The advancements in blockchain trends have taken an innovative leap with Coinbase’s layer 2 blockchain, Base. The recent boom in daily transactions outstripped its rivals Arbitrum and Optimism combined. Intriguingly, the surge in activity wasn’t driven by what one might expect – Decentralized Finance (DeFi) applications or Non-Fungible Token (NFT) marketplaces. Instead, its usage owes significantly to the burgeoning social application, FriendTech.
FriendTech is a decentralized social network platform, aptly built on Base. Self-proclaimed as “the marketplace for your friends”, this platform has witnessed increased usage, with its daily transactions reaching a record high. However, there are questions about the sustainability and authentic user engagement of such platforms.
Meanwhile, the sale of tokens held by the bankrupt crypto exchange FTX sees light at the end of the tunnel. According to a recent Coinbase report, the pending massive sell-offs may not lead to market shock as some had feared. The safety valve lies in the liquidation clause that restricts the sell-off to $50 million per week initially, which gradually increases, subject to approval from committees representing FTX debtors. However, the potential impact on the price of cryptocurrencies, the market as a whole, and the confidence of investors remain up in the air.
On another front, potential jurors’ probing may become a hot topic. The U.S. Department of Justice fears that FTX founder Sam Bankman-Fried’s proposed jury questions might be more invasive than needed, and perhaps strategically crafted to amp up his defense. The persistent tug of war between legal necessities and concerns about the potential misuse of jury information is sure to keep the legal minds busy.
Amidst all this, the rollercoaster ride of the HIFI token, a native of the Polygon-based project Hifi Finance, turned heads, with a surge of over 450% in a fortnight. The rise was abruptly halted post its listing on Binance. History tends to show tokens rally pre-listing, only to face a hefty profit-taking sell-off post-listing. Thus, the ride of HIFI served as a striking example of such a sequence, indirectly questioning the volatile nature of these markets.
Blockchain developments are creating waves while bringing new conflicts and points of discussion. To see how it all unfolds, watch this space for regular updates.
Source: Coindesk
