It’s all about that Base 'bout that Base, no treble 🎵; PayPal’s PYUSD stablecoin is now available on Venmo 🪙; UK banking licence unlikely? Revolut's latest 2022 accounts delayed 🤷‍♂️

FinTech is Eating the World, 22 September

Hey Everyone,

TGIF! We had a super cool week and it’s not even over 😎 Today we’re looking at All 'bout that Base & no treble (how Coinbase’s Base Blockchain is doing + why it’s a critical part of their "Master Plan"), PayPal’s PYUSD stablecoin, which is now available on Venmo (what it means + some bonus deeper dives), and Revolut's latest 2022 accounts that got delayed. Again (no UK banking license on the horizon?). Let’s jump straight into the intriguing stuff 🌶

It’s all about that Base 'bout that Base, no treble 🎵

Following the data 📈 Crypto giant Coinbase’s COIN 0.00%↑ new optimistic rollup, Base is still getting people excited.

At least that’s what the data is telling us about the new competitor in the scaling solutions sphere.

Let’s take a look at this and see why it matters.

More on this 👉 We can remember that Base did a public launch just over a month ago on August 9th, but even before then, it was garnering traction as people bridged over using a proxy portal contract or other third-party sources. 

According to The Block’s data, Base has seen a recent sustained uptick in new addresses on the network. Since August 26th, the layer 2 has been gaining over 720,000 new addresses a day, putting its total number of unique addresses over 15 million.

On the other hand, the 7-day moving average of transactions on the network has been dipping. It peaked at just under 900,000 at the end of August and has now sunk to circa 367,000. That being said, Base still remains comparable to Arbitrum and Optimism in terms of transactions. 

Yet, the number of new addresses on the network seems to be staying consistently high. This could hence be a sign of a steady flow of new users interested in using Base.

As an Ethereum scaling solution, it offers faster and cheaper transactions as opposed to mainnet, which in itself looks attractive. It’s also built by Coinbase on the OP Stack, two familiar names that help it gain traction. 

✈️ THE TAKEAWAY

Looking ahead 👀 Launching Base Blockchain was a huge milestone for a public company on its own. The fact that it’s both gaining and adoption is a very good and positive indication that Coinbase made the right choice. Bullish.

ICYMI: Coinbase becomes the first publicly traded company to launch its own decentralized blockchain 😳 [why it’s a game-changer and a critical part of their "Master Plan" + a deeper dive into Coinbase]