Today: Base Network Goes Dark ⛔️🦊💰

Author

Valko
September 06, 2023

Today’s Top Stories ⌐◪-◪

  • ⛔️ Coinbase-incubated Base network sees unexpected outage

  • 🦊 Metamask adds “sell” features so users can cash out to fiat

  • 💰 Story Protocol raises $54M from a16z and Paris Hilton to tackle IP

Coinbase-Incubated Base Suffers Outage, Team Says 'No Funds Are at Risk' - Decrypt

Base said it was "a delay in block production" caused by a refresh of "internal infrastructure," not an outage.

⌐◪-◪ → Base isn’t down, it’s just producing a 2hr long block. Just kidding, it absolutely went down and that’s a big problem. This will spark a heated debate over which Layer-2 is most secure. For me, Ethereum is still king.

MetaMask adds 'cash out' function allowing users to sell crypto for fiat

MetaMask customers that choose to cash out their crypto can have funds sent to their bank account or added to PayPal balance.

⌐◪-◪ → Having more options to move between crypto and fiat is always a good thing, but there’s no way I’m paying MetaMask 9% when I can cash out on Coinbase for free. With that said, people will absolutely pay for convenience & speed, just like Venmo’s instant transfer feature.

Paris Hilton, a16z back IP ownership network Story Protocol

The platform plans to create a blockchain-based repository that helps with IP ownership issues artists run into as AI-generative content becomes more pervasive.

⌐◪-◪ → IP is a great use case for blockchain as it depends entirely on provenance to validate authorship, ownership, revenue sharing. What I’m most excited for is not bringing existing IP on-chain, but rather originating new IP on-chain (from day-zero) to create a new source of truth.

Peripheral Vision ⌐◪-◪

Crypto & DeFi

  • MetaMask announces app-store called “Snaps” for their wallet

  • Coinbase creates crypto lending service for institutional clients

  • Bitboy is officially back on X (Twitter) with a brand new account

  • Anoma Foundation plans privacy-focused blockchain

  • Colorado DMV now accepts Bitcoin and crypto payments via PayPal

  • TV show “The Next Crypto Gem” launches - Shark Tank, but for crypto

  • Kevin Owocki returns to Gitcoin, public good crowdfunding platform

  • Circle deploys USDC on Layer 2 networks OP Mainnet and Base

  • PUBG Devs reveal cosmos-based blockchain for USDC settlements

Wall Street

  • SOMA finance to issue first legally compliant digital security

  • AB Bernstein thinks BTC Spot ETF will be live late ‘23 or early ‘24

  • TRLab raises $5M from Hivemind Capital

  • Valkyrie predicts BTC Spot ETF approval will 10x institutional interest

  • Shima Capital leads $5M round in domain name startup D3 Global

  • Coinbase increased bond buyback program to $180M

Legal & Regulatory

  • SBF’s lawyers argue he must be released to work on his defense

  • Grayscale asks SEC to “quickly approve” its spot ETF

  • SEC settles landmark NFT case for $6M against Impact Theory

Rest of the World

  • China’s Shandong province anticipates $20.5B metaverse market

  • Circle wants EU regulators to tweak proposed crypto guidelines

NFT

  • Justin Bieber’s hit track becomes an NFT with royalty sharing

  • Mr. Beast’s Creator League postponed due to NFT hatred

  • Zed Run to add gambling to simulated horse races without a license

  • Christie’s to auction Keith Haring’s digital art from 1987

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