First Mover Americas: Friend.tech Drives Up Coinbase’s Base Blockchain Activity

The latest price moves in crypto markets in context for Sept. 18, 2023.

AccessTimeIconSep 18, 2023 at 12:10 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

cd

Top Stories

Coinbase’s layer 2 blockchain, Base, which launched in early August, has seen its daily transactions hit an all-time high, according to data from IntoTheBlock. Base saw 1.88 million transactions on Thursday, higher than layer 2 rivals Arbitrum and Optimism combined, which saw 780,000 and 370,000, respectively. “Interestingly, it is not decentralized finance (DeFi) applications nor non-fungible token (NFT) marketplaces driving the surge in Base's activity. Instead, a significant portion of usage can be attributed to a new social application, FriendTech,” said Lucas Outumuro, head of research at IntoTheBlock. Decentralized social network platform Friend.tech is built on Base and calls itself “the marketplace for your friends.” The platform saw increased usage over the last week, with its daily transactions also reaching an all-time high. Friend.tech’s transactions reached 529,000.

The sale of tokens held by bankrupt crypto exchange FTX will not result in a market shock due to several mitigating factors, Coinbase (COIN) said in a research report Thursday. For a start, the sale of tokens won’t flood the market because liquidations are limited to $50 million per week in the first phase and then increase to $100 million in the following weeks, the report said. Coinbase notes that committees representing FTX debtors need to approve a permanent increase to a maximum of $200 million a week. According to a recent court filing, the crypto exchange holds about $1.16 billion in solana (SOL), $560 million in bitcoin (BTC), $192 million in ether (ETH) and a further $1.49 billion in other tokens. It can now sell and invest these holdings to pay back creditors, the court ruled last week.

The U.S. Department of Justice thinks FTX founder Sam Bankman-Fried’s proposed jury questions are “unnecessarily intrusive” and may be intended to support his defense. Bankman-Fried and the DOJ both proposed voir dire questions earlier this week, ranging from standard queries about whether potential jurors were familiar with the case to more specific questions about whether they knew people with ADHD. These questions will help the prosecutor and defense determine a fair and impartial jury. Several of Bankman-Fried’s proposed questions are “intrusive,” prosecutors wrote in the letter to Judge Lewis Kaplan of the Southern District of New York. They called out questions that probed potential jurors’ opinions toward FTX, the allegedly fraudulent crypto exchange that collapsed in spectacular fashion last November.

Chart of the Day

c
  • The chart shows the recent pop and drop in HIFI, the native token of Polygon-based project Hifi Finance.
  • The token surged over 450% in the past two weeks only to turn lower after Binance listed HIFI perpetual futures on Sept. 16 at 14:30 UTC.
  • Tokens often rally into the listing on major exchanges and then sell off on heavy profit-taking, empirical evidence discussed in the book "Crypto Titans" suggests.
  • Source: TradingView

Trending Posts

Edited by Sheldon Reback and Parikshit Mishra.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.