Base outperforms Optimism and Arbitrum in day trading; Kraken launches PayPal USD (PYUD) trading; OpenSea decides to end BNB Chain support
Coinbase’s Base network, the largest cryptocurrency exchange in the US, has surpassed scaling solutions Optimisim and Arbitrum in daily transactions.
According to data from The Block, the Base network’s seven-day moving average daily transactions reached 610,000, compared to 597,000 for Optimism and 576,000 for Arbitrum.
Base surpassed 100,000 daily active users within a short time of its launch.
Coinbase’s network also reached significant levels in terms of unique addresses and profit generated during the first six days after its launch. This positive trajectory came to a halt as the momentum from the launch of the layer 2 network died down.
Data shows that the Base network received 24,000 new addresses on August 17, compared to 32,000 on Optimisim and 29,000 on Arbitrum.
In terms of TVL (total value locked), Optimism and Arbitrum are well ahead of the Base network. Arbitrum leads in TVL with $4.2 billion, followed by Optimism with $1.4 billion. On Base, this figure stands at $244 million.
Base made a fast entry
Coinbase’s layer-2 project, which was previously only available to developers, went public on August 9. Compound, UniSwap and SushiSwap were among the first DeFi projects to launch on the network.
Developed with Optimism’s OP Stack software, Coinbase’s Base network, like many layer-2 projects, is designed to offer lower gas fees and higher transaction speeds compared to the Ethereum network.
Kraken launches PayPal USD (PYUD) trading!
Global payments giant PayPal has been in the spotlight in recent weeks with the launch of its own stablecoin, PayPal USD (PYUSD). PYUSD will be listed on Kraken after Huobi.
Kraken announced that it will start trading PYUSD on its platform starting August 21st.
PYUSD has attracted the attention of many crypto exchanges since its launch on August 7th. Being an influential payment company, the company’s new step has won the appreciation and support of most exchanges.
Furthermore, the fact that PYUSD is backed by crypto companies and pegged to the US dollar is thought to have contributed to its rapid adoption in the market.
Kraken also said ‘yes’ to PYUSD
Kraken announced that it will begin offering PayPal USD on its platform starting Monday, August 21st.
As it is known, exchanges such as ByBit, Changelly and Huobi announced their plans to list on their platforms as soon as the stablecoin was released. Now, a support for PayPal has also come from Kraken.
PayPal was reportedly integrated with Ledger recently. The integration allows US users to purchase cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin using their linked PayPal accounts through the Ledger Live companion app.
OpenSea decides to end BNB Chain support
NFT marketplace OpenSea has announced that it will end support for BNB Chain.
OpenSea announced on X that it will no longer offer BNB Chain-based NFTs on its platform.
OpenSea emphasized materiality as the reason for the move:
“Over the past year, we’ve added several networks, including BNB Smart Chain, after much interest from the NFT ecosystem, but we now need to align our resources with promising efforts. We have decided that the cost of continuing to support BNB Chain outweighs the impact”
BNB Chain NFTs will be viewable
The NFT marketplace announced on August 18 that the integration of BNB Chain-based NFTs will be terminated, while previously listed NFTs can continue to be displayed.
“As of today, you will no longer be able to create new listings or make new offers for BSC NFTs. However, you will be able to view and transfer BSC NFTs”
The platform said they remain optimistic about the multi-chain future and highlighted the new chains they have recently added:
“We remain optimistic about the multi-chain future. We recently added support for layer-2 networks like Base and Zora. We are confident that this decision will help us direct our resources to keep pace with the rapid innovation in our ecosystem.”