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Last week, Coinbase announced the testnet launch of its new native Ethereum Layer 2 network, Base. According to the official blog post, Base offers a secure, low-cost, developer-friendly way for users to build dApps. On its part, Base is built on the MIT-licensed OP Stack and is powered by Optimism. In a recent article, we analyzed ten reasons why Base’s launch is a “big deal.” In this article, we will examine how Base can help Coinbase elevate its earnings. Also Read: 10 Reasons Why Coinbase’s Ethereum L2 ‘Base’ Is a “Big Deal” In a recent explainer thread on Twitter, Tom Dunleavy, Former Senior Analyst at Messari, laid out why Base could go on to double Coin Base ’s revenue and profits in 2023. Using the KYC numbers as a reference, Dunleavy pointed out that the platform had over 110 million verified users. Further bifurcating, he pointed out that only ~10m of them are “transacting users,” or activ...

Shiba inu started the week trading marginally higher, despite cryptocurrencies mostly consolidating on Feb. 27. At the time of writing, the global market cap is currently up 0.83%, as volatility has intensified. Litecoin also rebounded on Monday, hitting a four-day high. Shiba Inu (SHIB) Shiba inu (SHIB) continued to move away from a recent support point to start the week, as prices rose marginally higher on Monday. Following a low $0.0000124 on Sunday, SHIB/USD raced to an intraday high of $0.00001307 earlier today. This move comes as the meme coin bounced from its long-term price floor at the $0.00001230 mark. SHIB/USD – Daily Chart Overall, SHIB is down 7% in the last seven days, and this comes following a downward cross of the 10-day (red) and 25-day (blue) moving averages. In addition to this, the relative strength index (RSI) of 14 days has also failed to move past a ceiling at the 52.00 mark The index is now tracking at 50.44, which comes after bulls rejected a bre...

Solana outages have been quite prevalent since 2020 and into 2022. To address faults, the network would occasionally be paused. On June 1, for example, the mainnet was hit by nondeterminism, preventing the network from progressing further. However, the Solana blockchain underwent a network outage in 2023 over the weekend. The Solana network underwent a technical issue that slowed down the network on Feb. 25. The official Twitter account addressed the issue that happened during the upgrade from 1.13 to 1.14. The team also stated that a coordinated restart is underway. Also read: Solana SOL Price Prediction for March 2023 According to the latest update from the SOL team, the engineers are investigating the primary cause of the outage. Engineers from across the ecosystem continue to investigate the root cause of yesterday's outage – a report will be made available once the case has been determined. Those wishing to help in diagnosis can join the conversation in the...

USM partners with Izumi to improve features in the Metaverse. RACA (USM.WORLD), a web3 ecosystem initiated by Maye Musk NFT Dog community. Over 3.7 million units of BNB Coins (2 billion USD equivalent) of trading volume was recorded in 9 months from Maye Musk NFT and derivative NFTs, including game characters and virtual lands, and is pleased to announce a partnership with Izumi Finance. Izumi Finance is a non-homogenous liquidity mining protocol to provide Uniswap lp token staking rewards in different price ranges. Izumi Finance improves the efficiency of incentive distribution for reward providers and enhances the earnings of liquidity providers in Uniswap. What is RACA? RACA is building a large collaborative and multichain sector of Defi, with major decentralized finance protocols of the crypto ecosystem. They announce important partnerships with protocols from different ecosystems for the creation of headquarters. Host various activities as they believe that the future of the virtu...

Join Our Telegram channel to stay up to date on breaking news coverage Solana (SOL) price bounced from the $8.00 support floor in late December, soaring 69.51% to the $26.39 level. Both bulls and bears take credit for this price action that led to the formation of an ascending parallel channel. However, the price appears capped at $26.39, possibly because of profit taking. Even so, buying pressure continues to sustain the price above the ascending trendline of the technical formation. Bulls are now targeting the $44.35 level, a 69.51% climb similar to the ascent made before the price was capped. The move, representing an 84.95% increase from the current level, hinges on whether the price will move above the ascending trendline of the chart pattern. At the time of writing, SOL was trading at $23.87, down 2.75% on the last day. Because of the price drop, Solana’s market cap was also down 2.24% to $8.99 million. The token’s trading volume was down 22.35% in the last 24...

A former school assistant facilities director in Cohasset, Massachusetts, has been accused of operating a cryptocurrency mining operation inside a crawlspace at Cohasset High School. The Cohasset Police Department alleges that Nadeam Nahas stole nearly $18,000 in electricity to power the crypto mining scheme. Former Cohasset School Employee Faces Charges for Electricity Theft in School Crawlspace Crypto Mine A report published by Boston’s WCVB network alleges that Nadeam Nahas, a former school employee in Cohasset, Massachusetts, stole electricity from the district to mine cryptocurrency. Nahas is accused of setting up the operation at Cohasset High School’s crawlspace, where multiple computers, ventilation devices, and connected wiring were found. Photograph of the ASIC miners confiscated by the Cohasset Police Department. Photographs taken by the Cohasset Police Department show that the mining devices appear to be application-specific integrated circuit (ASIC) mining r...

Indian Finance Minister Nirmala Sitharaman has stressed the importance of inter national cooperation in order to regulate the crypto sector. She also confirmed that Indian regulators’ crypto awareness campaign will continue to alert people about the risks of investing in crypto. Indian Finance Minister on Crypto Regulation, Bill, and Awareness Campaign India’s finance minister, Nirmala Sitharaman, answered some questions about crypto during a press conference on Monday. She said: In India, crypto is on the agenda of G20. This is because we think technology-driven crypto asset creation and buying and selling of assets in the crypto world will have to have inter national cooperation. “The reason is they can be anywhere but operated in India or they can be in India but operated somewhere else,” the Indian finance chief added. Sitharaman also addressed the issue of young Indians, particularly students, putting their pocket money into risky crypto assets with t...

Join Our Telegram channel to stay up to date on breaking news coverage Fantom price was trading at the 200-four-hour SMA just above $0.49 after dropping 8.53% in the past 24 hours. The bulls were struggling to hold on to key support areas as the technical setup revealed that FTM was at risk of further losses to $0.41. Read more to find out why this is the case. Fantom Price Needs To Hold Above The SMAs To Avoid Further Losses FTM successfully completed a V-shaped recovery pattern on February 23, but profit booking on the rally to $0.60 saw the token embark on a correction. Since then, the DeFi token has recorded a series of lower highs and lower lows leading to the appearance of a descending parallel channel on the four-hour chart as shown below.  A descending channel is usually a bearish chart pattern that projects a continued price drop as long as the asset continues to trade within the confines of the technical formation. A breakout on the downside is confirmed once th...

A new report from DappRadar revealed that during the first month of 2023, blockchain gaming made up 48% of all DApp activity. Play-to-earn blockchain gaming experienced a downturn over the last year as gamers prioritized improving the gameplay experience.  However, according to a new report from DappRadar, in the first month of 2023, gamers made up nearly half (48%) of all blockchain activity. January also saw the market caps for top gaming tokens increase by 122% on average, with Gala (GALA), the digital utility token of the Gala Games ecosystem, surging by 218%. According to the report, the rise in interest in these gaming tokens comes as industry buzz hits mainstream audiences. For example, Gala Games made headlines after it acquired a new mobile gaming studio with more than $20 million in assets under management and 15 games. Blockchain analyst at DappRadar, Sara Gherghelas, told Cointelegraph that based on on- chain metrics from the past two years, it’s safe to assume blockchai...

Jason Pizzino, a well-known analyst and trader, is analysing the possibility that the crypto market has already bottomed out. In a recent video, Pizzino told his 278,000 YouTube followers that the leading cryptocurrency asset, Bitcoin (BTC), is unlikely to drop below $10,000 if it rises beyond the peak it last hit in August. “If we get a little bit higher to this next swing top at $23,000, and of course my Wyckoff flip at $23,200, and then the monthly swing top at $25,200 (so that is going to be the big one that the bears are going to have to watch)… those are broken, $10,000 you could probably say is completely off, forget about it… This is not looking too good for those $10,000 Bitcoin bears.” Source: Jason Pizzino/TradingView At the time of writing, the price of one bitcoin is $20,553. Pizzino turns his attention to Ethereum (ETH), noting that the second-largest cryptocurrency asset by market value is showing “much more strength” and is unlike...

Before the trial was over, a United States Magistrate Judge ruled that the Mango Markets exploiter needed to be detained. According to a recent development in the Mango Markets exploit tale, the notorious Mango Markets exploiter Avraham Eisenberg has received a detention order from the United States District Court for the District of Puerto Rico. United States Magistrate Judge Bruce McGiverin concluded that Eisenberg needed to be held in custody for several reasons after holding a detention hearing. There is no restriction, or set of conditions, on Eisenberg’s release that, in the court’s opinion, will reasonably guarantee his attendance as necessary. The court also listed additional justifications in addition to this. This includes the possibility of a lengthy prison sentence for Eisenberg in the event of a conviction, the fact that he has familial solid or other links to countries other than the United States, and the fact that his past is unknown. ...

Proof-of-Reserves [PoR] reports have become increasingly common in the crypto currency space. An array of exchanges across the industry have been releasing these reports in order to eradicate the fear instilled by FTX. In light of that, OKX has been making significant strides in regularly posting updates about the same. Earlier today, OKX revealed Bitcoin, Ethereum, and T ETH er [USDT] reserve ratios in its 4th Proof-of-Reserves report. According to the report, the exchange is overcollateralized with a reserve ratio of 104% for Bitcoin and Ethereum. T ETH er, on the other hand, has a ratio of 102%. Source The total user asset holdings for Bitcoin were at 1,30,664. Ethereum’s were higher than that of Bitcoin at 12,88,504. T ETH er had the most holdings at 3,05,38,70,994. Additionally, it should also be noted that OKX declared clean assets of $8.6 billion. Exchanges are rated as “clean” according to how dependent they are on their native coin. Huobi and Binanc...

On Feb. 17, 2023, Tokyo-based Sony Network Communications announced that it is co-hosting a Web3 incubation program with the multichain smart contract platform Astar Network. The program has started accepting applications, and Sony and Astar will jointly mentor Web3 projects “focused on the utility” of non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs). Sony and Astar to Co-Host Web3 Incubation Program Sony Network Communications, a subsidiary of Japanese technology giant Sony Group, announced Friday that the company is exploring ways to address industry issues using blockchain and Web3 technology. A Web3 incubation program is planned for mid-March to mid-June with Astar Network and Singapore-based Startale Labs to bolster relevant Web3 solutions. Startale was founded by Astar Network CEO Sota Watanabe. The announcement sent to Bitcoin.com News states that Sony and the Astar Foundation will select “10 to 15 cohorts” from the applications. The pro...

A recent Binance report details the status of Ethereum staking and explores why the Shanghai upgrade may not result in the ETH sell pressure some traders have predicted. The upcoming Ethereum (ETH) Shanghai hardfork is slated to occur in March 2023 and the upgrade will cap off the network's move to proof-of-stake (PoS) which started during the “Merge” on Sept. 15, 2022. Once Shanghai is implemented, previously locked Ether will gradually become liquid for the first time since December 2020.  According to on-chain Etherscan data, over 16.6 million Ether are currently locked in the PoS staking protocol which was valued at $28 billion on Feb. 16, 2023. Ethereum’s move from proof-of-work (PoW) to PoS has started to achieve the original goal which was to make Ether’s supply deflationary. In the 154-days since the merge, over 24,800 Ether have been burned to make the token 0.05% deflationary on a yearly basis. Key Ether stats since the Merge. Source: ultra sound money On. Feb. 16, th...

The chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Sherrod Brown, has called for a comprehensive regulatory framework for cryptocurrencies. “Recent crypto meltdowns have made clear that we need a comprehensive framework to regulate crypto products to protect consumers and our financial system,” said the senator. US Lawmaker Wants Comprehensive Regulatory Framework for Crypto U.S. Senator Sherrod Brown (D-OH), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, talked about crypto regulation Tuesday in his opening statement at the congressional hearing titled “Crypto Crash: Why Financial Safeguards are Needed for Digital Assets.” “The cryptocurrency industry has imploded,” the senator began, noting that the crypto market lost $1.46 trillion in value in 2022 and crypto firms have slashed over 1,600 jobs. The lawmaker detailed: As crypto values crashed last year, platforms began collapsing, creating...

Join Our Telegram channel to stay up to date on breaking news coverage Keanu Reeves, who starred in “The Matrix,” has become into somewhat of a cryptocurrency enthusiast and calls them “wonderful tools for exchanges and distribution of resources.” “I believe the idea of an independent currency is great”, Reeves said in a recent interview with Wired to promote his upcoming movie “John Wick 4“, adding that, To pooh-pooh crypto, or the volatility of cryptocurrency, it’s only going to make it better in terms of how it’s safeguarded. The cyberpunk classic “The Matrix,” in which Keanu Reeves played the lead character Neo, was released in 1999. It foresaw many current emergent tech concepts, such as artificial intelligence and the metaverse. It is therefore not surprising that Reeves’ opinions on cryptocurrency and similar technologies like NFTs have long piqued the interest of Web3 fans. As he notes, “People a...