Post #408

📰#WeeklyRecap: 🔵Coinbase's Q2 2023 Details: - Revenue: Coinbase reported a whopping $663M, a figure that pleasantly surprised Wall Street. - Trading Volume: While there was a 37% quarterly decline, it still outdid the industry average drop of 48%. - Revenue Shift: Notably, for the first time in its history, subscription and services revenue surpassed transaction revenue. - Blockchain Rewards: These surged by 19%, positively impacted by higher ETH prices and MEV rewards. 🟠Base Chain Developments - Mainnet Launch: On July 13, Coinbase rolled out its Base Layer-2 mainnet exclusively for developers. - Meme Coin Chaos: $BALD, a meme coin referencing Coinbase CEO Brian Armstrong, launched on July 29. Within 48 hours, over 40,000+ ETH got bridged into the Base chain, boosting $BALD's market cap to $80 million. However, a liquidity withdrawal led to a 95% price crash. - LeetSwap Exploit: Just two days after $BALD's rise and fall, LeetSwap experienced an exploit, resulting in significant losses. Trading paused as a result. 🔴Curve's Precarious Position - Loans: Michael Egorov, Curve's founder, loaned out 460 million CRV tokens across AAVE, Fraxlend, and Abracadabra. With a sharp drop in $CRV from $.73 to $.50, his positions are threatened. - Exploit: A blockchain security firm identified a potential vulnerability in a CRV pool, leading to around $50M being drained, though some was recovered by white-hat MEV bots. - Egorov's Strategy: With massive interest rates looming, Egorov devised a strategy to reduce loan interest, which currently stands at a utilization rate of 41.73%.