✅Base Nears Stage 1 Decentralization

Happy Halloween Defiers!

Base is closing in on Stage 1 decentralization, with the booming Layer 2 network shipping permissionless fault proofs. The move allows any user to propose or challenge the network’s state root.

An NFT collection freely launched by ZachXBT, the popular on-chain sleuth, surged to a $12 million market cap. The token can be exchanged for the 243M Theft memecoin, attracting the attention of trigger-happy degens.

Markets dipped on Thursday despite Bitcoin ETFs posting back-to-back daily inflows of over $800 million. ETH, SOL and DOT fell by between 3% and 5%.

Zircuit airdropped ZRC tokens to 190,000 EIGEN holders. Each eligible wallet received the same sum of ZRC.

Also, Coinbase to buy back $1 billion worth of shares, Ondo inks deal with trillion-dollar asset manager, Aragon unveils governance foundation, and Solayer launches stablecoin backed by U.S. Treasury bills.

✍️ In today’s newsletter:

Base ships permissionless fault proofs
ZachXBT tokens rally to multi-million market cap
Bitcoin dips to $70,000
Zircuit coaxes EIGEN community with airdrop
Coinbase earnings fall short of expectations
Welling Management taps Ondo for on-chain fund
Aragon assembles Strategic Council from Ethereum luminaries
Solayer launches RWA-backed stablecoin on Solana

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🚢Base Ships Fault Proofs In Bid For Stage 1 Decentralization

Base has launched permissionless fault proofs on mainnet, allowing any user to participate in proposing or challenging the network’s state roots — which submit transactions for mainnet validation. Base said it will launch a Security Council in the coming months, unlocking Stage 1 decentralization.

📈Memecoin Speculators Push ZachXBT’s Free NFTs to $12 Million Market Cap

An NFT collection from ZachXBT commemorating his investigation into a $243 million crypto scam is posting gains. The tokens are exchangeable for a memecoin dubbed 243M Theft, which has rocketed in recent days after being uncovered by degens.

💰Coinbase Announces $1 Billion Share Buyback and Q3 Earnings

Coinbase, the largest U.S.-based exchange, announced plans to buy back $1 billion worth of COIN shares. The news coincided with the exchange’s quarterly revenue rising 81% compared to Q3 2023, but falling short of analysts’ projections by 11%.

🪂Zircuit Airdrops ZRC To 190,000 EIGEN Holders

Zircuit, a rising Layer 2 with a nearly $1.6 billion TVL, airdropped its native ZRC token to 190,000 wallets holding EigenLayer’s EIGEN token. Zircuit said the move sought to reward users participating in Ethereum staking, with the move appearing to add EIGEN holders to Zircuit’s broader ecosystem.

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📉Bitcoin Dips Despite ETFs Attracting Nearly $900 Million

The cryptocurrency market dipped on Thursday despite spot Bitcoin exchange-traded funds (ETFs) recording consecutive daily inflows of over $800 million.

🤝Ondo Finance Partners with Trillion Dollar Wellington Management

Wellington Management, an asset manager commanding $1.4 trillion, is teaming up with Ondo to launch an on-chain fund backed by U.S. Treasury bills. The fund will debut on Ethereum, with plans to expand to Arbitrum, Avalanche, and Solana in the future.

👀Aragon Announces New Foundation to Help Steer the DAO Management Project

Aragon, a DAO management platform that recently grappled with a purported governance attack, unveiled plans for a new foundation tasked with governing the project. The Aragon Foundation will comprise prominent members of the Ethereum Community, including representatives of Polygon and Lido.

🆕Solayer Launches RWA-Backed Stablecoin, sUSD

Solayer launched sUSD, a stablecoin backed by U.S. treasury bills, on Solana. The token was developed in partnership with OpenEden, and debuted with a mint cap of $20 million.

🌍 ELSEWHERE

Franklin Templeton Takes Its Tokenized Treasury Fund to Base, Becomes First Asset Manager on the Layer 2 (CoinDesk)
Coinbase Commits Another $25 Million to Crypto Super PAC in Drive for Bipartisan Policy Reform (Decrypt)
CZ makes first public appearance following prison release at Binance Blockchain Week Dubai (The Block)
Reddit Liquidates All of Its Treasury Bitcoin and Ether Holdings (Unchained)