Can Cardano And Dogecoin Reach $1? This New Ethereum Token Might Get There First CoinGape
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Can Cardano And Dogecoin Reach $1? This New Ethereum Token Might Get There First - CoinGape
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Only Arbitrum at $2.6 billion has a great amount of deposits than Bases $1.6 billion among all Ethereum layer 2 networks, DefiLlama data shows, and in a note published Thursday, Franklin Templeton said it expects Base to remain a leader.
Base is an Ethereum layer 2 blockchain that was started by crypto exchange Coinbase.
Franklin Templeton, a $1.5 trillion asset manager, pointed to strong support from Coinbase as a major positive for Base.
Bases recent growth has been propelled by memecoin trading and interest in so-called SocialFi projects, Franklin Templeton said.
In recent months, Base has seen a significant rise in activity, primarily driven by Base meme coins trading activity and SocialFi applications such as friend.tech, the firms note stated.
Bases buzzing activity levels have prompted an increase in transaction fees for Sequencer the part of Bases network responsible for organising, verifying, and transferring transaction bundles to the Ethereum network.
Like other Ethereum layer 2 networks, Base hasnt decentralised its Sequencer yet. All of its revenue now goes to Coinbase, the entity responsible for running the Sequencer.
The bulk of the spike in activity on Base came in March when memecoin trading reached a fever pitch. Some popular tokens included TOSHI and BRETT, with BRETT reaching a peak of $800 million in market value.
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The memecoin trading came in the aftermath of Ethereums Dencun upgrade that lowered transaction fees on layer 2 networks by as much as 98%.
Franklin Templetons report also said that Base has hit a home run in the SocialFi niche.
Currently, Base has [about] 46% for all transactions related to SocialFi, the report said. This category is a key vertical for Base adoption and growth.
Before memecoins exploded on Base this year, friend.tech, a popular SocialFi project, was the major draw in 2023 for activity on the network.
Bases growing user adoption has also meant a big increase in stablecoin volume on the network. The market cap for stablecoins on Base has reached $2.8 billion, according to DefiLlama.
Circles USDC stablecoin accounts for the bulk of the volume. Thats not common in DeFi where Tethers USDT is the dominant stablecoin on most blockchains.
Coinbases support for free USDC transfers to the Base chain via the exchanges wallet since December 2023 is a likely reason for the stablecoins popularity on the network.
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Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. To share tips or information about stories, please contact him at osato@dlnews.com.
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Franklin Templeton expects this network to 'remain a leader' on Ethereum - DLNews
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May 13, 2024 by Diana Ambolis
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The ever-evolving world of cryptocurrency presents unique opportunities for savvy investors. Airdrops, the distribution of free tokens to promote a new project or reward existing users, have become a popular marketing strategy within the Ethereum Classic (ETC) ecosystem. But with a plethora of airdrops vying for your attention, how do you separate the worthwhile gems
The ever-evolving world of cryptocurrency presents unique opportunities for savvy investors. Airdrops, the distribution of free tokens to promote a new project or reward existing users, have become a popular marketing strategy within the Ethereum Classic (ETC) ecosystem. But with a plethora of airdrops vying for your attention, how do you separate the worthwhile gems from the fleeting rainbows? This comprehensive guide delves into the world of ETC airdrops, equipping you with the knowledge to make informed decisions.
The Allure of Airdrops: Free Tokens and Potential Rewards
The primary attraction of ETC airdrops lies in the possibility of acquiring free tokens with potential future value. Unlike traditional investments that require upfront capital, airdrops allow you to expand your crypto portfolio without any initial financial commitment. If the airdropped token gains traction and appreciates in value, you could reap significant rewards.
While the allure of free tokens is undeniable, Ethereum Classic (ETC) airdrops offer a wider range of benefits that extend far beyond the immediate gratification for recipients. These strategic marketing initiatives can have a profound impact on the health and growth of the entire ETC ecosystem. Lets delve deeper into how ETC airdrops contribute to a more vibrant and sustainable environment.
1. Increased Awareness and User Adoption:
2. Enhanced Network Activity and Utilization:
3. Fostering Innovation and Development:
4. Building Brand Loyalty and Advocacy:
It is important to acknowledge that not all airdrops are created equal. Here are some factors to consider for a more nuanced perspective:
When implemented thoughtfully and ethically, ETC airdrops can be a powerful tool for driving user adoption, fostering innovation, and propelling the entire Ethereum Classic ecosystem forward. By understanding the broader impact beyond the free tokens themselves, we can appreciate the strategic value airdrops bring to the table. As the ETC ecosystem evolves, airdrops will likely continue to play a significant role in shaping its future success.
The allure of free cryptocurrency through Ethereum Classic (ETC) airdrops is undeniable. However, before diving headfirst into claiming these tokens, a cautious approach is necessary. While airdrops offer a range of potential benefits, there are also inherent risks to consider. Heres a breakdown of the potential downsides to help you make informed decisions when encountering airdrops.
1. Scams and Phishing Attempts:
2. Worthless Tokens with No Utility:
3. Security Risks and Privacy Concerns:
4. Tax Implications:
Making Informed Decisions:
Airdrops can be a valuable tool for promoting user adoption and fostering innovation within the ETC ecosystem. However, its crucial to approach them with a critical eye and a healthy dose of skepticism. Here are some steps to take to mitigate the risks:
By understanding the potential risks and taking appropriate precautions, you can navigate the world of ETC airdrops more confidently. Remember, prioritize your security and do your due diligence before claiming any free tokens. Airdrops can be a valuable tool, but a cautious and informed approach is essential to maximize the benefits and minimize the risks.
The world of ETC airdrops can be a tempting proposition, offering the chance to acquire free cryptocurrency. However, not all airdrops are created equal. Before diving in, a critical evaluation process is crucial to separate genuine opportunities from potential scams or projects with little long-term value. Heres a roadmap to guide you through assessing an ETC airdrop:
1. Scrutinizing the Project Behind the Airdrop:
2. Understanding the Utility of the Airdropped Token:
3. Examining the Airdrop Distribution Process:
4. Considering the Potential Risks and Rewards:
By following these steps and conducting thorough research, you can effectively evaluate ETC airdrops and make informed decisions. Remember, a healthy dose of skepticism is essential. If something seems too good to be true, it probably is. Prioritize your security and focus on airdrops from established projects with clear goals and a well-defined role for the airdropped tokens within their ecosystem.
Beyond Evaluation: Additional Tips
By following these guidelines and maintaining a cautious yet curious approach, you can navigate the world of ETC airdrops and potentially benefit from valuable opportunities while minimizing the risks. As the ETC ecosystem continues to evolve, airdrops are likely to remain a prominent feature. By equipping yourself with the knowledge to evaluate them effectively, you can make informed decisions and participate in this exciting space with greater confidence.
Also, read Top 10 Ways NFT Airdrops Will Reduce Gas Fees And Benefit Both Creators And Users
Even after careful evaluation, responsible participation in ETC airdrops is crucial. Heres how to navigate the claiming process and the broader ecosystem ethically:
1. Claiming Responsibly:
2. Contributing to the Ecosystem:
3. Avoiding Unethical Practices:
ETCs airdrops can be a valuable tool for promoting user adoption, fostering innovation, and generating excitement within the ETC ecosystem. However, its crucial to remember that airdrops are a means to an end, not a shortcut to riches. By approaching them with a critical eye, prioritizing security, and participating responsibly, you can maximize the benefits and contribute positively to the overall health of the ETC ecosystem.
Here are some parting thoughts:
By following these guidelines and approaching ETC airdrops with a thoughtful and responsible perspective, you can navigate this exciting space and contribute to the continued growth and success of the Ethereum Classic ecosystem. Remember, knowledge is power. Equip yourself with the necessary information, and you can make informed decisions that benefit both yourself and the broader ETC community.
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