Coinbase acquires Utopia Labs to further stablecoin development on Base
Optimism Weekly Overview - November 19, 2024
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Superchain Ecosystem Numbers
DeFi total value locked (TVL) across Superchain: $4.4B (+4.76%)
Assets onchain: $18.4B (+5.75%)
Daily average transaction volume: 9.1M (+2.25%)
Base: 6.9M (+3%)
OP Mainnet: 870.9K (+4.79%)
World Chain: 439.5K (+4.32%)
Mint: 181.9K (-2.2%)
Kroma: 163.2K (+5.15%)
Revenue-generating deployers on:
Base: 8,097 (+38.39%)
Zora: 143 (+11.73%)
OP Mainnet: 1,205 (-0.66%)
Superchain transaction fee total savings vs L1s:
OP Mainnet: 57,771 ETH
Base: 216,705 ETH
Zora: 4,485 ETH
Compared to Ethereum, L2 Superchain users saved a total of 279K ETH, or $870M on txn fees this week.
The percentages and metrics are pulled from the Superchain Health Dashboard and are calculated from its change over a 7-day time frame, unless noted otherwise.
Spotlight on the Superchain
⚡What’s happening: Coinbase announced it acquired crypto payment platform Utopia Labs and will integrate it with Base and Coinbase Wallet’s onchain payment capabilities.
⚡Why it matters: The acquisition of Utopia Labs provides more resources for Base developers who want to build onchain payment platforms that can integrate with Coinbase Wallet.
This also impacts the Superchain ecosystem, which Base is a part of, as it has a massive stablecoin market cap of about $4.9 billion, according to the Superchain Health Dashboard.
Utopia Labs specializes in managing stablecoin transactions, directly aligning with Coinbase and Base’s broader vision of making stablecoins the bridge between the traditional finance system and blockchain technology. As stablecoins have risen in popularity, it's imperative for networks to provide low-cost, fast, and secure payment solutions to users globally. Without continuous innovations or services scaling, payment optionality and growth can falter onchain.
It’s also worth noting Base’s stablecoin market cap is about $3.61 billion, according to DefiLlama data. This indicates the network’s ability to provide an asset that caters toward the needs of regions with high inflation,unstable local currencies, or just providing a way for users looking to park their assets somewhere with less volatility. In general, stablecoins enable faster, borderless payments compared to traditional banking systems so it’s important for payment solutions to continue to innovate.
⚡What it means for the broader ecosystem: Coinbase integrating Utopia Labs with Base can accelerate the adoption of decentralized payment systems and expand the stablecoin ecosystem for the Superchain.
With the need for more payment solutions rising, it is important for networks to innovate and make advancements that can empower consumers and businesses with faster, cheaper, and more efficient solutions.
If done correctly in a strategic way, the acquisition of Utopia Labs by Coinbase can extend the Superchain in the stablecoin sector in new ways.
What’s poppin’ on the Superchain
👤Total number of weekly active addresses by chain:
Base: 6.54M
OP Mainnet: 277.19K
Zora: 116.21K
Mode Network: 12.32K
Ink moved to Stage 1 of decentralization after deploying open-source, permissionless proofs
Guru Network announced the launch of its L3 on Base, designed to empower users through the use of AI agents
Lisk launched its “User Mainnet”, an L2 for real-world use case development
Aerodrome TVL hit $1.5B on Nov. 17, through its liquidity marketplace powered by Base (shown below)
Source: DefiLlama
From the Optimism Collective
Highlighting the companies, communities and citizens bound to the Optimism Collective.
Base held an event in Singapore as part of its global buildathon series - watch the full stream here
Optimism Chief Growth Officer Ryan Wyatt spoke on the ZEROPOD podcast about his contributions in building out the Superchain
Lisk COO Dominic Schwenter talked about the launch of Lisk’s User Mainnet on the Xellar Podcast
Making headlines
Uniting Contributors Across Ethereum For An Interoperable Future (Ethereum Interop Forum 2024 on X)
BlackRock's tokenized fund BUIDL expanding to Aptos, Arbitrum, Avalanche, Optimism and Polygon (The Block)
The Comprehensive Guide to Optimism’s Superchain (Updated version) (Routescan on X)
Get into the OP Stack
Want to dive into the ecosystem full-time? Find the latest job postings here or get involved at an event below.
VitaDAO is raising funds for Alzheimer’s research via Base
GameSwift opened applications for its incubation program focused on developers that are building games on its network
Participate in Unichain’s Infinite Hackathon for a chance at $2.5K to $7.5K in grants
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.