Prior to its official launch on Wednesday as a novel layer-2 network built on Ethereum, Base had already accumulated an impressive sum of nearly $166 million on the blockchain.
The report highlights the crucial influence of electricity costs on the bear market witnessed in the past year, presenting a formidable hurdle for miners striving to remain operational.
Macro analyst Tom Dunleavy suggests that the stablecoin market's contraction is indicative of the ongoing bearish phase in the crypto market.
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