Monday, August 28, 2023

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Downside Capped

JPMorgan anticipates minimal downside potential for the cryptocurrency markets in the near term.

Analysis of open interest in Chicago Mercantile Exchange's (CME) bitcoin futures suggests that the unwinding of long positions seems to be concluding rather than its beginning, as indicated by JPMorgan in a research report.

In today's news, a 'parent-child' partnership between Optimism and Base, photo-sharing arrives on friend.tech, and a recent filing reveals a cascade of failures leading to Prime Trust's bankruptcy.

Read on!

Fastest Growing Layer 2 Blockchains

Newly launched blockchain, Base, has emerged as the fastest growing layer 2. The Coinbase backed network reached 1 million unique addresses within 11 days. How have other layer 2 networks fared?

Read more to find out.

See how Base has performed

24h Hot Searches Worldwide 🔥

Pepe (-3.8%)
Sei (-1.0%)
Sui (-7.8%)
Optimism (-3.9%)
AirDAO (+46.2%)
Injective (-3.2%)
Rollbit Coin (-3.3%)

Thinking of getting a job in crypto?

Check out our beginner-friendly guide to landing a job in the industry in this video.

Find out how!

Your Success is My Success

Optimism Foundation is proposing to grant the Base network 118 million OP tokens over a span of six years.

In exchange, Base will provide 2.5% of its total revenue or 15% of its net profits (whichever is higher) to the Optimism Collective.

The collaboration is part of "a shared commitment to the rules for upgrades and sequencing of OP Chains."

The Block

Photo-Sharing Enabled

Friend.tech, an app operating on the recently launched Base network, has experienced a surge in OnlyFans accounts transitioning to the platform after the integration of a photo-sharing feature within the app.

Friend.tech, which is integrated with Twitter, allows the conversion of accounts into tokenized "keys."

Those who purchase these keys gain entry to exclusive private chat groups associated with the respective accounts.

Decrypt

What Went Wrong?

A court filing from struggling crypto custodian Prime Trust has outlined a series of mistakes that contributed to its bankruptcy filing.

These errors include reckless spending, miscalculating the impact of the crypto market downturn in the summer of 2022, and even being unable to access its own cryptocurrency wallet.

Decrypt