#coinbases

Coinbase’s (COIN) expectations-busting third-quarter earnings report drew a range of responses from Wall Street analysts, highlighting sharp differences in expectations for the crypto exchange’s long-term growth and ability to manage costs. The company posted $1.05 billion in transaction revenue and $801 million in adjusted Ebitda, both ahead of consensus estimates. Analysts across the board…

Coinbase (COIN) said its bitcoin-backed loan program has surpassed $1 billion in originations since launching in January, underscoring growing demand for crypto as collateral. The exchange currently offers retail customers in the U.S. the ability to borrow cash against BTC$114,272.90 holdings through the on-chain Morpho platform. A spokesperson said the average loan size sits at $54,000 but noted…

Circle's USDC will launch natively on Optimism, Coinbase's Base next week

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Velodrome to Introduce Aerodrome DEX on Coinbase's Base Network

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Source: Aerodrome

Decentralized finance (DeFi) protocol Velodrome has launched Aerodrome, a new decentralized exchange (DEX) built for Coinbase’s layer 2 blockchain Base.

The new DEX promises to allow traders to swap tokens with “minimal slippage” and low fees, while also rewarding users with governance tokens that can be used for voting and at the same time potentially increase in value.

On its website, Aerodrome is described as a “next-generation [automated market maker] designed to serve as Base’s central liquidity hub, combining a powerful liquidity incentive engine, vote-lock governance model, and friendly user experience.”

‘The DeFi era on Base has begun’

Announcing the launch of Aerodrome, the team declared in a post on social media platform X that “the DeFi era on [Base] has begun”:

Details about how Aerodrome works and the role the DEX’s governance token AERO were also shared in a separate thread on X.

To incentivize users of the DEX, Aerodrome will conduct an airdrop of its AERO token to existing users who hold veVELO tokens, or locked Velodrome (VELO) tokens.

According to the project, 40% of the AERO supply will be airdropped to veVELO holders.

The new DEX will leverage the so-called liquidity flywheel, a feedback loop in DeFi where more users lead to deeper liquidity, which leads to lower slippage, which in turn attracts even more users.

According to data from DeFi tracking site DefiLlama, Velodrome has more than $193 million (118 ETH) of total value locked (TVL), while Aerodrome so far has just under $1 million (562 ETH) in TVL.

Aerodrome TVL. Source: DefiLlama

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Coinbase's CEO Addresses UX Challenges for a Decentralized Future

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Coinbase, a popular cryptocurrency exchange, is on the brink of significant transformation. Brian Armstrong’s candid acknowledgment of the platform’s user experience shortcomings during the Onchain Summer festival may be the catalyst for this change.

One thing #OnchainSummer is exposing is just how broken our UX is in the main Coinbase app for NFTs, Dapps, and L2s today. Sorry to say, but true. If we face truth, we can get motivated to improve it. These need to be first class experiences, and #OnchainSummer is a great impetus…

— Brian Armstrong 🛡️ (@brian_armstrong) August 13, 2023

Armstrong’s August 13 Twitter revelation was far from a simple corporate update —it was a call to action. Users were asked to address some of the issues that have been negatively affect UX and other issues on Coinbase.

One of the user feedback focused on the convoluted process of credit card integrations on Coinbase, a critique given by Racer, Friendtech developer, as well as Wormhole Foundation head of operations Dan Reecer, who suggested better NFT showcasing ahead of Base’s Onchain Summer.

On-chain summer is an awesome concept but the @BuildOnBase NFT flow seems off for a new audience being brought on-chain.

1. Mint (easy/cheap) 2. Congrats (great) 3. View the complex explorer with no image of your NFT?

Feels like the UX needs to immediately display the new NFT.

— Dan Reecer (@danreecer_) August 10, 2023

Added to the mix is a glitch, causing snags between the Coinbase mobile wallet and the Google Chrome browser, and it’s clear the platform faces a two-pronged challenge: technical bugs and user experience optimization. Armstrong confirmed this, tweeting:

“Connecting mobile wallet to the chrome extension is still unreliable for some reason.”

Yet, it’s the context that truly emphasizes the stakes. The world of decentralized platforms is booming. Ethereum addresses, for example, have seen a meteoric rise, crossing the 230 million mark. And, with layer 2 transactions now overshadowing Ethereum’s layer 1, the decentralized momentum is palpable.

With Coinbase’s layer 2 Base entering the DeFi playing field, platforms like Coinbase are expected to pivot toward facilitating equitable digital ownership models.

Base boasts 136,000 daily active users on August 10.

In the early 2000s, getting online transformed the world

Now, getting onchain will kick off the next transformation, increasing economic freedom globally by putting ownership back in the hands of everyday people

And it’s growing fast

— Base 🛡️ (@BuildOnBase) August 9, 2023

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Coinbase's Ethereum layer-2 chain Base is live to the public

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Coinbase, a leading U.S. crypto exchange, officially launched Base, its Ethereum layer 2 network, to the general public on August 9, 2023.

The Base testnet launched in February, followed by a developer-specific release in July. Built on Optimism’s software stack known as the OP Stack, Base operates as a rollup network, a scaling solution that processes transactions off the main Ethereum (ETH) blockchain, providing a more efficient and affordable network for decentralized applications (dApps).

Betting on Base

Since its inception, Base has integrated with a wide array of crypto projects, including DeFi protocols, wallets, bridges, oracles, analytics, and infrastructure providers.

Unlike other layer-2 networks like Arbitrum and Optimism, Coinbase has confirmed that it has no plans to introduce any native tokens to Base. Pollak insisted that tokens “distort” what is being done on a network, something Coinbase would rather avoid in favor of focusing on incubating developers.

The launch of Base aligns with Coinbase CEO Brian Armstrong’s vision for the fourth phase of the company’s development, aimed at mass adoption through decentralized apps. The new network is anticipated to become the default network for Coinbase’s on-chain products.

In connection with the Base launch, Coinbase announced plans for corporate partnerships, including with Coca-Cola, to showcase the new project’s capabilities, and it emphasizes integration into daily life rather than mere speculation.

The launch of Base represents a significant step forward in the evolution of blockchain technology, opening new opportunities for developers, users, and the broader crypto ecosystem.

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Ramp Network Bridges Gap with Coinbase's Base Integration

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Bridging the gap and deepening connections between cryptocurrencies and traditional finance, Ramp Network has integrated with Coinbase’s newest offering, Base. This merger allows Ramp users to efficiently transition Base-native ETH and USDC into diverse crypto chains and directly into fiat, according to the official announcement.

Constructed to ensure speedy, cost-effective transactions, Base, utilizing Ethereum’s Optimism rollup tech, stepped into the limelight with its mainnet offered to developers in late July. Base integrated Chainlink’s price feeds onto its platform for better Web3 access on August 8.

The model of a centralised business launching a decentralised chain isn’t new. But it’s certainly becoming a more popular trend.

Why? Well, from a business perspective it provides a new avenue to monetisation via fees – as well as exposure to an entirely new user-base. https://t.co/MBkt0MxFam

— Miles Deutscher (@milesdeutscher) August 8, 2023

Ramp’s collaboration with Base emerges as a significant on-ramp and off-ramp, serving as a reliable bridge for users wishing to navigate the Base network. This incorporation dramatically simplifies the trajectory for digital assets, improving user experience.

The CEO of Ramp, Szymon Sypniewicz, built upon the purpose, stating, “In alignment with our steadfast commitment to the ecosystem’s Layer 2 solutions, Ramp will proudly support Base right from its inception, enabling transactions with ETH and USDC from day one.”

Third-party developers can expect a more straightforward experience in utilizing Ramp’s fiat-crypto gateway into their digital toolkits, potentially ushering in a new era of applications built to leverage Base’s expansive network potential:

“This will accelerate the creation of novel apps that capitalize on the powerful network effects afforded by the new layer2.”

For rising protocols like Base in the crypto world, reliable on- and off-ramps are invaluable. Such integration not only fuels the growth of the network but also solidifies trust among its users. With Base at the intersection, the integration assures users of the safety and ease of fund withdrawals, making exploration of the L2 offerings even more enticing.

Ramp Network’s updated framework now supports the conversion of Base’s ETH and USDC into a vast array of crypto entities, including BTC, a variety of stablecoins, and even ETH across multiple chains.

Moreover, a direct pathway has been paved for users to convert Base’s assets into traditional fiat. And, for those eager to dip their toes into Base’s offerings, swift fund deposits are now feasible.

Moreover, it offers a straight avenue for deposits onto Base, priming users for an quick entry into its ecosystem:

“Ramp’s integration of Base arrives at a crucial time for the nascent chain, giving users the confidence to explore the L2 confidence that they can withdraw funds whenever they like.”

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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