Coinbase’s layer 2 blockchain, Base, launched in early August, saw daily transactions reached a record levelaccording to data from IntoTheBlock. Base recorded 1.88 million transactions on Thursday, more than its Layer 2 rivals Arbitrum and Optimism combined, which recorded 780,000 and 370,000 respectively. “Interestingly, it’s not the finance apps decentralized (DeFi) nor the non-fungible token (NFT) markets which are behind the increase in Base activity. Instead, a significant portion of usage can be attributed to a new social app, FriendTech,” said Lucas Outumuro, head of research at IntoTheBlock. The decentralized social networking platform Friend.tech is built on Base and is called “your friends’ marketplace”. The platform has seen increased usage over the past week, with its daily transactions also hitting an all-time high. Friend.tech transactions reached 529,000.
THE sale tokens held by bankrupt crypto exchange FTX will not cause a market shock due to several mitigating factors, Coinbase (COIN) said in a research report Thursday.. To begin with, the token sale will not flood the market as liquidations are limited to $50 million per week in the first phase and then increase to $100 million in subsequent weeks, the report said. Coinbase notes that committees representing FTX debtors must approve a permanent increase to a maximum of $200 million per week. According to a recent court filing, the crypto exchange holds approximately $1.16 billion in solana (SOL), $560 million in bitcoin (BTC), $192 million in ether (ETH), and $1.49 billion additional in other tokens. He can now sell and invest these assets to repay his creditors, the court ruled last week.
The US Department of Justice think Jury questions proposed by FTX founder Sam Bankman-Fried are “unnecessarily intrusive” and may be intended to support his defense. Bankman-Fried and the DOJ both proposed voir dire questions earlier this week, ranging from standard queries about whether potential jurors were familiar with the case to more specific questions about whether they knew people with ADHD. These questions will help the prosecutor and defense determine a fair and impartial jury. Several of the questions proposed by Bankman-Fried are “intrusive,” prosecutors wrote in the letter to Judge Lewis Kaplan of the Southern District of New York. They asked questions aimed at probing potential jurors’ opinions about FTX, the allegedly fraudulent crypto exchange that collapsed spectacularly last November.
