Publicly-traded crypto exchange Coinbase believes that Ethereum Layer-2 scaling platforms may take revenue away from the base layer.
| August 09, 2022 | August 9th |
| | | 📈 30 Second Cryptocurrency Price Summary |
| Bitcoin price has retreated back to the $23,000 mark today, as price fails to hold at the $24,000 level of yesterday. |
| Top-20 altcoins have taken a hit across the board, as Ethereum falls 5%, BNB drops 3% and Uniswap takes a 7% dive. |
Top Stories for August 9, 2022 🔥 |
| Publicly-traded crypto exchange Coinbase believes that Ethereum Layer-2 scaling platforms may take revenue away from the base layer, according to a research report released yesterday. |
| Head of institutional research David Duong wrote that Layer-2s could feasibly host "the bulk of economic activity," while Ethereum itself is exclusively used to store transaction data. |
| The report states that there is currently around $68.9 billion in total value locked on Ethereum's base layer, vs. $5.2 billion across Ethereum Layer-2s. |
| The Reserve Bank of Australia will explore use cases for a central bank digital currency (CBDC), via a pilot program in partnership with the Digital Finance Cooperative Research Centre (DFCRC). |
| The pilot program will be around a year long, operating in a "ring-fenced" environment and consider use-cases presented by industry stakeholders – with a focus on "innovative use cases and business models." |
| While on the topic of Ethereum Layer-2 scaling solutions, Reddit's Community Points will be built on Arbitrum Nova – a new Arbitrum network currently in beta, (not to be confused with Arbitrum One). |
| Arbitrum Nova is designed specifically for gaming and social applications using Reddit's token, but will remain an open and public network where anyone can launch points, contracts and applications. |
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