The Week in Blockchain Tech
A lot of buzz in blockchain tech circles is centered around the development of secondary “layer-2” networks on Ethereum using zero-knowledge cryptography. This technology is seen as superior to the current dominant technology, optimistic rollups. This week, Margaux Nijkerk explores why Coinbase and Andreessen Horowitz are choosing OP Stack, modeled after Optimism’s optimistic rollup, for their new networks.
Main Breakdowns:
– Coinbase’s new Base project, a layer-2 network on Ethereum, has gained popularity with the launch of Friend.tech, an application that allows users to purchase shares of Twitter influencers.
– Friend.tech has quickly attracted over 100,000 users and generated more than $25 million in fees, driving up key metrics on the Base network.
– However, there are concerns about whether Base can sustain this growth once the hype around Friend.tech fades.
– Ethereum co-founder Vitalik Buterin withdrew 1,000 ether from Maker and deposited 600 ETH on Coinbase, leading to speculation about a potential sale.
– Binance mistakenly announced that euro transactions were no longer available, causing confusion. The exchange also faces investigations and regulatory suits in multiple jurisdictions.
Hot Take:
Friend.tech’s success on Coinbase’s Base network highlights the questions surrounding Coinbase’s role in moderating a supposedly decentralized chain. Additionally, the actions of Vitalik Buterin and the mishap by Binance raise further concerns about the stability and regulation of the crypto market.
Protocol Village
– Money Center
– Deals and grants
– Data and tokens
Solana Claws Back in DeFi
Solana, which faced challenges in 2022, has shown resilience with its developer ecosystem and core protocol. The network has experienced a 96% increase in total value locked this year, indicating improving prospects for applications built on Solana.
EigenLayer Postscript
The EigenLayer project, focused on “restaking” ETH to secure additional projects, continues to see high demand. The project recently increased its capacity, which was quickly maxed out, highlighting the growing interest in this technology.
Calendar
No specific information about upcoming events or releases was mentioned in the article.
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