🦎🚀 A new base of operations? 🏠

Monday, March 25, 2024

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A new home for memecoins, but is it worth all the hype? It's time to explore!

In today's news:

All your base are belong to us 🔵
Back on the streets 🚶

Read on!

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RWA Report 2024: Rise of Real-World Assets in Crypto

Real World Assets (RWAs) in crypto have a long history, but have experienced a meteoric rise as of late.

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All your base are belong to us 🔵

The new hub for memecoins?

The Layer-2 solution developed by Coinbase, Base Network, has seen an exponential increase in TVL since the start of March.

According to DeFiLlama, the amount of funds held on the chain has risen by 91% from $465.5M to $888.7M today, as more users have bridged over to participate in the ongoing memecoin season.

Popular tokens, such as DEGEN and TYBG, have continued to rise in recent days, and today, they've surged by 54% and 43%, respectively.

In fact, the immense popularity of memecoins on Base has resulted in high gas fees, which have exceeded the level of fees paid by users before the Dencun upgrade.

While memecoins have long existed on Base, they've now had a chance to shine as the crypto community's attention shifts away from Solana, which itself just had an insane memecoin season led by the likes of BOME and SLERF.

Editor's Take:

It's evident now that memecoins have evolved from just a cultural movement into a key tool for driving the adoption of new chains. With the likes of the Avalanche Foundation already participating in the memecoin craze (and the Arbitrum DAO potentially doing so as well, it is unlikely that this trend will go away anytime soon.

Will everything that can be tokenized be tokenized? Learn about synthetic assets and how they play an important role in today's video.

Watch now!

Back on the streets 🚶

The man is free… for now.

Terra founder Do Kwon was released from custody in Montenegro last Saturday after the Supreme Court halted his extradition back to South Korea.

However, extradition is still on the table, as the Supreme Court is currently deciding whether he should be sent back to South Korea, where the penalties are less severe compared to the United States.

Do Kwon is currently facing fraud charges from both countries due to his role in the collapse of Terra, which wiped out over $60B worth of funds.

As news of Do Kwon's release made the rounds, some traders took it as a bullish outcome, pushing up the price of LUNA and the now-defunct LUNC token.

The native token of Terra 2.0 surged by 24% from $1.08 to $1.34 as of the time of writing, while LUNC rose by 10%.

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What is the Render Network, and how does it rent out GPU power?

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In Other News...

Back online. Polygon zkEVM blockchain resumes operation following a 10-hour outage.
Who is selling? GBTC's notable outflows last week are likely due to Genesis, says an ETF analyst.
Raising the cap. ETH developers plan to increase the maximum validator stake from 32 to 2,048 ETH in the Pectra upgrade.
Asian partnership. Decentralized infrastructure network (DePIN) AIOZ Network partners with Alibaba Cloud to boost AI, storage, and streaming services.
El Salvador doubles down on Bitcoin. President Nayib Bukele recently announced El Salvador's plan to buy one BTC every day, aiming to continue this practice until it becomes unaffordable with fiat currencies.
Fantom Upgrade. Fantom's FTM is the best-performing non-meme token of the past 30 days due to its upcoming Sonic upgrade, which is expected to boost transaction processing speeds.

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