Base Token Jumps 250% After Coinbase Launches Layer 2 Network

• Coinbase recently launched Base, a layer 2 network built using Optimism’s OP Stack.
• Following launch, the BASE token of Base Protocol surged 250%, before correcting.
• The surge was driven by crypto investors looking to make profits based on the trending topic.

Coinbase Launches Layer 2 Network

Coinbase (COIN) has recently announced the launch of its own blockchain-based layer 2 network – Base, which is built using Optimism’s OP Stack and offers easy and secure access to Ethereum, Optimism, Solana, and other ecosystems. This move has helped bring mainstream crypto adoption one step closer.

Base Token Jumps After Launch

Following the announcement of Coinbase’s Base, BASE tokens of Base Protocol experienced a surge in their prices that rose as much as 250%. Prices subsequently corrected amid heavy profit taking with BASE dropping overnight to trade just over $2 in Asian morning hours on Friday. Trading volumes also increased from $46,000 per day to over $566,000 at the peak price and further up to $1.1 million at writing time on Friday. The tokens are traded at both cryptocurrency exchange Gate and decentralized exchange PlasmaSwap.

Base Protocol Model

The underlying model of Base Protocol is relatively new; it enables an application developer or user to stake tokens for resources like storage and computing power needed for running smart contracts or applications on platforms like Ethereum or other blockchains built using OP Stack technology. All staked tokens are pooled into what’s known as a “stake pool” that can be used by developers without having them pay any additional fees for usage rights or access.

Profiting From Crypto Trends

It is no secret that crypto investors often look for opportunities to make gains from trends related to popular topics in order acquire quick profits – even if such moves may not be rational from an equity investor’s perspective. Such behavior was also seen in this case when BASE token saw massive spike after Coinbase’s launch announcement despite there being no correlation between them whatsoever.


Despite the correction over the past 24 hours following its massive jump earlier due to Coinbase news, BASE token still remains one of the most interesting projects given its recent developments and potential use cases associated with it amidst a growing demand for blockchain-based solutions among businesses worldwide

TRU Token Rallies Over 200%, Binance TUSD Mint Sparks Speculation

• TrueFi’s TRU Token surged over 200% after Binance’s TUSD mint sparked speculation.
• The rally was likely due to traders mistakenly connecting TRU with TUSD, a stablecoin that had been issued by TrueFi in the past but is no longer associated with them.
• The speculation appears to be misplaced as TrustToken sold TUSD in 2020 and it is now owned by Techteryx, an Asia-based conglomerate.

TRU Token Rallies Over 200% After Binance’s TUSD Mint Sparks Speculation

The rally appears to come from traders mistakenly connecting TRU with TUSD, a stablecoin that had been issued by TrueFi in the past but now no longer is. By Krisztian SandorFeb 16, 2023 at 6:03 p.m. UTCUpdated Feb 16, 2023 at 7:24 p.m. UTC

Background Information

TRU, the governance token of decentralized lending protocol TrueFi, surged 220% on Thursday in an hour, data by CoinMarketCap shows, in a speculative flurry over a Binance stablecoin transaction. Before the rally took off, Binance, the world’s largest crypto exchange by volume, minted $50 million of TrueUSD (TUSD) stablecoin according to blockchain data. This event sparked speculation among crypto traders about TUSD potentially gaining a larger role in trading on Binance after the regulatory crackdown on the Paxos-issued Binance USD (BUSD).

TrueFI and TrustToken Separation

TrustToken sold TUSD in 2020 to a firm called Techteryx according to an announcement by TrustToken Chief Executive Rafael Cosman at the time. The post said Techteryx is an „Asia-based conglomerate with businesses … in the traditional real estate, entertainment, environmental and information technology industries.“ In addition TrustToken also separated from the TrueFi protocol and was renamed Archblock last year as TrueFi embarked on a road to decentralize their platform .

Speculative Rally

TRU surged as high as 14.6 cents from 4.4 cents on Binance before later paring some of its gains and trading at around 11 cents at press time .


The speculation about the TRU token appears to be misplaced because the issuers of both tokens have since been separated for quite some time now .

Kraken Agrees to End US Crypto Staking Services to Settle SEC Charges

• Kraken has agreed to shut down its cryptocurrency-staking operations in the U.S. as part of a settlement with the SEC
• The SEC voted on the settlement during a closed-door commissioner meeting and an announcement is expected soon
• Kraken’s staking service offered a 20% APY, promising to send customers staking rewards twice per week

Kraken Agrees to Shut Down US Crypto-Staking Operations

Kraken, one of the world’s leading crypto exchanges, has agreed to shutter its crypto staking-as-a-service platform for U.S. customers and pay $30 million to settle Securities and Exchange Commission (SEC) charges it offered unregistered securities. This decision was reached after a closed-door commissioner meeting held by the SEC on Thursday afternoon.

Details of the Settlement

In addition to ceasing their staking service for U.S. customers, Kraken will also end its crypto lending product offering up to 24% yield as part of this settlement agreement with the SEC. Under its staking service, Kraken had promised customers a 20% APY and sent out rewards twice per week according to their website.

Implications for Crypto Regulation

The resolution between Kraken and the SEC could have far reaching implications for crypto regulation in the United States as more exchanges may now be subject to similar oversight from financial regulators going forward. In addition, this case could provide further guidance on which activities constitute offering unregistered securities that are prohibited under existing laws and regulations in order to protect investors from potential fraud or other risks associated with such offerings.

Reaction from Industry Leaders

CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discussed the details of this case as well as wider implications for crypto regulation following this decision by Kraken: “The vote comes a day after Coinbase CEO Brian Armstrong called on regulators like the SEC to clarify what constitutes an offering of digital assets that is subject to security laws.“


Overall, while there may be some short term pains associated with these regulatory decisions, they should ultimately serve as a positive development towards greater stability in cryptocurrency markets over time by providing clarity around which activities are permissible under existing laws and regulations in order for investors to be better protected from potential risks involved when making investments into digital assets.

Arrington Capital Hires BitMEX Alum as Investment Head: Crypto VC Firm Ready to Take Trading to Next Level

• Arrington Capital, a digital asset management and venture capital firm, has hired Bhavik Patel as its chief investment officer.
• Patel previously served as chief product officer and head of derivatives business at crypto exchange BitMEX.
• His work history also includes roles as APAC derivatives strategist for TK UBS and risk management positions at European investment banks.

Arrington Capital Hires New Investment Head

Arrington Capital, a digital asset management and venture capital firm founded in 2017 by TechCrunch founder Michael Arrington and CEO Heather Harde, has hired Bhavik Patel as its new chief investment officer. With over $1 billion in assets under his wings, Patel will be responsible for developing the firm’s liquidity and trading business strategy.

Patel’s Professional Background

Prior to joining Arrington Capital, Patel was the chief product officer and head of derivatives business at crypto exchange BitMEX. He also worked as an APAC derivatives strategist for TK UBS along with several training and risk management positions in various European investment banks.

Purpose of Appointment

According to Michael Arrington, the purpose of appointing Bhavik is to bring a mature perspective to their trading strategy through his institutional knowledge. This move is meant to elevate their liquidity and trading business on a higher degree than before.

Significance of Appointment

The addition of Bhavik Patel to the team highlights the importance that Arrington Capital places on having an experienced professional who can manage investments wisely while navigating the ever-evolving cryptocurrency market with finesse.


Overall, this appointment is expected to further strengthen Arrington Capital’s position in terms of providing value added services to investors looking for reliable returns from their investments in the cryptocurrency space.