More Than $160,000,000 in Ethereum and Other Cryptos Were Moved to Coinbase’s Layer-2 Solution
In the past few hours after its launch, Coinbase’s Base layer-2 scaling solution has seen the transfer of cryptocurrency assets worth hundreds of millions of dollars, including Ethereum (ETH). Dune Analytics reveals new...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
In the past few hours after its launch, Coinbase’s Base layer-2 scaling solution has seen the transfer of cryptocurrency assets worth hundreds of millions of dollars, including Ethereum (ETH).
Dune Analytics reveals new reportAccording to recent data from Dune Analytics, approximately $163 million has been moved to the bridge, which is powered by Optimism (OP), a blockchain-scaling solution.
The data shows that 72,724 ETH, valued at $135.8 million, $19.2 million worth of USD Coin (USDC), $5.7 million worth of Dai (DAI), and $3.1 million worth of Coinbase Wrapped Staked Ethereum (cbETH) were moved to the new layer-2 scaling solution.
The latest data indicates that the number of people using Base on a daily basis reached a record high of 100,983.
This occurred just one day after Coinbase announced that Base would be available to everyone. In July, Base had its most daily transactions, with 607,000 being processed by blockchain developers. On the day of its public launch, there were over 380,000 daily transactions.
To celebrate the launch of Base Mainnet, which is a layer-2 scaling solution, Coinbase will be hosting the first-ever on-chain summer festival.
This multi-week event will feature on-chain art, culture, music, gaming, and more. It will showcase daily mints and stories created in partnership with 50 of the world’s most innovative builders, brands, creators, and artists.
SEC tells Coinbase to stop trading cryptoReports indicate that Coinbase has been ordered by the U.S. Securities and Exchange Commission (SEC) to stop trading all cryptocurrencies except for Bitcoin (BTC).
The CEO of Coinbase, Brian Armstrong, has stated that the SEC did not provide any additional explanation for the suspension of trading on the exchange other than it is due to charges being brought against them.
Armstrong has revealed that the SEC ordered Coinbase to delist all assets other than Bitcoin, stating that they were classified as securities. Armstrong did not agree with this interpretation of the law, but the SEC did not provide any reasoning behind their decision.
Why this matters
This ethereum story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
US government moves $470 million in seized crypto to Coinbase wallets, raising Bitcoin sale questions
The US government moved about $470 million in seized crypto to likely Coinbase Prime addresses, according to Arkham, reviving ques...
Bitcoin keeps losing ground when Wall Street opens as Coinbase discount deepens
Bitcoin’s US-session weakness is deepening as BTC prices on Coinbase trade at a $64 discount to Binance, the largest global crypto...
Coinbase And Samsung Bring USDC Directly Into Samsung Wallet
TL;DR: Coinbase is powering USDC inside Samsung Wallet, with the stablecoin feature due to reach 82 million compatible Galaxy devi...
US government moves $770M of seized Bitcoin to Coinbase Prime
The US government moved 9,261 Bitcoin to Coinbase Prime, including 2,456 BTC in newly discovered funds pointing to federal law enf...
Bitcoin ETFs suffer biggest exodus since June as Ethereum withdrawals hit nine-month high
US spot Bitcoin and Ethereum exchange-traded funds saw their steepest withdrawals in months as the cryptocurrency market continued...
Coinbase puts WHUF-USD trading pair into limit-only mode
Coinbase's limit-only mode for WHUF-USD aims to stabilize initial trading, impacting liquidity and price discovery in decentralize...