Key Highlights:
- π₯ Coinbase Base storms the crypto scene, reshaping DeFi dynamics.
- πΌ Major partnership with Friend.tech boosts Base’s prominence amidst chaos.
- π± USDC integration with Base results in a remarkable 470.55% surge!
The cryptocurrency realm is an ever-evolving space, and once again, it’s in the limelight, primarily because of a unique player: Coinbase Base. It’s the talk of the town, and for some pretty intriguing reasons!
Coinbase Base: From Trendsetter to Game-Changer π
Coinbase, synonymous with cutting-edge cryptocurrency exchange, hit another homerun by unveiling the Base platform. This darling of the crypto space hasn’t just made a splash; it’s created waves, especially in the decentralized finance [DeFi] zone.
Tantalizing Figures and Trends πΉ
Within just a week, the Base platform saw the total value locked [TVL] skyrocket to a whopping $558 million. And if you’re wondering about the increase? Hold your hats β it’s a jaw-dropping 25.23%! But wait a second, it’s not all roses. Despite kicking off October with a bang, the Base network took a slight detour. Imagine this: On October 2, Base was processing a staggering 1.3 million transactions. Fast forward to now? We’re down to about 520,000. Puzzling, right?
π₯ Our music π₯
The Friend.tech Connection πΈοΈ
Now, this might ring a bell. Remember the spate of hacks Friend.tech had to grapple with? Surprisingly, amidst this chaos, Base found its silver lining. A significant chunk of Baseβs rise can be attributed to its collaboration with Friend.tech.
π₯ Register on Bybit Today and get up to $30,000
Delving Deeper: Why Coinbase Base’s TVL Shot Up π
The puzzle pieces are starting to fit. Let’s shine a light on why Coinbase Base’s TVL soared to such dizzying heights.
USDC’s Date with Base π±
You can’t talk about Base without mentioning Circle, the issuer of the USDC stablecoin. Their recent announcement about introducing USDC to the Base platform was nothing short of groundbreaking. The grand vision? Boosting USDCβs functionality by making it a native token across numerous blockchains, thus waving goodbye to Ethereum token bridges. And guess what played Cupid? The re-minting of native USDC on the network on October 4, resulting in a stratospheric surge of 470.55%, totaling an impressive 159 million USDC.
But hey, it wasn’t a cakewalk. Early bird Coinbase and Circle users faced a tiny hiccup: they couldn’t directly transfer USDC from their exchange coffers to the Base network. The workaround? Using a bridged version aptly named βUSDbCβ to carry out those greenback transactions.
π Also read: Ethereum Transaction Costs
Switzerland Joins The Party π
A shoutout to Switzerland’s tokenization mogul, Backed Finance. They’ve just upped their game by rolling out their tokenized short-term U.S. Treasury offering on, you guessed it, Coinbase’s Base! And guess what? This happened merely a couple of days back.
So, What’s The Verdict? π€ Coinbase Base, with its whirlwind journey, has proved it’s not just another platform in the crypto labyrinth. It’s a force to reckon with.
Sergio Richi
Editor, Logll Tech News