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Coinbase is preparing for a future of 1 billion customers using decentralized applications on millions of blockchains safely and securely in a system integrating the Ethereum Virtual Machine (EVM) and Circles USD Coin (USDC).

Coinbase head of tokenization Anthony Bassili, speaking at TokenizeThis 2024 in Miami, said Coinbases Ethereum layer-2 Base blockchain will save time on Know Your Customer (KYC) and Anti-Money Laundering (AML) with identity attestation through the Ethereum Attestation service and Coinbase verification, which creates a tag on the users so-called smart wallet.

Coinbase verification is available after the customer has completed its KYC procedure. While that may not be sufficient in all cases, Bassili said:

Already, more than 300,000 wallets have been attested.

Related: Coinbases Base could make it the Nvidia of DeFi

To give those customers with wallets and verified identities Web3 access, Base will leverage the interoperability of EVM networks. The ecosystem will be supported by USDC. Coinbase took an equity stake in Circle in August. Right now, were somewhere above $28 billion of total assets in Circle, Bassili said. Coinbase also has the ability to mint USDC.

When robust tokenized assets in different asset classes arise, it could become possible to trade assets for assets without going through the intermediate step of trading them for dollars. Bassili said:

Crypto is the perfect embodiment of a liquid free open market structure where you can design any amount of complexity into it and have assets, trade with each other, dont have to be dollar pairs trade, Bassili said. In the meantime, USDC provides a first step to developing that market structure.

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Coinbase sees infinite interoperability potential with Ethereum and USDC - Cointelegraph

The United States Securities and Exchange Commission (SEC) has delayed its decision on Invesco Galaxys application for a spot Etherexchange-traded fund (ETF).

In a May 6 filing, the SEC gave itself another 60 days to decide on the Invesco Galaxy spot Ether (ETH) ETF, with the next deadline set to July 5.

The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein, the SEC wrote.

In recent months, the SEC has delayed decisions on applications from all eight prospective Ether ETF issuers, including BlackRock, Fidelity, Franklin Templeton, Hashdex and Ark 21Shares, in line with analyst expectations.

May 23 is the final deadline for VanEcks Ether ETF application and the only deadline that matters, said Bloomberg ETF analyst James Seyffart in a March 20 X post.

In March, senior Bloomberg ETF analyst Eric Balchunas downgraded his odds of the SEC approving the ETFs from 50% to 35%, as he was less convinced the regulator would approve VanEcks bid by the deadline.

Related: SEC will classify Ether as security, deny spot Ether ETFs Michael Saylor

Speaking to Cointelegraph on March 12, Balchunas looked to a prolonged period of radio silence from the SEC to prospective fund issuers, combined with increasing political pushback for SEC Chair Gary Gensler, as reasons for the decreasing likelihood of approval.

Seyffart said his cautiously optimistic attitude toward the pending Ether ETF applications had changed. As of March 20, he expects that all applications for an Ether ETF will ultimately be denied by the SEC on May 23.

Despite this consensus from ETF analysts, Ethereum advocate Anthony Sassano said he maintains conviction that the regulator could approve the funds by VanEcks final deadline.

Sassano looked to the agencys approval of Ether futures ETF products in 2023, citing a March 9 meeting between the regulator, crypto asset management firm Grayscale and crypto exchange Coinbase as further reasons why the SEC could still approve the applications.

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SEC punts Invesco Galaxy spot Ethereum ETF decision to July - Cointelegraph

Crypto markets have recouped losses after last weeks crash, which saw Bitcoin fall as low as $56,000.

The renewed bullishness comes amid slowing job growth a possible sign of easing inflation and hopes of rate cuts later this year.

Today, the largest cryptocurrency is back trading at just above $65,000. The second-largest Ethereum is up 11% since its low last Wednesday.

Overall, the wider cryptocurrency market added some $200 billion, according to CoinGecko, since Federal Reserve Chair Jerome Powell spoke on May 1.

He signalled that a rate hike when the central bank raises interest rates and increases borrowing costs for banks and businesses would be unlikely.

Still, the coast is far from clear for the Federal Reserve to begin lowering interest rates soon, according to Noelle Acheson, author of the Crypto is Macro Now newsletter.

Interest rates in the United States have risen to record highs as the Federal Reserve combats rampant inflation stoked by the COVID-19 pandemic. High interest rates also increase the amount people earn on their bank holdings, another incentive to keep cash rather than spend it.

Rate hikes are thus less beneficial for stocks and riskier investments like cryptocurrencies, as seen in last weeks dramatic drop in Bitcoin and Ethereum.

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In the first quarter, economic growth in the US slowed to its lowest level in nearly two years. The deceleration was partly attributed to a moderation in consumer spending and a widening trade deficit, or when a country imports more goods than it exports.

When rates are higher, business loans become more expensive, which discourages owners from expanding or hiring. The ripple effects can slow the wider economy as well.

Recent employment data released Friday, for instance, revealed the slowest job growth in six months and lower than the average monthly gain over the last year.

High unemployment combined with inflation and slowed economic activity would spell even more trouble for Powell.

Powells key objective these days is to avoid stagflation, an economic climate in which the economy continues to face high inflation while in a recession.

According to crypto venture capital firm Ryze Labs, that situation looks less likely to occur.

With rate hikes off the table and markets already pricing in little to no cuts for 2024, we think this bodes constructively for risk assets, Ryze Labs analysts told DL News.

The worst of stagflationary headwinds might be behind us, they said.

Sebastian Sinclair is a markets correspondent for DL News. Have a tip? Contact Seb at sebastian@dlnews.com.

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Bitcoin and Ethereum bounce back after week of brutal losses here's why - DLNews

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Ethereums transaction fees have reached a six-month low, caused by the shift of transactions to layer-2 (L2) blockchains, according to the latest edition of IntoTheBlocks On-chain Insights newsletter.

This migration has contributed to a decrease in the total fees accrued by Ethereum. In April, transactions on the largest three L2s, Arbitrum, Optimism, and Base, accounted for an unprecedented 82% of all Ethereum transactions.

With the inclusion of additional L2s, this percentage is likely even higher. The launch of EIP-4844 on March 13 played a crucial role in this transition by slashing L2 fees by more than tenfold, leading to a 10% drop in mainnet transactions and a shift in Ethereums token economics.

In the competitive landscape of L2s, different platforms are carving out their niches. Institutions have shown a preference for Arbitrum, which dominated 73% of Ethereums transaction volume among the top L2s. Conversely, Arbitrum accounted for only 39% of the number of transactions, while Base captured a 50% share. Notably, Blackrock and Securitize have recently applied to introduce the BUIDL real-world assets fund on Arbitrum.

On the retail side, Optimisms OP Stack has been gaining traction through SocialFi applications. Coinbases Base L2 experienced a surge in transactions following FriendTechs airdrop, and the social media-based card game Fantasy.top generated $6 million in fees this week on the Blast L2. This diversification of applications has intensified the competition among L2s, particularly in terms of market capitalization.

Optimisms OP token has seen a 48% increase from its April lows, outperforming ARBs 22% gain. The OP token now surpasses ARB in both circulating market cap and fully diluted valuation. Additionally, venture capital firm a16zs $90 million investment in OP has bolstered the projects resources and credibility.

The ongoing competition among L2s is leading to lower fees for Ethereum in the short term. However, it is simultaneously fostering a rich ecosystem of applications that promise to stimulate economic activity and offer long-term benefits, concludes IntoTheBlock.

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Ethereum fees hit lows while L2 capture users' attention: IntoTheBlock - Crypto Briefing

The Solana network could be on track to overtake the Ethereum network in transaction fees, a potentially significant development for Solanas status as a so-called Ethereum killer.

Solana could flip Ethereums transaction fees as soon as this week, according to Dan Smith, senior research analyst at Blockworks, who wrote in a May 7 X post:

Captured maximal extractable value, or MEV, refers to profits that are mostly captured through arbitrage trading on protocols. MEV measures the maximum amount of value that can be extracted from a blockchain by a user or a group of users.

Moreover, Solanas $2.8-million total economic value was near Ethereums $3.1-million total economic value on May 7, according to Smiths X post:

However, Solanas daily transaction fees are still far from Ethereums. Ethereum generated over $2.75 million worth of fees in the past 24 hours, compared to Solanas $1.49 million, according to DefiLlama data.

Looking at the total value locked (TVL), Solanas $3.94 billion in TVL is still a small fraction or around 7.4% of the Ethereum networks $53 billion TVL.

Related: How Binance played a key role in arrest of ZKasino scam suspect

Solana launched on mainnet in March 2020, with a claimed throughput of 50,000 transactions per second (TPS), promising to improve on the lack of scalability and inefficiencies of Ethereum, as a so-called Ethereum killer.

Unlike Ethereums modular approach to scalability via layer-2 (L2) scaling solutions, Solanas monolithic approach aims to create scalability and low fees as a standalone blockchain network.

However, Solanas approach saw widespread criticism following its previous outages. At the beginning of April, the demand for memecoins caused approximately 75% of Solana transactions to fail, as the network was unable to handle the large demand.

On Feb. 6, block production on Solana stopped for approximately five hours, before engineers and validators were able to restart the network, according to Solanas status page.

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Solana could flip Ethereum in transaction fees within a week: Report - Cointelegraph