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Base’ has outpaced established networks like Solana proving its growing prominence in the DeFi landscape. Base’s remarkable rise is driven by projects like Aerodrome Finance and Friend.tech. Base has also enjoyed an impressive increase in transaction volume. Coinbase ’s layer 2 network, Base, has witnessed an astounding surge in its Total Value Locked (TVL), hitting approximately $397.32 million within just a month and a half since its August launch. This meteoric rise has propelled Base ahead of Solana, whose TVL currently stands at $358.96 million. In the past 30 days alone, Base’s TVL surged by a staggering 97.21%, as evident on DeFiLlama, while Solana experienced a 9.64% decrease in TVL during the same period. Interestingly, the surge comes even after Base suffered an outage at the beginning of September. Screenshot from DefiLlama Blockchain projects launched on Base Within Base’s TVL, two native projects have played a piv...

Bitcoin and altcoins perked up today, but is this rally nothing more than an oversold bounce? When the markets are trending, traders should be active if they want to earn money. On the other hand, in a ranging market, it is better to wait on the sidelines with patience, or else traders may lose money due to choppy random moves in either direction. Bitcoin’s (BTC) sideways price action since the sharp fall on Aug. 17 shows that the bulls and the bears are unsure about the next directional move. Therefore, it is better to wait for the breakout to happen before waging large bets. Daily cryptocurrency market performance. Source: Coin360 In the short term, institutional traders also seem to be taking a cautious approach. A CoinShares report showed an outflow of $55 million from digital asset investment products for the week of Sept. 13. What are the important support and resistance levels that need to be crossed for a trending move to start in Bitcoin and altcoins? Let’s study the charts ...

Eeon seeks compensation from both Binance and the US SEC, equivalent to 20% of the daily value of withheld funds per customer, totaling $1000 per day. A third-party entity named "Eeon" has stepped forward to intervene in the case, represent ing the interests of Binance's customer s regarding the lawsuit filed by the United States Securities and Exchange Commission (SEC) against Binance. As stated in the filing with the District Court for the District of Columbia, Eeon claims that the SEC and Binance's attorneys have failed to sufficiently represent the interests of Binance's customer s, leading Eeon to seek representation for them. In the filing, Eeon asserted,  "We are the appropriate parties involved in this case, as the Court identified us as 'Customers' in its Order dated June 17, 2023. We are not ordinary customers; rather, we are stakeholders, investors and owners of cryptocurrency held by Binance and its subsidiaries. We firmly believe that...

The Terra Allies senior full stack engineering team, known as the Six Samurai, has presented their Q3 spend proposal, emphasizing their deep passion as Luna Classic holders. After a joint governance proposal on liquid staking derivatives in Terra Classic (LUNC), a new proposal emerged for the next quarter suggesting the formation of a dedicated team consisting of six senior full-stack engineers. The Terra Allies senior full stack engineering team — known as the “Six Samurai” — has presented their Q3 spend proposal, emphasizing their deep passion as LUNC holders. With a firm commitment to achieving “a true revival of the ecosystem ,” the team pledges to dedicate their efforts and expertise toward this goal. Terra was originally an ecosystem with several moving parts. However, its TerraUSD (UST) stablecoin and LUNA asset faced catastrophe in 2022, causing vast changes to the project. Terra now has a new blockchain called Terra 2.0 with a new asset that is also called LUNA but referred ...

Bitcoin and most major altcoins are witnessing subdued price action, indicating a lack of buying interest from the larger players. The United States equities markets rallied sharply on June 2 even though the nonfarm payrolls in May rose 339,000, blowing past economists’ expectations of a 190,000 increase. A few analysts pointed out that the market was possibly encouraged by the slower growth rate of hourly earnings which was slightly below estimates and an uptick in the unemployment rate. The rally in the equities markets failed to act as a tailwind to the cryptocurrency markets, which remain stuck in a range. Galaxy Digital CEO Mike Novogratz said in an interview with CNBC that the lack of enthusiasm in the crypto markets was due to absence of institutional buying. Daily cryptocurrency market performance. Source: Coin360 Bitcoin’s (BTC) historical performance in June does not give a clear advantage either to the bulls or the bears. According to CoinGlass data, between 2013 and 2022, ...

Some Twitter users posted transactions showing large inflows of MULTI and FTM to Gate.io, leading them to perceive a connection between the two organizations. Centralized crypto exchange Gate.io denied rumors of illiquidity on May 31, stating that “there are no issues with our operations or withdrawals as rumored.” The statement comes after numerous Twitter channels had alleged that the exchange was experiencing insolvency due to an alleged connection between it and the cross-chain router protocol Multichain (MULTI). The Gate.io team said the company's "operations are running healthy" and that it is focused on establishing an affiliated trading platform in Hong Kong called Gate.HK. Rumors about Gate.io's insolvency erupted after a series of events relating to Multichain. On May 24, blockchain analytics firm Arkham Intelligence posted data showing large inflows of MULTI to Gate.io, which Arkham said was related to rumors of the protocol's team "allegedly bein...

Starting May 31, TradeBlock will commence the official procedure of winding down its operations. Venture capital conglomerate Digital Currency Group (DCG) is closing its prime brokerage subsidiary TradeBlock, citing the state of the broader economy and an uncertain regulatory environment for crypto in the United States.  According to a May 25 report from Bloomberg, TradeBlock, led by Breanne Madigan, will officially begin the process of shutting down effective May 31. Barry Silbert’s crypto conglomerate, Digital Currency Group, is shuttering its TradeBlock institutional trading platform https://t.co/duE4YnknrR — Bloomberg Crypto (@crypto) May 25, 2023 “Due to the state of the broader economy and prolonged crypto winter, along with the challenging regulatory environment for digital assets in the US, we made the decision to sunset the institutional trading platform side of the business,” a spokesperson reportedly told Bloomberg.  DCG and its portfolio of companies have faced chal...

At a London fintech conference, CEO Brian Armstrong disclosed that Coinbase might consider leaving the U.S. due to the lack of regulatory clarity in the country. United States cryptocurrency exchange Coinbase is gearing up for a lengthy legal battle with the Securities and Exchange Commission (SEC) after the regulator warned the company of potential securities law violations, CEO Brian Armstrong told CNBC in an interview on April 18. Coinbase received a Wells notice from the U.S. SEC on March 22, indicating a possible enforcement action. The notice is usually the last step before the regulator files charges. In response, Armstrong expressed disappointment and revealed that the company had not received any clear details from the SEC about the alleged violations. He told CNBC: “We’ve met with them over 30 times in the last year … never got a single piece of feedback from them about what we can be doing better or differently, and then this Wells Notice arrived. I think we’re going to ha...

The company stated that it previously had a relationship with Signature but said it no longer has funds there. Crypto exchange Gemini had no funds at Signature Bank, and its Gemini US Dollar (GUSD) Stablecoin was not backed by any deposits at the failed bank, according to a March 13 official tweet from the company. 1/ It’s very sad to hear the news about Signature Bank. They have been incredible partners to Gemini and our industry for the better part of a decade. We have zero customer funds and zero Gemini dollar (GUSD) funds held at Signature Bank. — Gemini (@Gemini) March 13, 2023 The exchange further clarified that it had partnered with Signature in the past, stating, “They [Signature] have been incredible partners to Gemini and our industry for the better part of a decade.” However, all current reserves are held at only three United Stat banks — State Street Bank, Goldman Sachs and Fidelity — Gemini said. The company also stated that it is actively monitoring bank counte...

Price slippage occurs in both centralized and decentralized exchanges, but what are the causes and risks associated with it? Price slippage is a constant risk in trading on centralized exchanges (CEXs) and decentralized exchanges (DEXs) alike. It occurs when a trader’s order is executed at a different price than the one intended. It can happen due to high volatility, low liquidity or delays in order execution, resulting in a noticeable difference between the expected and actual transaction price. The DeFi ecosystem prioritizes decentralization and transparency, so the price slippage problem is more prominent than on centralized platforms. Price slippage on CEXs and DEXs On CEXs, price slippage is caused by factors such as low liquidity, high volatility and order book depth. CEXs are platforms that connect buyers and sellers of digital assets, with order books being a key element. An order book is a record of all buy and sell orders placed by traders for a particular cryptocurrency. It...

Concerning news from Silvergate Bank and FTX may have influenced investors’ decision to press the sell button, but the potential for further downside could be limited. Bitcoin (BTC) is leading the cryptocurrency Markets lower and the matter is being exacerbated by Silvergate Banks' ongoing issues. This week the cryptocurrency-focused bank said that it needed additional time to file its annual 10-K report and warned that it may not be able to operate for another 12 months. Reacting to this news, several cryptocurrency companies announced that they were reducing or canceling their partnerships with Silvergate Bank.  The uncertainty regarding the future of the bank and its overall impact on the cryptocurrency sector may have caused a knee-jerk reaction. However, if the contagion does not spread, the downside may be limited. Daily cryptocurrency market performance. Source: Coin360 Another positive for the cryptocurrency markets is that the United States equities markets are attemptin...

The Shark Tank star said all unregulated exchanges are seeing “massive outflows” right now, and rightly so. Unregulated crypto exchanges will continue to fall like dominoes post-FTX, with plenty more “meltdowns” to come, warns Shark Tank star and investor Kevin O’Leary. O’Leary, a former spokesperson and proponent for the now-bankrupt FTX exchange, told Kitco anchor David Lin in a Jan. 17 interview that the collapse was just one in a long line of “unregulated exchanges” likely to fail: “If you’re asking me if there’s going to be another meltdown to zero? Absolutely. 100% it’ll happen, and it’ll keep happening over, and over and over again.” Unregulated exchanges are those that aren't subject to regular auditing, aren’t registered and regulated by a securities commission, and don’t operate under rules similar to traditional stock exchanges and brokerages. “Well, all of these exchanges, all the unregulated exchanges are having massive outflows right now. Smart money has got the joke...

Crypto investor sentiment saw a slight upswing, but the potential of a deep liquidity crisis in the sector could keep investors at bay. 2022 was a near-unprecedented year of extremes and black swan events for the crypto market, and now that the year is about to wrap up, analysts are reflecting on the lessons learned and attempting to identify the trends which may point to bullish price action in 2023.  The collapse of Terra Luna, Three Arrows Capital and FTX created a credit crunch, a severe reduction in capital inflows and an increased threat that additional major centralized exchanges could collapse. Despite the severity of the market downturn, a few positives have emerged. Data shows long-term hodlers and smaller-sized wallets are actively accumulating during this period of low volatility. While the market continues to see red, positives are emerging. Let’s dive in on the positive and negative data points. Low liquidity and losses abound When liquidity was flooding into the market...