Market
Base Reaches $2 Billion TVL, Sets Sights on Arbitrum’s Position
Base has breached the $2 billion threshold in total value locked (TVL) for the first time since its launch, as the Coinbase low-cost Layer-2 (L2) continues to record a significant rise in activity.
The L2 scaling solution, built on the Ethereum blockchain, could make Coinbase a decentralized finance (DeFi) powerhouse.
Base Breaks $2 Billion TVL Mark
With upwards of $156 million in deposits over the last 24 hours, Base TVL has gone past the $2 billion threshold to reach $2.131 billion as of this writing. A rise in TVL indicates more assets are being locked into smart contracts within the ecosystem, which is a measure of the platform’s success and stability.
It points to growth in Base’s user base and overall adoption of the L2 scaling solution within the DeFi space amid increased investor interest and confidence. Indeed, this interest is reflected in the TVL growth, a climb of almost 400% year-to-date. Since the mainnet launch in July, the TVL is up by $849 million.
Read More: What is Base Chain? Everything You Need to Know
Noteworthy, Base ascended the ranks rather quickly, dethroning OP Mainnet, according to data on L2Beat, to become the largest network on Superchain. It is also worth mentioning that Base is closing in on Arbitrum Layer-2, which has a TVL of $2.59 billion as of this writing.
The surge in Base’s Total Value Locked (TVL) is primarily driven by the ecosystem’s expansion. In addition to rising revenue and an increasing number of active addresses, Base continues to see a spike in transactions. On September 18, for instance, it set a new record with over 4.5 million transactions, largely due to the growing popularity of the Basenames domain name service.
Moreover, the protocols within Base’s ecosystem play a critical role in its growth, particularly the Aerodrome decentralized exchange (DEX), which has been a key factor in its upward trajectory.
Aerodrome Helps Drive Base TVL Growth
Aerodrome is the leading protocol on Base L2, boasting a $1.018 billion TVL, which is up by 76% in the last month. Other protocols on Base include Uniswap and Aave V3, which could soon integrate Coinbase’s Bitcoin Wrapper, cbBTC.
Aerodrome accounts for nearly half of Base’s TVL, achieved as the DEX progressively launches liquidity pools for meme coins such as PEPE and WIF. These have attracted investors and could continue to do so as meme coins ride the new wave of market optimism towards Q4 2024.
Beyond that, Aerodrome’s Flight School program is also an enabler for growth because of its rewards. Specifically, for every veAERO a user deposits, they get up to 0.67 veAERO, which creates a great incentive to pump in more capital into the protocol.
Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?
Looking ahead, products such as cbBTC could continue to drive momentum for Base. Others include Coinbase’s collaboration with Morpho to launch a lending model with real-world assets (RWA).
Specifically, Morpho will leverage Coinbase’s authentication mechanism to establish two asset lending Vaults atop the Base L2 platform.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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