Base Officially Launches 🚀

GM. This is Degen Scoop. It’s Thursday, here’s the scoop:

• Base Officially Launches 🚀

• SEC Appeals Ripple Ruling 😤

• Bernstein: Stablecoins To Be A $2.8T Market 🏛️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Coinbase’s L2 Officially Launches on Mainnet, Celebrating Onchain Summer

The preparation of the chain has been completed and Coinbase’s L2 Base has officially launched on mainnet for all to use. While memecoins always attract attention, the real story of Base is their launch event Onchain Summer. There will be daily NFT mints for every day of this event and they’re starting big with a joint drop between Cozomo and Deekay.

It’s no secret that L2s are all the rage and may replace the alt-L1 this coming cycle. Base has already surpassed $150M of TVL and will continue to attract more liquidity to the next big contender in the L2 wars. This is an exciting launch and $COIN holders must be excited as well. The fight between Ethereum L2s will be an interesting one to keep an eye on, especially since Base will not have a native token.

The SEC Has Appealed The Ripple Ruling

It’s been about three weeks since the SEC lost a part of a major lawsuit to Ripple that would have implications for the entire industry. The biggest development is that tokens sold via exchanges were not considered securities which is a major loophole that would be exploited. Gary, the crypto tyrant, was not happy with the ruling and has since appealed.

You can read the SEC’s letter of intent for the specifics. It’s no surprise that the SEC is appealing this ruling since they lose a significant amount of power in their regulation of perceived securities. While we don’t have a definitive answer yet when it comes to most cryptocurrencies, it’s unlikely that all will be labeled securities in the future.

Bernstein Predicts That Stablecoins Will Be A $2.8T Market Within 5 Years

This is a bold prediction considering the fact that stablecoins represent some $125B of the $1.2T crypto market cap. While a 20x isn’t unheard of in the crypto ecosystem, this will require some serious size in the TradFi world to begin to bridge funds over. This may have a greater possibility of coming true with the recent development from the Fed.

Alongside the clear regulations from the Fed and the release of a stablecoin from PayPal, it’s looking to be a good week for stablecoins. This is one of the few primitives from crypto that are seeing significant usage in the real world which is the whole point of crypto in the first place. As user begin to feel more safe using stables outside of just exchanging on Binance, we don’t see $2.8T as farfetched in a longer timeline.

Notable NFT Sales in the Last 24 Hours:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.