Friend.tech boosts Coinbase’s blockchain activity in the Americas.

Friend.tech boosts Coinbase's blockchain activity in the Americas.

The Blockchain Industry: A Flourishing Ecosystem of Innovation and Growth

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.

Introduction

The blockchain industry has experienced significant growth and innovation in recent years, transforming various sectors across the global economy. In this article, we explore the latest developments in the blockchain industry, including Coinbase’s layer 2 blockchain, the token sale by bankrupt crypto exchange FTX, and the ongoing legal proceedings involving FTX founder Sam Bankman-Fried. Additionally, we delve into the implications of these developments and their potential impact on the industry.

Coinbase’s Base Blockchain Surges Ahead

Coinbase’s layer 2 blockchain, Base, has emerged as a key player in the blockchain industry, with its daily transactions reaching an all-time high. Data from IntoTheBlock reveals that Base recorded 1.88 million transactions on Thursday alone, surpassing the combined transactions of its layer 2 rivals Arbitrum and Optimism. Surprisingly, the surge in Base’s activity is not driven by decentralized finance (DeFi) applications or non-fungible token (NFT) marketplaces but by a new social application called FriendTech. Friend.tech, a decentralized social network platform built on Base, experienced increased usage in recent weeks, resulting in its daily transactions also reaching an all-time high of 529,000. This demonstrates the diverse range of applications being built on blockchain technology.

Token Sale by FTX and Coinbase’s Reassurance

The sale of tokens held by bankrupt crypto exchange FTX has been a topic of concern within the blockchain industry. However, Coinbase, in a research report, reassures that the sale will not cause market shocks due to several mitigating factors. The liquidations are limited to $50 million per week during the initial phase and could increase to $100 million per week in subsequent weeks, subject to approval from committees representing FTX debtors. The sale is part of FTX’s efforts to pay back creditors, with the exchange holding substantial amounts of solana (SOL), bitcoin (BTC), ether (ETH), and other tokens. The controlled and regulated nature of the token sale ensures stability and minimizes any potential disruption in the market.

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Legal Proceedings Involving FTX Founder Sam Bankman-Fried

In the ongoing legal proceedings surrounding the collapse of FTX, the U.S. Department of Justice has raised concerns about the proposed jury questions put forth by FTX founder Sam Bankman-Fried. The DOJ considers these questions to be unnecessarily intrusive and potentially biased towards supporting Bankman-Fried’s defense. The proposed voir dire questions range from standard inquiries about jurors’ familiarity with the case to more specific queries about their knowledge of people with ADHD. While these questions are essential to ensure a fair and impartial jury, the prosecution argues that certain inquiries delve into intrusive areas and potentially influence jurors’ opinions regarding FTX, the allegedly fraudulent crypto exchange. The outcome of these proceedings will have significant implications for both Bankman-Fried and the broader blockchain industry.

Conclusion

The blockchain industry continues to thrive, with Coinbase’s layer 2 blockchain, Base, recording significant transaction volumes and new social applications like FriendTech driving its growth. The token sale by bankrupt crypto exchange FTX, tightly regulated to avoid market disruption, aims to repay creditors and stabilize the industry. However, legal proceedings involving FTX founder Sam Bankman-Fried underscore the challenges and complexities faced by individuals operating within the blockchain industry. As the industry matures, legal frameworks and regulatory oversight will play an increasingly critical role in ensuring its long-term success and continued innovation.

Latest Prices

Chart of the Day

The chart below illustrates the recent surge and subsequent decline in HIFI, the native token of the Polygon-based project Hifi Finance. It highlights the typical market behavior observed around listings on major exchanges, where tokens rally before the listing and experience heavy profit-taking afterwards. This empirical evidence, discussed in the book “Crypto Titans,” suggests a pattern in market dynamics.

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Edited by Sheldon Reback and Parikshit Mishra.

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