SHIB, LINK and these altcoins have skyrocketed as Coinbase launches its Ethereum layer 2 scaling product Base.
Coinbase announces new product
Nasdaq-listed centralized cryptocurrency exchange Coinbase (COIN) on Thursday announced an Ethereum scaling product that will leverage the technology of the layer 2 network Optimism. The news seems to have lit a fire under cryptocurrencies from the Optimism ecosystem.
cryptocoin.com Data shows that VELO, the native token of Optimism-based decentralized exchange Velodrome Finance, has gained 21% in the last 24 hours. The token has more than doubled in the past seven days. Velodrome is the ninth largest decentralized exchange in the world, accounting for 2.5% of the total market cap.
Optimism-local lending protocol Sonne Finance’s SONNE rose 82%, pushing the seven-day scoreboard to over 300%. OPX Finance’s governance and services token OPX jumped 144%, while the perpetually focused decentralized exchange Perpetual Protocol’s PERP token saw a 42% increase in market capitalization. Other lesser known names such as THALE, HND, RING and PICKLE have also recorded double-digit rallies in the last 24 hours. Optimism’s OP token jumped over 10% to hit a two-week high of $3.10.
Coinbase has released a testnet version of its new Ethereum layer 2 scaling product Base, announcing that it will work with other chains like Solana but will not have a native token. Speculation on Twitter is that Coinbase has created a KYC-based DeFi portal with the help of Optimism, which will open doors for institutional participation in democratized finance.
Chainlink goes live
Chainlink (LINK) plans to end this week on a positive note in terms of spot price outlook, after climbing 2.43% in the last 24 hours to $8.05. The positive sentiment currently enveloping Chainlink can be traced back to the announcement of its latest partnership with StarkNet.
According to the protocol, the Oracle service is now available on the StarkNet testnet and will allow developers in the ecosystem to leverage secure, reliable and decentralized Price Streams to build next-generation DeFi applications. One of the most functional Layer 2 protocols on the Ethereum Network, the integration is billed to make StarkNet a more versatile platform for innovators. Chainlink oracle is on track to go live on the StarkNet mainnet in the near future to accelerate growth in all areas.
PawSwap, the token of the SHIB ecosystem, is on the rise
South Korea-based major crypto exchange Gate.io is about to support one of the most important coins in the Shiba Inu ecosystem, the PawSwap (PAW) meme coin. To celebrate this, the exchange is giving out $30,000 worth of PAW tokens. According to CoinMarketCap, this has pushed the token price to a massive 154% jump. Currently the meme coin is ranked 2,742 on this leading crypto reference platform. is ranked.
PawSwap is positioned as the first multi-chain decentralized exchange (DEX) to be built on the Shibarium Layer 2 solution at launch. The South Korean crypto giant has listed another token from the Shiba Inu ecosystem called Bone ShibaSwap (BONE). BONE has been listed one after another lately and its price has been increasing.
This token will be fuel for Shibarium as it will be used as payment for transactions. A portion of the transaction fees will be converted into Shiba Inu (SHIB) and burned by the developer team. The community expects this to increase burns tremendously, as have trillions of SHIB tokens. The price of BONE has increased by over 33 percent on news of this listing. PAW has grown much more than that. At the time of this writing, PAW is trading at $0.00000000931.
YFI sets six-month high
Yearn Finance’s native YFI token climbed as much as 39% during the week through Friday, and trading volume has increased nearly fivefold as developers say they will soon launch a product that gives users exposure to a basket of liquid staking derivatives through a token. YFI rose from $7,200 earlier in the week to over $10,000 during Asian morning hours on Friday, to levels not seen since September 2022.
Yearn developers said on Tuesday that an upcoming token will give users the opportunity to get exposure to a basket of ether liquid staking derivatives (LSD) as the industry gains favor with investors. Some analysts say such tokens could help active crypto investors diversify risk, which could be driving demand for YFI.
Crypto investor DeFi Maestro wrote in a Twitter message, “yETH essentially spreads the risk across the various Ethereum LSDs and also generates additional returns for Yearn’s Curve Pools through the large veCRV position.” said. Also, ‘This means that yETH will always have a higher yield compared to other LSDs, placing Yearn in the prime spot for capturing a large portion of the LSD market and incurring additional fees for YFI stake holders.’ he added.
Curve is a stablecoin swap service, and veYFI and veCRV refer to derivative tokens issued to stakers who temporarily lock YFI and Curve’s CRV tokens to increase platform liquidity in exchange for return rewards.
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