• Coinbase launched Base, an Ethereum layer 2 network built on Optimism’s OP Stack
• The new network provides easy and secure access to Ethereum, Optimism, Solana and other blockchain ecosystems
• Base will help attract millions of new crypto users in the coming years
Coinbase Launches Layer 2 Blockchain
Coinbase (COIN) has announced the launch of its layer 2 blockchain Base. Built on Optimism’s OP Stack, Base is a secure and low-cost way for anyone to build decentralized apps or “dapps” on-chain. The testnet for Base was started by Coinbase on Thursday.
Base Provides Access to Ethereum, Optimism and Solana
With the launch of Base, Coinbase is joining Optimism as a core developer on their open source OP Stack – a toolkit for building applications on the Optimism network. While primarily designed for Ethereum, it also provides access to other layer 2 networks such as Solana and Optimism. It is expected that this will help attract millions of new crypto users in the coming years.
Core Developer For Optimism’s Open Source Toolkit
Coinbase has become a core developer for Optimism’s open source toolkit which makes it easier to build applications on their network. This will enable developers to use the same code base across multiple blockchains while maintaining security and reducing costs associated with development. By providing this additional layer of security and scalability, Coinbase hopes that it can draw more developers into building applications using their platform.
Necessary Steps To Attract Millions Of New Crypto Users
In order to attract millions of new crypto users in the coming years, Coinbase needs to take certain steps such as increasing liquidity through better fiat currency support; providing educational resources; creating an intuitive user experience; offering more financial services such as lending products; improving customer support; investing in marketing efforts; and increasing transparency around fees charged by exchanges.
Overall, Coinbase’s launch of Base represents an important step towards further mainstream adoption of cryptocurrencies. With its advanced features such as increased security, scalability and low cost access, Coinbase hopes that it can draw more people into using cryptocurrencies than ever before.
• The native token of the now-defunct crypto lender Celsius Network, CEL Token, has a market value of 54 cents.
• Celsius’s attorneys are attempting to find a fair way to compensate CEL token holders without rewarding insiders who have enormous holdings.
• An attorney for Celsius said the company might value its CEL token at 20 cents during the recovery process.
Celsius’s CEL Token
The native token of the now-defunct crypto lender Celsius Network currently has a market value of 54 cents. The token once traded at an all-time-high of $8.02 – which regulators and Celsius’ independent examiner now say was the result of price manipulation meant to benefit insiders, including former CEO Alex Mashinsky.
Fair Value for CEL Token Holders
Lawyers for Celsius are trying to figure out how to compensate CEL token holders without rewarding insiders who have enormous CEL holdings. It is their intention that these insiders would not receive any recovery or distribution on account of their holdings in the CEL tokens. If they were to value CEL tokens at the price of petition date, it would take away value from other cryptocurrency holders’ recoveries as well.
Recovery Price Suggestion
An attorney for bankruptcy crypto lender Celsius Network said that they may value its CEL token at 20 cents during the recovery process, significantly down from its current market value of 54 cents. This suggestion did not sit well with some attending creditors who bought in at all time highs rather than 20 cents.
Price Manipulation Allegations
Regulators and Celsius’s independent examiner allege that the all-time high price was a result of price manipulation meant to benefit insiders such as former CEO Alex Mashinsky and other large stakeholders with enormous amounts in their holdings in terms of percentage ownership and absolute dollar amount held in comparison with retail investors who hold smaller amounts relative to larger holders..
Celsius’s attorneys are still wrestling with how best to compensate its creditors fairly while also not rewarding those responsible for manipulating prices or those holding large amounts relative to retail investors. A suggestion has been made that values its native token, the CEL Token, at 20 cents during the recovery process which is significantly lower than its current market value but this is yet to be finalized by higher authorities or courts involved in this case
Sam Bankman-Fried Appeals Judge’s Decision to Reveal Names of His $250M Bond Backers
- Former FTX CEO Sam Bankman-Fried has appealed a judge’s decision to allow the identities of the two currently unidentified people who co-signed his $250 million bail bond to be made public.
- U.S. District Judge Lewis Kaplan ruled early last week in favor of four separate petitions by a number of news organizations seeking the names of these individuals.
- Now that an appeal has been filed, Kaplan’s ruling has been stayed until at least Feb. 14.
Former FTX chief Sam Bankman-Fried had requested a modification to his bail conditions which would have allowed him to use certain messaging tools, but U.S. District Judge Lewis Kaplan rejected this request and denied it without prejudice until a hearing on Thursday. A slew of media companies had then filed suit to get the court to release the identities of the two people who co-signed Bankman-Fried’s bond, saying that “the public’s interest in this matter cannot be overstated”.
Bankman-Fried subsequently filed an appeal against this ruling on Tuesday, resulting in Kaplan’s decision being stayed until at least February 14th. The former FTX CEO’s lawyers had argued that there was potential for physical threats towards those parties involved if their identities were revealed.
Early last week, Judge Lewis Kaplan from U.S District Court in Southern New York ruled in favor of four separate petitions from media outlets such as Wall Street Journal, Bloomberg and CoinDesk for identifying co-signers on Bankman Fried’s $250 million bail bond – apart from his parents already known publicly . This ruling was intended not only for identifying them , but also allowing access information about them .
The news organizations stated that “the public’s interest in this matter cannot be overstated” and argued that it should not remain anonymous any longer . They argued because it is important to know who are supporting such high amount bails bonds , especially when they are connected with well known personalities like Sam Bankman Fried .