Web3 Diaries-Coinbase Prepares New Base Blockchain Launch
Coinbase, the big publicly traded U.S. crypto exchange, is readying the launch of its new Base blockchain later today.
The new network, technically a “layer 2” blockchain built atop Ethereum, is expected to immediately vault into the top ranks of rival projects.
Even before to its official public debut, there was already $133 million of deposits locked into apps and protocols on the new Base network, according to the crypto analysis firm Dune.
That amount of “total value locked” or TVL – a common metric for evaluating blockchains and protocols – is enough to rank Base as the fifth-biggest layer-2 blockchain.
Marathon Digital misses Q2 earnings, revenue estimates
Marathon Digital (MARA), one of the largest bitcoin miners in North America, disappointed investor by reporting below expected top and bottom lines in its second-quarter earnings report on Tuesday.
The miner reported an adjusted loss per share of $0.13 on revenues of $81.8 million compared to FactSet analyst estimates for a loss of $0.06 on revenues of $83.4 million.
Shares of Marathon were roughly flat at $15.73 in after-hours trading on Tuesday. Marathon shares are up almost 360% this year as the price of bitcoin has surged.
US Fed Steps Up Oversight Of Banks’s Involvement With Crypto Firms
The US Federal Reserve is expanding the purview of its supervisory program, which keeps an eye on US banks doing business with the cryptocurrency and blockchain sector.
The Novel Activities Supervision Program, which intends to restrict specific crypto-related activities and promote a more level playing field for banks engaged in serving the digital asset market, was launched following a Federal Reserve Board statement on August 8.
The initiative is a supplement to the Board’s policy statement from January 27 that attempts to guarantee that all banks under Fed supervision are subject to the same crypto-related restrictions.
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