White Star Capital Digital Assets Fund - Newsletter #138
Coinbase Announces Public Launch Date of Base Layer 2
Coinbase Announces Public Launch Date of Base Layer 2
Coinbase, one of the leading cryptocurrency exchanges globally, today released that the public launch of its Base Layer 2 Blockchain is next week. This open access comes after months of extensive testing and is aimed at providing a robust and scalable solution for developers seeking to build decentralized applications (dApps).
Coinbase, the second biggest centralised exchange by trading volume, has said that Base is a layer 2 that will be a low-cost, secure environment that serves as a bridge to bring users into the crypto economy.
Layer 2s are blockchains built on top of Layer 1 blockchains like Ethereum or Solana, in an effort to reduce the bottlenecks that leave high-throughput volumes prohibitively expensive. They make the blockchain space more accessible, cheaper, and faster, whilst still taking advantage of the security of L1s like Ethereum.
Base operates on the OP software stack and is a layer 2 blockchain. The platform's enhanced capabilities aim to make it a high-throughput, low-latency, and cost-efficient blockchain that can support a wide range of dApps. The Base Layer 2 Blockchain will provide an array of advanced features, including faster transaction confirmation times, reduced gas fees, and improved security. This will allow developers to create complex smart contracts and dApps that were previously hindered by the scalability issues on traditional blockchains.
A crucial component of the Base Layer 2 Blockchain is the Base Network Bridge, which will unlock interoperability between different blockchain networks. By establishing a secure and efficient bridge, developers can seamlessly transfer digital assets and data across disparate blockchains. This interoperability will foster greater collaboration between blockchain ecosystems and facilitate the exchange of assets without the need for intermediaries.
Coinbase will allow developers to directly integrate their product with Base and provide fiat onramps. In doing so, it targets the estimated 110 million verified users and $80 billion in assets in the Coinbase ecosystem.
After public launch, NFT functionalities are set to be introduced, including cb.id crypto usernames and commemorative NFTs to mark the launch. In further marketing efforts, Coinbase is set to introduce ‘Onchain Summer’, a month long promotional event on the network, featuring collaborations with partners including OpenSea, Optimism, and Rainbow Wallet.
As Coinbase continues to expand its developer-friendly offerings and community support, the Base Layer 2 Blockchain is poised to play a crucial role in shaping the future of decentralized applications. With a bright outlook for adoption and a commitment to fostering blockchain innovation, Coinbase's Base Layer 2 is set to make a lasting impact on the broader cryptocurrency and blockchain landscape.
🔦 White Star & Portfolio Spotlight
Atlendis becomes first DeFi project registered as digital asset service provider with AMF
Atlendis is the first DeFi project registered as a digital asset service provider (PSAN) with the French AMF. Their mission is to bridge DeFi lending with traditional credit markets, offering financing access for institutions, including SMEs, and democratizing private debt investments for retail and institutional lenders through Atlendis Flow, a compliant and seamless DeFi financing solution.
ALEX highlighted as the central hub of Stacks DeFi by Messari report
The "State of Stacks Q2 2023" report by Messari highlights ALEX for its role in Bitcoin DeFi. ALEX has contributed to increased ecosystem activity through the implementation of an AMM DEX, cross-chain bridges, and a BRC-20 DEX. ALEX has established itself as the central hub of Stacks DeFi, with a 92% TVL dominance in Q2. The report indicates a 47% QoQ and 564% YTD increase in average daily DEX volume, with a yearly high of $36M USD (56M $STX) TVL on May 16th.
Cometh has launched Cosmik Battle, a next-generation trading card game featuring space battles
Cosmik Battle is a next-gen Trading Card Game with space battles, leveraging blockchain for interoperability, set to release on the Epic Games Store, and offering a web2-like user experience through Alembic. Developed by Cometh, the game emphasizes exceptional gaming experiences over blockchain-driven models, promoting fair and free-to-play principles.
Oamo explores data dignity and fair compensation for consumers' data
In #DataDrama, Oamo explores the empowering shift in the Data Economy, with futurist Jaron Lanier advocating "data dignity" and fair compensation for consumers' data. Research shows people are open to this idea, envisioning significant financial benefits, potentially reshaping the Data Economy for a better and more equitable future.
Thala's suite of financial products is now live on OKX Wallet
Thala's suite of financial products is now live on OKX Wallet, providing users with seamless access to features like opening new vaults and swapping assets. OKX Wallet offers a user-friendly and secure mobile application, and Thala is excited to onboard OKX power users to their protocol and the broader Aptos Network ecosystem.
Paraswap announced that PSP staking is going multi-chain
PSP staking is expanding its participation in Social Escrow by going multichain. Layer3, RabbitHole, and Meria have submitted exciting DAO proposals to promote adoption through quests, iterative feedback, and institutional engagement.
🏦 Enterprises & Institutions
Nomura crypto arm locks down full license in Dubai
Nomura's crypto unit, Laser Digital, secures full crypto license from Dubai's regulatory authority, enabling services for retail and institutional customers. The company plans to launch trading and digital asset management services in the city soon, focusing on institutional investors with a comprehensive range of investment products.
FTX plans to restart crypto exchange for international customers
FTX presented a reorganization plan for former FTX.com customers to create an offshore exchange by pooling assets. FTT token holders would not receive any distributions as their claims would be canceled.
Binance wins operational license in Dubai
Binance has won an operational license in Dubai after meeting pre-conditions since receiving a preparatory license in 2022. This advancement allows eligible users in Dubai to access authorized services, including converting virtual assets to fiat under VARA-designated standards. Binance has cleared three of the four stages in Dubai's licensing process, with the Full Market Product (FMP) license remaining, expected after demonstrating compliance with all rules.
Gucci reveals rewards for vault material NFT holders
Gucci's Material NFT holders can now redeem tokens for luxury items, including a Gucci bifold wallet and a co-branded duffle bag, through a partner platform. This rewards the community and highlights luxury brands' expansion into Web3 to attract both loyalists and new customers.
⚖️ Government & Regulation
DeSantis accuses Biden of 'War on Bitcoin,' vows to stop it if elected President
Presidential candidate Ron DeSantis criticized the Biden Administration's approach to bitcoin and cryptocurrencies, promising to end the perceived "war" on them if he becomes President. He likely referred to recent charges brought against crypto exchanges like Coinbase and Binance by the SEC, while emphasizing his pro-crypto stance in contrast to former President Donald Trump's past skepticism.
Fed resumes raising rates, crypto and equities stay flat
The Federal Reserve resumed increasing interest rates after a June pause, citing economic expansion and soundness of US banks. Prior to the pause, there were ten consecutive rate increases aimed at curbing high inflation, but concerns persist about achieving a soft landing.
Why France is emerging as a European crypto hub
France is becoming a Web3 hub with policies to attract companies and foster its tech industry. The introduction of the Markets in Crypto Assets (MiCA) regulation brings clarity to the European crypto industry, and France's progressive regulations, vibrant Web3 community, and favorable funding environment solidify its leading role in Web3 development.
Coinbase says SEC did not recommend delisting cryptocurrencies prior to lawsuit
Coinbase and the SEC have refuted a report claiming that the regulatory agency asked the exchange to delist specific assets before filing a lawsuit. Coinbase clarified that the SEC did not request any delisting of assets, and the views mentioned in the report might have represented some staff's opinions but not those of the Commission as a whole.
Israel consults public on DAO regulation, sets up special examination team
The Israeli government has formed an examination team to regulate decentralized governance organizations (DAOs), seeking legal certainty and risk reduction in the crypto sector. The team will explore DAOs' corporate status, taxation, and decision-making processes, and is open for public consultation until September 3rd.
💰 Funding & Exits
Animoca Brands partners with hi, investing $30 million in Web3 collaboration
Animoca Brands and hi have joined forces through a strategic partnership, with Animoca Brands investing $30 million in hi. The collaboration aims to enhance the utility of fungible tokens and NFTs within the Web3 space, allowing users to spend and be rewarded with specific tokens from the Animoca Brands ecosystem.
Aethir raises over $9 million for global expansion and decentralized cloud infrastructure
Aethir, a decentralized cloud network for gaming and AI, raised over $9 million in a Pre-A funding round at a valuation of $150 million. The investment will fuel Aethir's global expansion and the development of its decentralized cloud infrastructure for gaming and AI companies.
HashPort raises $8.5 million for NFT-focused blockchain and metaverse game
Japan-based blockchain developer HashPort raised $8.5 million in a Series C funding round led by Sumitomo Mitsui Banking Corporation and University of Tokyo Edge Capital Partners. The funds will support the global expansion of its NFT-focused public blockchain, HashPalette, and the launch of the metaverse game, The Land Elf Crossing, while also enabling the establishment of a compliance management system for regulatory purposes.
EthStorage raises $7 million to boost Ethereum's storage capacity with Layer 2 solution
EthStorage, a storage-focused layer 2 network on Ethereum, raised $7 million in a seed funding round led by dao5 and with participation from investors such as SevenX Ventures, Foresight Ventures, and others. The funding will support the development of EthStorage's layer 2 storage rollup, which aims to significantly increase Ethereum's storage capacity from terabyte (TB) to petabyte (PB) levels using KZG commitment and Reed-Solomon code, along with dynamic data sharding for data retention proof.
Solv Protocol raises $6 million for trustless institutional DeFi platform
Singapore-based on-chain fund protocol Solv Protocol raised $6 million in funding, led by Laser Digital (a Nomura Securities subsidiary). Solv offers a trustless institutional DeFi platform, allowing organizations to create, use, and sell financial products. Since its V3 launch, it has grown to $29.16 million in total value locked and served over 25,000 users with over $100 million in trading volume.
Passage raises $6M to launch AI-driven virtual world builder
Passage, a platform for immersive 3D experiences, secured $6 million in funding for its AI-driven virtual world builder. The company also announced a partnership with Sortium AI to enhance world customization with advanced AI technology seamlessly integrated into the World Builder.
Releap Protocol raises $2.1M for Web3 social graph innovation
Releap Protocol, a Web3 social graph, secured $2.1 million in funding from investors including Sui Foundation and GBV Capital. The platform enables creators with user-owned, customizable social graphs and introduces NFT tokenization for innovative monetization.
🚀 Project Launches & Updates
Sorare is no longer an Ethereum-only platform — users can now pay with fiat
Sorare, renowned for its NFT-based fantasy soccer game, now enables users to purchase using fiat currencies through a partnership with Mangopay, expanding accessibility while retaining its blockchain-based foundation.
Kraken gives fans chance to put NFT on an F1 racecar at Austin Grand Prix
Kraken partners with Williams Racing Formula 1 team for an NFT sweepstakes, allowing winners to select an NFT displayed on racecars during the U.S. Grand Prix. This move aims to boost customer engagement and expand Kraken's presence in the U.S. cryptocurrency market.
Worldcoin could enable wider distribution of crypto than even Bitcoin
Worldcoin seeks to onboard a substantial number of users to the crypto market through its identity protocol, which employs iris scans, artificial intelligence, and zero-knowledge proofs to verify unique and human users. With a vision of global distribution, Worldcoin aims to create a cryptocurrency distribution system broader than bitcoin, potentially reaching billions of users worldwide.
🔥 Other Bits We're Excited About
Sandbox, British Museum shepherding history into ‘new online era’ with metaverse exhibits
The British Museum will bring historical collections to The Sandbox metaverse, offering immersive experiences and digital collectibles inspired by its artifacts. While the museum's partnership aims to provide new online experiences, it's unclear if contested items will be commercialized, and the specific price points for the digital collectibles have not been revealed yet.
Don’t like Twitter’s ‘ugly’ X brand? Get the bird back with this extension
Software developer Cygaar has released a Google Chrome browser extension to restore Twitter's classic bird logo, replacing the current "X" branding. Users can easily revert to the beloved bird logo by installing the extension from Github. This comes after Twitter's recent rebranding to "X.com" as part of Elon Musk's vision to make Twitter an "everything app" similar to China's WeChat.
Barbie's Margot Robbie says Bitcoin is for 'Kens'— while Mattel pushes NFTs
"Barbie" star Margot Robbie humorously criticized Bitcoin as a stereotypically male topic, playfully referring to certain male producers as "Kens" for their frequent discussions about cryptocurrency. Meanwhile, "Barbie" parent company Mattel actively supports blockchain tech, having launched NFTs and planning to expand its presence beyond Barbie and Hot Wheels, with 45 films in development based on Mattel toys.