The Base Layer 2 network has seen significant capital inflows, driven by positive sentiment following Coinbase’s Q2 earnings report.
Points
- Base TVL increased by $11 million in 24 hours.
- Coinbase’s Q2 earnings surpassed expectations.
- CEO Brian Armstrong’s optimistic outlook on regulatory clarity.
- Plans to launch a crypto index fund, Coinbase 500.
The Base Layer 2 （L2） network experienced a notable $11 million surge in Total Value Locked （TVL） over 24 hours, following Coinbase’s better-than-expected Q2 earnings. This network, built on Ethereum and utilizing Optimism’s OP Stack, promises high security, scalability, and interoperability.
Coinbase reported Q2 earnings of $1.40 billion in revenue, surpassing Wall Street’s forecast of $1.38 billion. The exchange’s profit was $0.14 per share, significantly beating the expected $0.94 per share. Coinbase’s subscription and services unit contributed $599 million to the revenue.
Beyond financials, Coinbase CEO Brian Armstrong highlighted partnerships with Bitcoin and Ethereum ETF issuers and reiterated the need for regulatory clarity. He expressed optimism about the next U.S. administration, regardless of political affiliation, being constructive on crypto.
“We are increasingly optimistic that the next administration, whether Democrat or Republican, will be constructive on crypto. The rhetoric has shifted,” Armstrong said on the post-earnings conference call.
Three factors underpin Armstrong’s optimism:
1. Bipartisan momentum to pass comprehensive crypto legislation.
2. The SEC’s dropped investigations and positive signs for spot ETF approvals.
3. The Supreme Court’s overturning of the Chevron deference, limiting the SEC’s enforcement power.
Additionally, Coinbase announced plans to launch the Coinbase 500, a crypto index fund aimed at providing diversified exposure to the crypto market.
解説
- The surge in Base TVL reflects growing confidence in Coinbase’s business model and regulatory environment.
- Partnerships with ETF issuers indicate Coinbase’s strategic move towards integrating traditional financial instruments with crypto.
- The Supreme Court’s decision could significantly impact the regulatory landscape for crypto, potentially reducing the SEC’s influence.
- The launch of Coinbase 500 could attract more institutional investors, driving further growth in the crypto market.