Coinbase Launches Ethereum Layer-2 Network “Base”
Coinbase, a U.S. crypto exchange, has launched Base, a layer-2 network built on top of Ethereum. This marks the first time a publicly traded company has launched such a network. It could potentially signal the beginning of a new era in blockchain technology.
Key Points:
– PayPal introduces its own stablecoin called PayPal USD (PYUSD), backed by USD deposits, short-term Treasuries, and cash equivalents. Built on the Ethereum blockchain, PYUSD is the first stablecoin launched by a traditional financial company.
– Huobi, a crypto exchange, sees a decline in stablecoin reserves as executives are reportedly taken away by Chinese police. A large investor deposits over $200 million into Huobi, boosting its holdings.
– Matter Labs, developer of Ethereum layer-2 network zkSync, is accused by rival Polygon of copying code without proper attribution. Matter Labs admits to copying code but argues that proper attribution was given.
– Worldcoin, the identity project using iris-scanning technology, has its Nairobi warehouse raided by Kenyan police.
– LinksDAO, an online community, is accepting new members after purchasing a golf course in Scotland earlier this year.
Hot Take:
Coinbase’s launch of its Ethereum layer-2 network Base is a significant development in the blockchain space. It shows that established companies are recognizing the potential of layer-2 solutions to address scalability issues on Ethereum. This move could pave the way for more adoption of layer-2 networks and further advancements in the industry. Additionally, the events surrounding PayPal’s stablecoin and the controversies involving Huobi and Matter Labs highlight the challenges and competition within the crypto ecosystem. It’s a reminder that the industry is still evolving and facing regulatory and technical hurdles.
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