition, 0x04EE invested $1.95 million into USDC and received 340.86 billion $PEPE tokens.

Furthermore, a remarkable story surfaced in the midst of chaos about a person who invested $3,000 in Pepe early on and now has an astounding $35.5 million. He sold some of his stake for $2 million but still holds on to a substantial amount of $30.8 million, which makes him the 13th largest holder of PEPE. His journey is an example of how much money can be made in meme coins volatility as his profits totaled $32.8 million, this equals gaining 11077 times more than what he put into it at first.

Pepe’s Surge In Social Activity

While the Pepe community is celebrating the sudden increase in the price of this coin; there are also people who express their concern and regret over some things. Some people cannot come to terms with the fact that Pepe rose from nothingness to occupy a significant position among cryptocurrencies rapidly. Others think that they should have taken advantage of opportunities at an early stage of their availability, thus citing that markets are volatile and unpredictable with life-changing profits.

Meanwhile, meme coins as a whole have experienced a surge in social activity that shows people are interested and happy about buying them. Santiment avers that some of the meme coins such as $SHIB, $PEPE, $FLOKI, and $BONK have seen an exponential increase in trading volumes reaching over 3000% spikes over the week. This shows how much volatility is going on in terms of trading volume which also indicates potential price reversals while at the same time demonstrating that it is hard to predict anything concerning this memecoin phenomenon.

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However, despite these mixed feelings one thing still stands out—there is no relenting on the part of those in love with the meme coin craze who are breaking records in social and trading activities. With the rise in audacious investors and laypersons being attracted by meme coins all around, Pepe and co’s story proceeds giving an insight into the world of digital currencies where things just happen event by event.

Related Reading | FTX’s Questionable Claim Valuations Spark Community Distrust And Demand Accountability

TRON Overtakes ADA: Hits 95M Addresses, $23B TVL

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The TRON network is beaming with user engagement. Based on on-chain statistics, the total number of addresses on the blockchain has surpassed 95 million. With this new feat, TRON has trounced other layer 1 networks like Cardano [ADA] and Avalanche [AVAX] in terms of its address growth. On the DeFi front, TVL on the chain has surpassed $23.4 billion, reflecting the growing strength of the TRX ecosystem.

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TRON Overtakes ADA: Hits 95M Addresses, $23B TVL 10

The developments coincided with the recent unveiling of its Bitcoin layer 2 Roadmap by founder Justin Sun. With a plan to decentralize and intertwine with the Bitcoin network and its Layer 2s, this integration would facilitate access to over $55 billion in value for the Bitcoin network, thereby injecting financial vitality into TRON-focused projects.

Let’s make Bitcoin fun again! As the protocol behind the world’s largest stablecoin market, boasting $55 billion, and the decentralized finance Total Value Locked [TVL] of $22 billion, TRX is set to unveil its groundbreaking Bitcoin Layer 2 solution. This integration will not only link TRX directly with Bitcoin but also facilitate access to over $55 billion in value to the Bitcoin network.

According to the crypto entrepreneur, Bitcoin network-based assets would be expanded and bridged to TRON. “Efforts will be made to integrate various TRON tokens, including USDT, TRX, BTT, JST, SUN, NFT, WIN, and USDC, into the Bitcoin network via cross-chain technology. This will enable TRON’s tokens to interact and interoperate with the Bitcoin network seamlessly,” he wrote.

TRON: Ordinals, Bitcoin Layer 2, and More

Next on the roadmap are the investment initiatives by TRON DAO into ordinals and Bitcoin Layer 2 solutions to build a user-friendly wallet and tools to support BRC-20 tokens, signifying the DAO’s venture into ordinals and Bitcoin Layer 2 solutions.

Other notable plans include forging alliances that will facilitate users’ participation in restaking initiatives across major Bitcoin Layer 2 networks. The roadmap concludes with the launch of a new protocol that is compatible with BTC, aiming to maintain the speed and low fees of POS systems while ensuring the safety of POW & UTXO in conjunction with BTC L2.

HTX Withdraws Crypto License Application In Hong Kong Just 3 Days After Submission

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HTX has swiftly retracted its application for a crypto license in Hong Kong, just three days after initially submitting it. This decision, as revealed on the Securities and Futures Commission’s (SFC) official website, where a list of crypto exchange license applicants is published, coincides with similar actions from three other firms who also withdrew their plans to expand services in the region.

As of the latest update, HTX has not issued any public statements elucidating the rationale behind this abrupt change in direction. This move follows closely on the heels of HTX’s local subsidiary, Huobi HK, which operates under HBGL Hong Kong Limited, filing for a virtual asset trading platform (VATP) license.

It’s worth noting that the SFC has thus far only granted licenses to two exchanges in Hong Kong: OSL and HashKey Exchange, awarded in December 2020 and November 2022, respectively.

In a separate development on February 21, Circle, a prominent issuer of stablecoins, made waves with its announcement to discontinue support for USD Coin (USDC) on TRON, a blockchain network founded by Justin Sun, who also holds an advisory position at HTX.

HTX’s Strategic Shift And Circle’s Commitment To USDC Integrity

While the exact reasoning behind Circle’s decision remains undisclosed, the company stressed its commitment to maintaining the integrity of USDC as a dependable, transparent, and secure digital currency.

The timing of these events raises questions about potential interconnections and strategic shifts within the cryptocurrency ecosystem, particularly concerning HTX’s decision to withdraw its license application in Hong Kong. Given the regulatory complexities and evolving landscape of digital asset trading, companies operating in this space face various challenges and considerations.

Speculation may arise regarding the influence of regulatory hurdles, market conditions, or internal strategic evaluations prompting HTX’s withdrawal. Moreover, Circle’s move to halt USDC support on TRON, especially considering Sun’s ties to HTX, adds further intrigue to the situation.

Overall, these developments underscore the dynamic nature of the cryptocurrency industry, where regulatory, technological, and market factors continually shape the strategies and decisions of key players like HTX and Circle. The implications of these actions could reverberate across the broader crypto market, influencing investor sentiment and regulatory approaches in the future.

Circle Unveils Roblox-Style Metaverse With PUBG Giant

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Stablecoin major Circle has inked a key partnership with soon-to-launch OVERDARE, a joint initiative by PUBG maker Krafton and NAVER Z Corporation, embarking on a large-scale Roblox-style metaverse. The collaboration promises an enriched, immersive experience exclusively crafted for both gamers and creators with OVERDARE’s advanced AI-generative tools and features and Circle’s programmable wallets.

As per the press release, Circle intends to redefine the mobile user-generated content [UGC] gaming landscape by enabling game content creators to easily create secure in-game Web3 wallets and receive USDC payouts directly on the platform. To further enhance the creator-centric ecosystem, the participating entities would deploy the proposed metaverse on the Settlus network, a layer-1 blockchain network within the Cosmos ecosystem.

Circle
Circle Unveils Roblox-Style Metaverse With PUBG Giant 12

Jeremy Allaire, CEO and co-founder of Circle, believes that the joint venture with one of the largest game studios in the world will bolster mainstream-scale Web3 experiences.

Circle is excited to be at the forefront of this pioneering venture with OVERDARE to empower the creator economy through the provision of secure Web3 wallets and near-instant USDC payouts on a global scale. We believe this partnership will be a catalyst in shaping the future of digital entertainment, ultimately fostering an innovative Web3 environment for all.

The official worldwide launch of the OVERDARE platform is slated for H2 of 2024, with more details and announcements to be shared on its social media channel closer to the launch date, according to the blog post.

Circle’s IPO & USDC-Celo Power Duo

Circle is also planning to launch an IPO by early 2024, contingent on the review by the Securities and Exchange Commission [SEC] and prevailing market conditions. The issuer of the largest regulated US dollar-backed stablecoin recently joined hands with the Celo Foundation to deploy its USDC stablecoin natively on the Celo blockchain. USDC, a regulated digital dollar recognized for its stability and accessibility worldwide, will further amplify its utility by being minted directly on the Celo blockchain.

This partnership is poised to position Celo’s image as a carbon-negative, mobile-first, and EVM-compatible blockchain tailored for real-world applications. With a staggering market cap of $135.16 billion, stablecoins have emerged as dominant real-world assets, providing a gateway for broader financial access and inclusion.