Coinbase will start storing more customer USDC balances on its own Base network
Base’s activity increased significantly after the Dencun hard fork
27.03.2024 - 14:13
512
3 min
0
What’s new? US crypto exchange Coinbase plans to store more corporate and customer balances in USDC stablecoins on its own Base blockchain. According to Max Branzburg, vice president of the exchange, this will allow customer funds to be managed and secured with lower fees and faster settlements, while not impacting the user experience.
What else is known? Base, launched on August 9 last year, is a Layer 2 (L2) network based on the Ethereum blockchain and uses the OP Stack architecture from the Optimism blockchain. It is designed to create decentralized applications (DApps) and aims to bring a billion new users into the crypto economy. Base is open source and gives DApps developers access to Coinbase products, users, and tools.
Following the Ethereum mainnet hard fork called Dencun, which reduced transaction fees on L2 networks by 60-90%, the daily number of transfers on the Base network jumped by 380% to a new record above 2,1 million.
Coinbase CEO calls bitcoin the solution to inflation
Brian Armstrong said that the government’s uncontrolled issuance of money has created the need for a new financial system
Base ranks third among all Ethereum-based L2 networks in terms of total value locked (TVL) at $2,91 billion, with a market share of 7,32%. Base’s TVL started growing sharply on March 20, since then the figure has increased by 104%.
USDC is the second largest stablecoin in the crypto market with a capitalization of $32 billion. The coin was launched by Circle in partnership with Coinbase in September 2018.
Earlier, Coinbase diversified the Ethereum execution clients it uses to reduce network centralization, the risks of which industry experts have warned about. Now, about 50% of Coinbase Cloud validators use the Nethermind client in addition to Geth.
The exchange also announced the launch of DOGE, LTC, and BCH futures.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$91 881
BTC
+2.46%
-
Ethereum
$3 168.03
ETH
+2.79%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.13
XRP
+6.87%
-
Dogecoin
$0.376671
DOGE
+4.08%
-
Cardano
$0.746999
ADA
+4.67%
-
Bitcoin Cash
$461.35
BCH
+6.51%
-
Polkadot
$5.93
DOT
+9.85%
-
Stellar XLM
$0.232237
XLM
+18.88%
-
Litecoin
$88.86
LTC
+2.05%