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Base, Coinbase's layer-2 blockchain, has become the second-largest L2 network. It's a surprising twist. Base isn't exactly cutting-edge tech. The project launched last year using borrowed code - it's built on Optimism's OP Stack framework. Yet Base now holds an 18% market share among 74 active L2 networks. Only Arbitrum One beats it, with a 40% share. Base has leapfrogged over established players like Starknet, Polygon, and even Optimism itself. L2 networks aim to make Ethereum faster and cheaper. They bundle transactions and settle them on the main chain. It's a bit like filing records at the county clerk's office. But here's the kicker: marketing prowess trumps tech chops in the blockchain race. Coinbase's deep pockets and promo events have fueled Base's growth. Take their recent "Onchain Summer" campaign. It drew over 2 million unique wallets, and creators pocketed more than $5 million in mint revenue. "The results really blew us away," a Coinbase spokesperson gushed. Participation was 8x higher than last year, doubling internal expectations. Blockchain data backs this up. Token Terminal shows Base accelerating while other L2s slow down. Coinbase's not shy about splashing cash. They spent $165 million on marketing in Q2 2023 alone. That's double the previous year's figure. Base is raking it in, too. In Q1 2024, Coinbase reported $52.5 million in "other" transaction revenues, including Base's sequencer fees. But is it all smoke and mirrors? Are these real users or just crypto tire-kickers? Some reckon it's down to memecoins and easy onboarding from Coinbase. Rob Hadick of Dragonfly VC notes Base's popularity for swapping "longer-tail assets". But a closer look shows lots of memecoin action. That's notoriously fickle. Coinbase's smart contract wallet makes it a breeze to move tokens over. No seed phrases, no hassle. It's a game-changer for curious newbies. Oskari Tempakka from Token Terminal credits the Coinbase-Optimism combo. A U.S.-listed exchange plus Optimism's tech smarts? It's a potent mix. Base's rise shows that in crypto, as in life, it's not just what you know. It's who you know – and how well you can sell it.

A new study by CoinWire predicts a massive surge in global cryptocurrency trading. The volume is expected to exceed $108 trillion by the end of 2024, and that would be a nearly 90% increase from 2022 levels, which is absolutely astounding. CoinWire's methodology involved analyzing centralized exchanges (CEX) on Coingecko. They focused on platforms with trust scores above 6. The study also factored in web traffic by country, peak trading timezones, and CEX headquarters locations. While the US leads in single-country trading volume, Europe takes the cake regionally. The Old Continent commands 37.32% of the global market. Asia follows closely at 36.17%. Europe's dominance isn't a fluke. CoinWire attributes it to the region's "progressive" approach to crypto regulation. European lawmakers have been busy bees, developing comprehensive policies to support fintech innovation. These regulations aren't just red tape. They're providing a structured trading environment for exchanges and traders. As CoinWire puts it, "Europe is a hub for crypto innovation and investment due to progressive regulatory frameworks and a tech-savvy populace." The numbers are eye-popping. Europe's crypto trading volume is projected to hit $40.5 trillion by 2024. That's a 2.7x increase from last year's $15 trillion. Talk about a growth spurt. CoinWire explains this boom: "This significant growth emphasizes Europe's growing influence in the global crypto market, which is due to a strong financial infrastructure, progressive regulations, and rising adoption of digital assets." When it comes to exchanges, Binance is still the big kahuna. It boasts a whopping $2.77 trillion in trading volume. The exchange has its tentacles in over 100 countries, showing its massive reach. OKX and Cex.io are also major players. They've got a strong presence across numerous countries and contribute significantly to global trading volume. On the flip side, Coinbase and Bybit serve fewer countries. But don't count them out. They've still managed to rack up $662 billion and over $1.14 trillion in trading volume, respectively. Not too shabby for the underdogs.

Coinbase has unveiled a new web application. It allows users to manage multiple on-chain wallets in one place. The app works on desktops and mobile devices. The move is part of a broader industry trend. Wallet makers are trying to simplify access for newcomers. Coinbase's app aims to streamline wallet management. Users can connect several wallets to the app. They can buy, swap, send, stake, and mint coins from these wallets. The app also enables user interaction. Coinbase highlighted a common problem. "Today, many people use manual spreadsheets and need to open multiple browser tabs to track their assets holistically," they said. This app addresses that issue. Managing multiple crypto wallets has been tricky. Getting a comprehensive view of all assets in one place was challenging. Coinbase's app tackles this head-on. The application is compatible with smart wallets. This broadens its appeal to tech-savvy users. Coinbase isn't the first to offer such a solution. Other wallet providers, like Exodus, have launched similar products. The industry is keen to welcome less tech-savvy investors. Decentralized wallets can be a pain to navigate. This app could make life easier for many users. For Coinbase, this launch is strategic. It aligns with their long-term goal of becoming a "super app". They're aiming for something akin to China's WeChat. Broadening access is crucial for Coinbase. If they want to be a "super app", they need to rope in a wider audience. This new app is a step in that direction.

Coinbase, the U.S. cryptocurrency exchange, has announced it will not execute the upcoming token migration for the Artificial Superintelligence Alliance (ASI). Users will need to manage the process themselves. The ASI is a consortium of AI-focused blockchain companies: Ocean Protocol, Fetch AI, and SingularityNET. In April, they revealed plans to merge their tokens—OCEAN, FET, and AGIX. "Coinbase will not migrate these tokens on behalf of users," a company spokesperson told the press. Users can migrate OCEAN and FET to ASI using Coinbase Prime Web3 wallet or another Ethereum-compatible self-custody wallet. The exchange does not support AGIX. Trading support for FET and OCEAN will continue "until further notice". Coinbase's decision will not affect the merger, according to Fetch AI founder and CEO Humayun Sheikh. "We confirm that the merger of AGIX and OCEAN into FET will occur on Monday, July 1st," Sheikh stated. FET will become the official ASI token as OCEAN and AGIX are phased out. "This transition will be seamless, and FET trading will remain uninterrupted," the alliance said in a statement. The token will be renamed. "The project will rebrand to the Artificial Superintelligence Alliance across platforms like CoinMarketCap and CoinGecko." Not all exchanges will support the migration immediately. The alliance plans to integrate more exchanges in Phase 2 of the migration, but we will have to wait and see how soon and efficient that process will be. This is not Coinbase's first refusal to support token actions. In May, it declined to support Gala Games' V2 token airdrop. When that happened, Jason Brink, Gala Games' President of Blockchain, speculated that Coinbase's stance might be due to the event appearing as an "airdrop" rather than a token replacement. He also expressed hope for future support of the V2 token.

A long-inactive Bitcoin wallet has suddenly resurfaced. The wallet moved a significant amount of Bitcoin to Coinbase on Friday. This occurs as the cryptocurrency's price struggles to maintain recent gains. Data from Lookonchain and Arkham Intelligence reveal the details. The wallet, identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3, deposited 1,000 BTC to Coinbase Pro. This amount is valued at over $61 million. The coins were originally acquired six years ago for $6.68 million. This event is part of a larger trend. This quarter has seen an increase in dormant Bitcoin wallets becoming active. These wallets are moving coins to exchanges. On Thursday, a 14-year-old wallet linked to a Bitcoin miner sent 50 BTC to Binance. Analysts are speculating on the motives. Some suggest these dormant holders may be cashing out near record highs. Others believe they might be engaging in derivatives market activities. This activity is contributing to downward price pressure. Long-term holders are selling. Miners are liquidating faster. The German government is divesting its coin holdings. As a result, Bitcoin prices have fallen nearly 9% this month. At the time of writing, Bitcoin was trading at $61,550. It has failed to maintain gains above $62,000 at least four times since Tuesday, according to CoinDesk data. Price volatility may increase later Friday. The Federal Reserve's preferred inflation gauge, the core Personal Consumption Expenditures (PCE) price index for May, is set to be released. Economists have made predictions about the PCE. They expect no change in the PCE price index. They anticipate a 0.1% increase in the core PCE. This would lead to 2.6% annual advances in both headline and core figures. A favorable inflation report could support the case for Fed rate cuts this year. This might provide support for Bitcoin prices. However, some observers believe Bitcoin is poised for a deeper decline. They suggest it could fall towards $50,000.