NewsBriefs - Base reaches 4 million active addresses during onchain summer campaign

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  • Cointelegraph

    Base reaches 4 million active addresses during onchain summer campaign

    Base, Coinbase's layer-2 solution, hit a record 4 million active addresses last week amid its "Onchain Summer" campaign. The initiative, offering $2 million in ETH rewards, aims to boost network adoption and development. Base previously saw success with its 2023 campaign, driving significant NFT minting and daily wallet activity. The network also partnered with Atari to bring classic games onchain, though some developers question the true blockchain integration of these games.

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    • Cointelegraph

      Japan exchange DMM Bitcoin set to liquidate following $320 million hack

      Japanese crypto exchange DMM Bitcoin plans to liquidate due to a $320 million loss from a private key hack in May. The exchange will cease operations and transfer customer assets to SBI VC Trade by March following the incident that led to the theft of over 4,500 Bitcoin. Attempts to recover the lost funds have been unsuccessful, prompting the shutdown of the exchange.

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    • Publications Office of the European Union

      European Commission sees potential in public permissionless blockchains—report

      A report by the European Union examines the potential integration of permissionless blockchains into traditional finance. Authored by Fabian Schär, the paper advocates for considering permissionless systems within financial market infrastructures while proposing a cautious adoption approach. The report details the benefits such as enhanced neutrality and competition, the possibility of improved interoperability through smart contracts, and addresses challenges including scalability and governance issues. It also suggests that initial experimentation with financial services on public permissionless blockchains could start with layer 2 networks, which offer more scalability and control.

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    • Cointelegraph

      Coinbase ends USDC yield program in Europe amid MiCA compliance crackdown

      Coinbase is ending its yield program for the dollar-pegged stablecoin USDC in the European Economic Area by December 1, due to the European Union's Markets in Crypto-Assets (MiCA) regulations, which prohibit offering interest on stablecoins. This regulatory change impacts crypto firms operating within the EU, requiring strict compliance by December 30, 2024. This development follows broader changes in the European stablecoin market, with Tether recently dropping its euro-pegged token due to regulatory challenges, while new entrants like Schuman Financial are launching euro-pegged stablecoins to fill the gap.

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    • The Block

      Taiwan to implement new anti-money laundering rules for crypto providers on Nov. 30

      Taiwan's Financial Supervisory Commission (FSC) is set to introduce new anti-money laundering (AML) regulations for crypto service providers on November 30, advancing the original schedule by one month. The rules mandate AML compliance registration for both local and overseas virtual asset service providers (VASPs), with penalties for non-compliance including imprisonment and substantial fines. The move forms part of a broader initiative to enhance fraud prevention and regulatory oversight in the crypto sector.

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    • Cointelegraph

      SecondLane lists Pump.fun's $15 million equity stake at $1.5 billion FDV

      SecondLane has listed a 1% equity stake in the memecoin platform Pump.fun for $15 million, valuing the company at $1.5 billion on its trading platform. Pump.fun, which primarily operates on the Solana blockchain, has not yet released a native token but has revealed future plans for one, alongside an upgraded trading terminal named 'Pump Advance.' Despite the lack of a native token, Pump.fun serves as a significant memecoin exchange, boasting $86 million in fee revenue over the past month.

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    • Cryptoslate

      XT Exchange suspends coin withdrawals following $1.7 million theft

      XT Exchange has halted all coin withdrawals after confirming an abnormal transfer of assets worth approximately $1 million across 12 currencies from its platform, reportedly exchanged by an attacker for 461.58 ETH valued at $1.66 million. The Seychelles-based exchange, which manages substantial reserves and maintains high trading volumes, reassured users that their assets are secure and announced plans to implement the Merkel Tree Asset Proof System for enhanced security by mid-December.

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    • The Block

      Hyperliquid to launch its HYPE token in genesis event on Nov. 29

      Hyperliquid, a decentralized trading platform, will launch its native token, HYPE, during a genesis event on Nov. 29 at 07:30 UTC. The introduction of HYPE will enable key functionalities within its platform, which includes staking and securing the HyperBFT consensus mechanism. HYPE will also be used as the primary asset in Hyperliquid's decentralized exchange and as the native gas token for the HyperEVM. This event marks a significant development as the platform, one of the largest in trading volume, operated without a native token previously.

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    • The Block

      Russia's Federation Council approves crypto taxation bill, awaits Putin's signature

      Russia's Federation Council has passed a bill for taxing crypto transactions and mining, exempting crypto transactions from value-added tax and aligning tax rates for crypto income with those for securities transactions. The bill, which considers digital currency as property, now requires President Vladimir Putin's signature to become law. It mandates crypto miners to report client data to tax authorities and taxes mining income based on market value at receipt.

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    • Cointelegraph

      Ether surpasses $3,500 mark amid record futures interest surge

      Ether (ETH) saw a significant 15% price increase from November 20 to November 27, reaching nearly $3,500, coinciding with a surge in Ether futures open interest to a record $22 billion. This growth is attributed not only to bullish sentiment but also to various trading strategies, including hedging and neutral positioning by institutional investors. The Chicago Mercantile Exchange (CME) now holds $2.5 billion of the ETH futures open interest, indicating heightened institutional participation. Despite the increase in open interest and price, the demand for leveraged long positions among retail investors remains low, as evidenced by the neutral perpetual futures funding rate.

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    • The Block

      Ethereum, Cardano, and Solana see gains as capital shifts from Bitcoin, QCP Capital reports

      Capital is shifting from Bitcoin to alternative crypto tokens, notably Ethereum, Cardano, and Solana, according to QCP Capital analysts. This shift is reflected in a 13% increase in the ETH/BTC ratio and corresponding gains of 5%, 9%, and 4% in these tokens respectively over the past 24 hours. Meanwhile, Bitcoin saw a smaller rise of 1.5%. The move highlights a changing market sentiment where funds are rotating into altcoins from Bitcoin.

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    • The Block

      Kraken to shut down its NFT marketplace to focus on new projects

      Kraken, a major crypto exchange, is closing its NFT marketplace to reallocate resources to new and undeveloped projects. The marketplace will stop operations on Feb. 27, 2025, after ceasing all listing, bidding, and selling activities on Nov. 27, 2024. Users have been instructed to transfer their NFTs to their Kraken Wallet or another preferred self-custodial wallet.

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    • Saturn

      Saturn rolls out first Bitcoin-based AMM on testnet

      Saturn, a peer-to-peer order book built on the Bitcoin network, has introduced the first Bitcoin-based automated market maker (AMM) on testnet, allowing users to experience swaps and liquidity positions directly on Bitcoin's base layer at high speeds. Users must use the Unisat wallet and switch settings to Testnet4 and Taproot (P2TR) address type to participate. The launch promises the same functionalities and speeds as the upcoming mainnet release.

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    • Cointelegraph

      Telegram's crypto holdings exceed $1.3 billion in first half of 2024

      Telegram's crypto holdings have increased significantly from $400 million at the end of 2023 to $1.3 billion in the first half of 2024. This increase is attributed to profits from selling TON tokens and a specific business deal. The instant messaging platform also saw a substantial revenue increase, with $525 million generated in the same period, indicating a 190% increase relative to the previous year. The company's financial stability is also bolstered through extensive holdings of TON tokens amid market fluctuations.

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    • The Block

      Tron purchases $30 million in Trump-backed World Liberty Financial tokens

      Tron founder Justin Sun has invested $30 million in World Liberty Financial tokens, a crypto project endorsed by President-elect Donald Trump. The investment follows the token's lackluster launch and is part of Tron's broader strategy to promote blockchain innovation in the US. Despite concerns over DT Marks DEFI LLC's significant stake in the project, which is connected to the Trump family, Tron remains optimistic about its potential.

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    • The Block

      Bernstein expects MicroStrategy to hold 4% of all Bitcoin within a decade

      Bernstein analysts predict that MicroStrategy will grow its Bitcoin holdings from 1.7% to 4% of the circulating supply within ten years, updating their price target for MSTR to $600 by 2025. The analysts attribute this growth to MicroStrategy's aggressive capital scaling and believe that the company's unique Bitcoin treasury model will continue to attract significant global investment. Despite some market fluctuations, the firm's solid investment strategy and extensive acquisitions portray promising growth prospects in the crypto space.

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