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Initial inflows to Coinbase's recently launched Base blockchain fell short on its first day, disappointing certain cryptocurrency traders who had anticipated a substantial influx of capital.

In the last 24 hours, slightly more than $10 million has been migrated or shifted to the new blockchain, as per information displayed on a Dune Analytics dashboard. This movement involved a little over 15,000 new users and a reduction of 40% in transaction volume compared to Wednesday.

Out of this sum, approximately $5.6 million existed as ether (ETH), around $2.3 million as USD Coin (USDC), and the remainder consisted of a variety of alternative cryptocurrencies.

The analysis of wallets reveals that the majority of Base users typically move Ethereum in the range of $500 to $1,000 on an average basis. At the forefront of wallet activity, the wallet address "0xcc...1763" stands out as it has facilitated transfers amounting to a staggering $17 million in tokens.

Base's official launch saw a muted $10 million in token inflows on the first day. (Dune Analytics)

At 12 p.m. ET (16:00 UTC) on Wednesday, Base initiated its live launch, representing a groundbreaking moment as the first publicly traded company to unveil its proprietary blockchain technology.

Why the slow day?

One possible explanation for the sluggish start on the first day might stem from the fact that a significant number of investors looking to transition to Base had already done so prior to the official launch. Specifically, they achieved this by identifying a deposit address intended for developers and utilizing it to invest funds into less reputable cryptocurrencies.

In the latter part of July, the release of the viral meme coin BALD witnessed traders eagerly entering the scene before its official launch, all in pursuit of significant returns. This frenzy led to a staggering sum of over $66 million being swiftly transferred to Base through a unidirectional bridge.

The irresistible appeal of meme-coin riches, exemplified by tokens like BALD that skyrocketed by a staggering 4,000,000% only to plummet later, played a significant role in driving Base's rapid accumulation of around $68 million worth of ether (ETH) within a mere 48-hour span. During this period, Base not only achieved trading volumes surpassing $200 million but also outpaced transaction counts on well-known networks like Arbitrum over the weekend.

In spite of concerns from external parties regarding rug pulls and fraudulent activities, Coinbase is intensifying its endeavors to attract users – thereby boosting both its own revenues and the adoption of the new network.

The "On-chain Summer" festivities were set in motion with a virtual launch event on Wednesday, commemorating the successful deployment of Base's mainnet. The event boasts an impressive lineup of more than 50 renowned brands, among them Coca-Cola and Friends With Benefits, a decentralized autonomous organization (DAO) with a social focus. These captivating events are scheduled to unfold throughout the entirety of August.

Coinbase is additionally urging its users to connect their ether to Base in an effort to create a complimentary non-fungible token (NFT) that marks the initiation of the Base mainnet. According to information provided by Etherscan, over 125,000 individuals have successfully generated in excess of 30 million free NFTs up to this point.

However, are traders more inclined towards a gleaming, skyrocketing meme coin?