Coinbase plans to transition more customer and corporate Usd coin (USDC) stablecoin accounts to Base, its Ethereum layer two blockchain, aiming for reduced fees and quicker settlement times, as announced by Coinbase VP Max Branzburg. The move is seen by some in the crypto industry as a positive step towards an on-chain financial future, setting […]
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Crypto Analyst Touts Base As Next Memecoin Hotspot: Top 8 Picks
In an analysis shared with his nearly 100,000 followers on X (formerly Twitter), the crypto analyst known by the pseudonym Xremlin (@0x_gremlin) has pinpointed Base as the burgeoning hub for memecoin enthusiasts and investors. This proclamation follows a season of unprecedented gains in the Solana memecoin market, with tokens like BOME, WIF, and SLERF achieving returns ranging from 300x to 1000x.
Xremlin’s insight into the crypto market dynamics suggests a potential replication of these astronomical returns on Base, underlined by a tweet stating, “Meme traders on Solana printed millions this season: BOME: 800x, WIF: 1000x, SLERF: 300x. BASE season is just revving up, and might have a similar rally.”
Meme traders on Solana printed millions this season:$BOME: 800x │ $WIF: 1000x │ $SLERF: 300x$BASE season is just revving up, and might have a similar rally.
List of memes on Base with 10-500x potential⭣ pic.twitter.com/wAs5hde0N9
— Xremlin (@0x_gremlin) March 21, 2024
The transition of focus towards Base is attributed by the analyst to its association with Coinbase and an upcoming product launch aimed at simplifying on-chain trading. Xremlin elaborates, “Why Base? Coinbase has a large user base in the US, but trading on-chain can be too complex for normies. Soon, Coinbase will launch a product that enables its CEX users [100M+] to trade on Base without requiring seed phrases or private keys.”
This move is anticipated to significantly lower the entry barriers for new investors, potentially catalyzing a memecoin rally on the Base platform.
However, amidst the excitement, Xremlin issues a word of caution to their followers: “Remember: Investing in memes is high risk. Only bet what you can afford to lose. Projects might rug, slow rug, or suddenly tank by 50%-70% when the hype fades.” This cautionary advice reflects the inherent volatility and risk associated with memecoin investments, where the line between significant gains and losses can be remarkably thin.
Diving Into The Top Crypto Memecoins On Base
Xremlin’s curated list of Base memecoins is not only varied but also rich with potential, highlighting projects inspired by cultural references, pets of notable figures, and even caricatures of industry leaders. Here’s a closer look at the analyst’s picks:
- TOSHI: Touted as a tribute to Brian Armstrong’s cat, named after the enigmatic Satoshi Nakamoto, TOSHI represents a playful investment opportunity. Xremlin notes, “TOSHI could be the flagship memecoin of Base, drawing on the crypto community’s reverence for Nakamoto and Armstrong’s influence.”
- DEGEN: With its strategic distribution to Farcaster users, DEGEN taps into a community already engaged and familiar with crypto, setting a precedent for community-driven value.
- DOGINME: This memecoin capitalizes on the popular phrase “Got that dog in him,” embodying the resilience and tenacity celebrated in crypto trading circles.
- MOCHI and PONCHO: Both cat-themed coins seek to attract the attention of cat lovers, just as dog-themed memecoins such as Dogecoin, Shiba Inu and FLOKI attract that of dog lovers. MOCHI is based on Brian Armstrong’s pet.
- TYBG: Self-described as “The most based meme on Base,” it signifies the meta-culture of memes within the crypto space, where self-referential humor often garners substantial community support.
- BRIUN: A direct caricature of Coinbase CEO Brian Armstrong, BRIUN embodies the intersection of meme culture and crypto’s leadership, underlining the community’s penchant for satire.
- ELONRWA: Inspired by a sketch of Elon Musk, this project aims to bridge the gap between digital tokens and real-world assets, representing the innovative and often speculative nature of memecoin investments.
Xremlin further emphasizes the importance of community and research in navigating the memecoin market: “For those interested in researching Base memes, I recommend joining the /base channel on Warpcaster. Community insight is invaluable, and collective due diligence can help mitigate risks associated with memecoin investments.”
At press time, TOSHI traded at .000321653, up 210% in the last three weeks.
Analyst: OP Is Undervalued But Will Skyrocket Because Of Coinbase And Base
Adam Cochran, a partner and professor, is bullish about OP, the native token of Optimism, the layer-2 scaling solution for Ethereum.
Taking to X, Cochran is convinced OP is undervalued, pointing to the significance of Coinbase and the brand it has created over the years as a crypto exchange and investor in multiple products. In 2023, Coinbase backed the development of Base, a layer-2 scaling solution for Ethereum that uses Optimism infrastructure for its optimistic roll-up.
OP Will Rocket Because Of CoinBase And Base
In coming up with this assessment, the investor highlights Coinbase’s vast user base and ability to drive retail adoption towards Base potentially. And, as aforementioned, since Base uses Optimism, the expected adoption spike will significantly boost OP from current spot levels.
Cochran argues that the “power of discoverability” associated with Coinbase, a brand that facilitates billions of dollars in daily trading, will be crucial to Optimism’s success. This is particularly relevant when looking at OP prices when writing.
When writing, OP is stable but up 220% from October lows. The token has been trending higher, benefiting from the broader crypto rally. Even so, though in an uptrend, OP has not reclaimed 2023 highs of around .2.
To drive the point home, Cochran compares how the BNB Chain blew up in the number of active users. In the last bull run, the chain had an active decentralized finance (DeFi) and non-fungible token (NFT) ecosystem. The BNB Chain’s popularity and soft landing is because the smart contracts platform is associated with Binance, the world’s largest cryptocurrency exchange.
Further to the point, the success of Solana, the partner argues, lends its success to the now-defunct FTX. At its peak, FTX injected billions to fund the development of Solana. It was also actively involved in financing some of Solana’s active protocols.
The Great Convergence Of Supportive Events
Presently, Coinbase is streamlining its operations, recently stopping support for Bitcoin, Litecoin, and other UTXO tokens via Coinbase Commerce. Their focus is on Ethereum-compatible tokens, which could provide hints that Coinbase Commerce might soon be integrated into Base.
From the protocol level, Ethereum plans to implement upgrades to make transacting on layer-2 platforms even cheaper. The Dencun Upgrade is scheduled for March and will see Ethereum enhance as part of its long-term scaling roadmap.
L2Beat data on March 1 shows that Optimism has a total value locked (TVL) of .8 billion, roughly half that of Arbitrum. Meanwhile, Base has been rising up the rankings, commanding a TVL of approximately billion.
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Developer Explains Why Meme Coins Are Shifting Base From Ethereum
Foobar, a code builder, criticizes Ethereum, accusing its developers of neglecting crucial improvements. Because of this shift, projects, including meme coin issuers, are adopting alternative protocols, including layer-2s and modern blockchains like Solana, which boast more features, mostly higher scalability.
Ethereum Developers Are Blocking Mainnet Updates
Taking to X, the developer claims that there have been no major mainnet improvements chiefly because such upgrades are being blocked by core and client developers. Specifically, Foobar cites the long-standing delays for features like Trie State Storage Optimizations (TSTORE) and Externally Owned Account (EOA) batch transactions. The developer also noted the lack of block gas limit increase since 2021.
The developer adds that the absence of main net updates and opcode improvements leading to the implementation of these proposals could be why decentralized apps (apps) launching on Ethereum are “bleeding tremendous value” due to high fees and limitations.
TSTORE and EOA batch transactions are proposals that, if they see the light of day, could see Ethereum scale better. Specifically, proposers of TSTORE forwarded a solution to address storage bloat to improve performance. On the other hand, EOA will enable the bundling of transactions from the same sender, reducing gas fees.
Meanwhile, Etherscan data shows that the block gas limit has been capped at around 30 million since August 9, 2021. Subsequently, Ethereum throughput remains low, and gas fees are higher, considering the high on-chain activity.
The failure of clients to integrate these proposals, the developer continues, makes Ethereum unusable for “any interesting app requiring moderate complexity.” Subsequently, many projects are migrating to layer-2s like Base, Arbitrum, Optimism, or entirely different blockchains like Solana and Avalanche due to limitations on the Ethereum mainnet.
Meme Coins Find Home In Solana And Others
As of mid-February 2024, more meme coin developers, reading from the popularity of emerging projects, are deploying from high throughput and low-fee platforms like Solana, Avalanche, and even Base. Meme coins like Bonk, Honk, and even the successful Bald on Base are examples.
Meanwhile, meme coin projects on Ethereum, like Pepe Coin (PEPE), appear to be losing market share as Shiba Inu, for example, launched Shibarium to offer its users lower transaction fees.
Foobar thinks the lack of improvements on the Ethereum mainnet is why Uniswap v4 has yet to launch. The new iteration of Uniswap, a popular decentralized exchange (DEX) powering Ethereum token swapping, is yet to release its latest version.
Based on existing documentation, v4 will include new features and functionalities, including Hooks. Supporters claim this tool will make the DEX more flexible, drawing more users once it goes live.
How To Buy, Sell, And Trade Crypto On The Base Network
The foundational infrastructure of the Base Network brings about yet another Ethereum Layer 2 network, distinguished by its scalability and empowerment through the notable association with Coinbase. Coinbase is recognized globally as one of the most trusted cryptocurrency exchanges and companies, Coinbase effectively manages a diverse portfolio of crypto assets, solidifying its status as a cornerstone within the digital currency realm.
Positioned as a pivotal solution to address the persistent challenge of high transaction costs within the Ethereum network, the Base Chain stands quite firmly to revolutionize transaction fees, delivering a cost-effective alternative within the secure Ethereum environment. The assurance of a safe and reliable ecosystem is heightened by the affiliation with Coinbase, an industry titan renowned for its unwavering commitment and 10-year-long track record of great service.
Reasons To Trust The Base Chain
The current centralized phase of the Coinbase company, with its owners and Devs known to the public, establishes a solid foundation for users to place their trust in the Base chain. With over a decade of extensive experience in the cryptocurrency space, Coinbase has consistently demonstrated its expertise by developing and launching numerous successful crypto products.
This wealth of experience instills confidence in the Base Chain as it navigates its initial stages of centralization, with a strategic vision to progressively evolve into a decentralized entity over time.
For those embarking on their journey within the Base Chain ecosystem, it is imperative to keep certain key considerations in mind. Firstly, the association with Coinbase serves as a testament to the network’s reliability and credibility. Additionally, users can anticipate ongoing enhancements and decentralization initiatives as the Base Chain matures, aligning with the broader ethos of blockchain technology.
In summary, the Base Network, fortified by its affiliation with Coinbase, emerges as a promising Ethereum Layer 2 solution, poised to alleviate the burden of high transaction costs while providing a secure and gradually decentralized environment.
Key Features To Note About Base Chain
- Absence of Native Token: Notably, the Base Chain currently operates without a native token. Instead, transaction fees within the ecosystem are conducted using Base ETH. This choice streamlines interactions on the Base Chain and positions it as a unique player within the cryptocurrency landscape on the Ethereum chain. Some chain accepts their native token for gas fees but the Base chain accepts Base ETH.
- Layer 2 Security Powered by Ethereum: The Base Chain distinguishes itself as a layer 2 chain, constructed upon the robust Ethereum technology. This strategic integration ensures a heightened level of security, leveraging the well-established reputation of Ethereum as one of the most secure technologies in the crypto community. Consequently, the Base Chain is anticipated to offer a security profile close to the Ethereum Layer 1 network.
Related Reading: How To Buy, Sell, And Trade Tokens On The Avalanche Network
- Developer Transparency and Coinbase Backing: In contrast to many emerging chains, the Base Chain stands out due to its transparent development process and substantial backing by Coinbase. The association with Coinbase, a leading cryptocurrency exchange, lends credibility and trust. Considering Coinbase’s track record of providing crypto products to over 100 million users and processing billion worth of crypto assets without controversies, users can confidently rely on the expertise of the development team.
- Anticipated Low Gas Fees: One of the attractive features of the Base Chain is the expectation of significantly lower gas fees compared to the native Ethereum chain. This affordability factor provides users with an opportunity to experience Ethereum Layer 1 compatibility at a fraction of the cost, enhancing the cost-effectiveness of transactions on the Base Chain.
- Open Source Technology with Optimism Integration: The Base Chain’s Open Source technology is powered by the Optimism Open Source chain. This integration not only supports the overall functionality of the chain but also simplifies the development process for creators. Developers can anticipate a user-friendly environment for building applications on the Base Chain, thanks to the enhanced capabilities and support provided by the Optimism Open Source chain.
Expanding on the diverse utilities and functionalities within the Base Ecosystem
- Bridging Utility: The Base Ecosystem has a bridging utility, facilitating seamless interoperability with other blockchain networks. This feature enhances the overall connectivity of the Base Chain, allowing for the fluid transfer of assets and data across different blockchain environments.
- DeFi (Decentralized Finance) Utility: Positioned at the forefront of decentralized finance, the Base Ecosystem provides comprehensive support for DeFi applications. Users can engage in a spectrum of financial services, including lending, borrowing, and trading, all within the secure and efficient framework of the Base Chain.
- Gaming Utility: Acknowledging the growing significance of blockchain in the gaming industry, the Base Ecosystem integrates a gaming utility. This functionality opens avenues for the development and deployment of blockchain-based games, ensuring a secure and transparent gaming experience for users.
- Social Utility: Recognizing the social aspect of blockchain technology, the Base Ecosystem incorporates a social utility. This facet enables the creation and deployment of decentralized social applications, fostering interactions, and transactions within a secure and trustless environment.
Related Reading: How To Buy, Sell, And Trade Tokens on The Polygon Network
- NFT (Non-Fungible Token) Utility: The Base Ecosystem extends its utility to support Non-Fungible Tokens (NFTs), a rapidly evolving and popular aspect of the blockchain space. Users can create, trade, and interact with NFTs seamlessly, leveraging the secure infrastructure of the Base Chain.
- Compatibility with EVM-Supported Wallets: The Base Ecosystem ensures widespread accessibility by allowing users to utilize and access its utilities through different Ethereum Virtual Machine (EVM) supported wallets. This compatibility enhances user convenience, as individuals can leverage familiar wallets to engage with the diverse utilities offered by the Base Chain.
How To Buy, Sell, And Trade On The Base Network
Select an EVM-Compatible Wallet
To be able to make any transactions on the Base network, you need to have an EVM-Compatible Wallet. Click here to see a list of wallet options you can select from but I would recommend you use MetaMask, it is one of the most popular Ethereum Virtual Machine (EVM)-compatible wallets and also one of the most used wallets for Base Network transactions.
If you are using a PC, install the Metamask wallet extension by clicking on “Add to Chrome” to add the extension to your Chrome browser, as shown below:
Once installed, open your MetaMask, set up your account, and make sure to keep your secret phrase very safe, I would advise that you write it down on a shit of paper, away from the internet where it can’t be hacked.
Add The BASE Network To Your MetaMask
To add the Base Network to your MetaMask, search for Chainlist on your browser, open it, connect your MetaMask wallet, search for Base, and add it to MetaMask by clicking on “Add to Metamask”, click on “Approve” and lastly click on “Switch Network” on your Metamask.
Acquire Base ETH
To make any transaction on the Base Network, you need Base ETH. Get your Base ETH from these cryptocurrency exchanges such as Binance, OKX, or KuCoin. Buy ETH on these platforms, go to the withdraw section, making sure to choose the BASE network as your transfer Network, which automatically converts your ETH to Base ETH as it gets to the ETH wallet destination.
Related Reading: How To Buy, Sell, and Trade Tokens On The Arbitrum Network
Alternatively, if you already have native ETH in your Metamask wallet, you can use the BASE bridge to bridge from the Ethereum Mainnet to the Base Network.
Bridging to Base Network ETH From Other Ethereum Layer 2s
If you wish to bridge your ETH to Base ETH from other Ethereum Layer 2 solutions, I would recommend secondary bridging platforms featured on the BASE Bridge platform. These platforms facilitate a smooth transition to the Base Network from various Ethereum Layer 2 environments, as shown below.
Example Of Bridging to Base ETH From Other Ethereum Layer 2s
ACROSS PROTOCOL is the first secondary bridging platform featured on the BASE Bridge platform as shown above, all you need to do is connect your Metamask wallet and select the amount of ETH you want to bridge to Base ETH and Bridge.
After Acquiring your Base ETH, you need to do your research and know which token you want to buy on the Base Network on Coingecko before heading over to Dexscreener to check for the token, Dexscreener serves as a valuable tool for checking available tokens on the EVM chain, including the Base Network.
By selecting the Base network on Dexscreener, you can access a comprehensive chart of available Base tokens. Note that not all tokens are supported on every DeFi DEX, search for the token you would like to trade and select it. After selecting, look out for the Green Box section selected in the image to identify which DeFi platforms support the token you wish to trade.
Obtaining Token Contract Address
Scroll down on the Dexscreener to find the token contract address or go back to Coingecko and copy the contract address. This address is crucial when trading on DeFi platforms.
Copy the contract address, and when you enter it in the swap section of a DeFi platform like Uniswap, it will reveal the token. If the token is not available on Uniswap, the Dexscreener will redirect you to another supported DeFi where you can trade the token like KyberSwap.
Connect your wallet to KyberSwap, click on the denominator token, and paste the contract address of the Base token in the search box. Before initiating any trade on DeFi, confirm that the network on the DeFi is on, in this case, the Base Network, ensuring the token’s availability on the Base Network. If it’s not initially on the Base Network, go to “Select a chain”, and select the Base network to ensure compatibility.
Choose the desired pair of Base tokens and ETH (or other base pairs), specify the amount you want to swap, and execute the trade.
Related Reading: How To Buy, Sell, And Trade Tokens On The BSC Network
Reverse Trading For Base Network ETH
If you wish to trade from a BASE token to Base ETH, simply reverse the order. Place the Base token at the top and the ETH at the bottom, then proceed with the swap. This allows you to exchange your Base token for ETH within the Base Network.
By following these steps, you can confidently navigate the trading process on the Base Network, leveraging the features of DeFi platforms and Dexscreener to make informed decisions and execute trades seamlessly.
Conclusion
The Base Network is another Ethereum Layer 2 network which is also affiliated with Coinbase, which is one of the most trusted cryptocurrency exchanges and companies in the crypto space with over 100 million users and processing billion worth of crypto assets. Base Network has a lot of features which I have pointed out in the article already, although the Base Network does not have its Native token yet, it is still trusted and reliable due to its affiliation with Coinbase.
Algorand (ALGO) Stuns In Q4: Market Cap Soars, TVL Doubles, And User Base Skyrockets
According to a recent report by Messari, smart contract platform Algorand (ALGO), showcased notable growth and outperformed the general crypto market during the fourth quarter of 2023.
Algorand Outperforms Crypto Market Growth
Per the report, Algorand experienced a surge in market capitalization during Q4 2023, with a significant growth rate of 123%. This substantial increase can be attributed to the overall positive momentum of the crypto market, which witnessed a 53% growth in market capitalization during the same period.
Transactions on the Algorand network also saw a significant uptick, increasing by 58% quarter-on-quarter (QoQ). Consequently, fee revenue rose by 60%, reaching its highest level in a year when measured in ALGO terms, while revenue in USD terms surged by an impressive 143%.
According to Messari, Algorand’s success can be attributed to its “thriving” ecosystem, which saw the launch of multiple innovative applications in Q4 2023. These applications covered diverse areas such as regulated and programmable euro, tokenized farmland, and a developer marketplace for selling code snippets.
The introduction of these applications further solidified Algorand’s position as a “dynamic and versatile” platform, attracting users from various domains, according to the report.
Moreover, Algorand witnessed a substantial increase in user adoption during Q4 2023, with the addition of 1.9 million new addresses, representing a 72% QoQ growth.
The platform also experienced a surge in transaction volume, with transactions surpassing 5.5 million towards the end of the quarter, marking the highest number recorded in the past year. Notably, ALGO transactions increased by 43% QoQ.
Messari further suggests that the rise in transactions can be attributed to the popularity of sticky applications like Lofty.ai, which boasted over 7,000 monthly active users, and TravelX, which issued over 2 million NFT plane tickets, with over 1 million issued in Q4 alone.
Decrease In Staked ALGO
Despite growth in key metrics, the report highlighted a decline in the amount of staked ALGO during Q4, with a 49% year-on-year (YoY) decrease. Messari attributed this decline to the reduction in rewards per governance period.
The diminishing rewards indicate a preference among users to utilize the native asset for transactions rather than committing it to governance. This is further supported by the notable 58% QoQ increase in transactions on the Algorand network.
Similarly, Algorand’s stablecoin market cap experienced a steady decline throughout the year, with a QoQ decrease of 43% and a YoY decrease of 74%.
Notably, Tether’s USDT stablecoin experienced a more severe fall on Algorand, with over 0 million withdrawn in Q3. However, Quantoz launched EURD on Algorand, issuing over 1 million euro-backed tokens in Q4, contributing to 1.4% of the stablecoin market cap on the platform.
Despite previous declines, Algorand’s decentralized finance (DeFi) total value locked (TVL) witnessed a significant growth of 109% in Q4 2023.
The platform’s DeFi ecosystem rebounded from a recent downturn, reaching its second-highest level in the past year, with a 12% YoY increase. Notably, Folks Finance experienced substantial growth, doubling its market share value from 55% to 58%, while Pact and Tinyman accounted for approximately 14% of each of the DeFi TVL market share in Q4.
As of the latest update, the ALGO token is currently trading at .1753. It has experienced significant declines across various time frames, with notable decreases of 8.7%, 12.4%, and 18.5% in the past fourteen days, thirty days, and one year, respectively.
Featured image from Shutterstock, chart from TradingView.com
Coinbase’s Rollup Base Updates Roadmap and Goals for 2024
Base, the Coinbase incubated rollup, has updated its roadmap and goals for 2024. In a blog post, Base informed that it will not only focus on building a development platform but on fostering the decentralization of such an environment, building on-chain apps, and bringing liquidity to its ecosystem.
Base to Focus on Building a ‘New Economy’ in 2024
Base, the Coinbase incubated Ethereum rollup, has revealed an updated roadmap for 2024. The rollup indicated that it will now focus not only on building a “world-class on-chain development platform” but also on the apps that can be built on top of it and the capital that moves through them.
This commitment comes as part of the new conception of the Base ecosystem, which is now conceived as a three-layer platform, with an app ecosystem layer and a market layer on top of its development component. For this task, Base wants to establish itself as a rollup with a large capital component, coming from native and interconnected apps from Ethereum and other rollups.
With this new set of goals, Base aims to attract “over 1 billion people to a flourishing ecosystem of applications that enable the next wave of global creativity and innovation.”
Technically, this involves different sets of tasks, which include launching fault proofs to evolve to a Stage 1 rollup, the reduction of fees by the adoption of EIP-4844 (Proto-Danksharding), advancing the adoption of ERC-4337 and smart wallets, improving the availability of Base’s on and offramps, and further integrating Base into Coinbase’s ecosystem.
On the human side, Base announced it will keep supporting developers with its Grants program and supporting gasless interactions and coding learning initiatives. According to L2beat, Base is currently the third rollup with most total value locked (TVL), with over 0 million in its network.
In September, Base grew to have a TVL of 0 million, overtaking Solana’s numbers at the time.
What do you think about Base’s updated roadmap and goals for 2024? Tell us in the comments section below.
Ethereum Rising User Base Boosts Revenue Projections: Predicted To Double To $5 Billion
Bitwise Invest, an investment firm specializing in the crypto space, recently unveiled its anticipated crypto predictions for 2024.
These projections provide a glimpse into the future of the cryptocurrency industry, highlighting major milestones and potential breakthroughs for the largest cryptocurrencies such as Bitcoin (BTC), and Ethereum (ETH), and exchanges like Coinbase.
Bitcoin Predicted To Smash Records
Bitwise’s first prediction suggests that Bitcoin will surpass previous records and trade above ,000, setting a new all-time high. The firm attributes this bullish outlook to two key catalysts: the imminent launch of a spot Bitcoin exchange-traded fund (ETF) early in 2024 and the anticipated halving of new Bitcoin supply by the end of April.
Furthermore, Bitwise expects the spot Bitcoin ETFs to be approved and to collectively become the most successful ETF launch in history.
Interestingly, Bitwise also forecasts that Coinbase, one of the largest cryptocurrency exchanges, will witness its revenue double, surpassing Wall Street expectations by at least 10 times.
The firm points out that Coinbase’s trading volumes typically surge during bull markets, and they anticipate a similar trend in 2024. Additionally, Bitwise highlights Coinbase’s successful launch of various new products that have gained traction in the market.
On the other hand, the investment firm predicts that more money will settle using stablecoins compared to traditional payment giant Visa. Bitwise highlights stablecoins as one of crypto’s “killer apps” and notes their remarkable growth from virtually zero to a 7 billion market in just four years. Bitwise anticipates 2024 to be another significant year for stablecoin expansion.
Ethereum Set For Major Breakthrough
Bitwise expects Ethereum’s revenue to more than double from .3 billion in 2023 to billion in 2024. The firm attributes this growth to the increasing number of users flocking to crypto applications. Bitwise emphasizes Ethereum’s potential as one of the fastest-growing large-scale tech platforms globally.
Furthermore, Bitwise anticipates a major upgrade to Ethereum, labeled EIP-4844, which could reduce average transaction costs to below .01. This significant cost reduction is expected to pave the way for mainstream adoption and the development of groundbreaking applications within the crypto ecosystem.
Bitwise’s bonus prediction suggests that by the end of 2024, one in four financial advisors will allocate funds to cryptocurrencies in their clients’ accounts. The firm foresees increased adoption by financial advisors once Bitcoin becomes easily accessible and mainstream.
In summary, Bitwise Invest’s crypto predictions for 2024 paint an exciting future for the cryptocurrency market. With expectations of a new all-time high for Bitcoin, the successful launch of spot Bitcoin ETFs, and revenue growth for industry giants like Coinbase and Ethereum, the crypto space is poised for significant advancements in the coming years.
As of the current update, ETH is trading at ,200, reflecting a 1.4% increase over the past 24 hours. This positive movement follows a similar trend set by BTC. However, Ethereum has experienced a slight decline of 2.4% in the past seven days.
Featured image from Shutterstock, chart from TradingView.com
Blast Surpasses Cardano And Base – Here’s How Much DeFi Investors Have Locked
Blast is the latest Layer 2 network to burst into the scene in the last week and has taken the decentralized finance (DeFi) world by storm already. This network which seemingly came out of nowhere has backing from Paradigm, and as its popularity has risen, it has surpassed Base and Cardano’s Total Value Locked (TVL) in less than a week after launch.
Blast TVL Crosses 5 Million
The Blast network was officially announced on November 21 and it quickly garnered support from crypto investors. In the first day, the network saw over million in crypto locked. And in two days, the figure had quickly grown above 3 million.
Despite some of the FUD (Fear, Uncertainty, and Doubt) that has followed the launch of the network, investors have continued to bridge their assorted into it. By Sunday, November 26, the total value locked on the Blast network had officially crossed 4 million, according to data from DeFi tracker DeFiLlama.
This figure puts the network’s TVL ahead of older competitors such as Coinbase’s Base. While Blast’s TVL sits at 4 million, the Base TVL is at 8.26 million. This means that Blast’s TVL is currently 60% higher than that of Base.
In the same vein, the Blast TVL is also way ahead of that of Cardano. Presently, the Cardano TVL sits at around 0.07 million, just a little lower than Base, and around 61% lower than that of Blast.
New L2 Draws Criticism From DeFi Investors
Amid the rapid growth that Blast has enjoyed, it has also drawn criticism from DeFi investors. The concerns have ranged from security to how the network is being run. One of the most pertinent criticisms has stemmed from the fact that all of the crypto being bridged to the network will be locked until next year.
The network revealed that investors will not be able to access their locked funds until February 2024. In addition, Blast promises users yield on their Ethereum (ETH) and stablecoins being bridged to the network, but with no readily discernible way of how this yield will be earned.
Some members of the crypto community have, however, figured out that the funds were being deposited into the Lido DAO protocol. Apparently, Blast is currently earning around .5 million a month by depositing the bridged funds into Lido. This has further raised concerns about the growing dominance of Lido, which is headed toward 33.3% and could pose a risk for the Ethereum network.
Nevertheless, Blast continues to dominate conversations around DeFi on social media. There is now a total of 266,130 ETH locked on the network, with the expectations of an airdrop happening in 2024.