Weekly Recap: Base Ditches Optimism
Plus, staked ETH supply hits new high.
Happy weekend, Defiers!
Coinbase’s Ethereum Layer 2 network Base unveiled plans to transition from OP Stack to an in-house codebase, raising questions about the viability of Optimism’s revenue-sharing model.
More than 30% of the ETH supply is now staked for the first time despite the token’s lackluster price action.
BGD Labs said it will no longer work with the Aave DAO once its contract expires, citing concerns over the protocol’s future direction.
Meanwhile, Etherfi is leaving Scroll for Optimism.
Finally, PayPal’s PYUSD stablecoin has crossed $4 billion in market capitalization.
Enjoy!
👀 Don’t miss our newest newsletter, The Defiant: Real World, where we track how trillions of assets are coming on-chain. Each week, you’ll get a weekly summary of the high-signal RWA and stablecoin news you can’t miss, and in-depth analysis to put it all in context.
Top Stories This Week
Base’s Shift Away From Optimism Raises Questions About Superchain’s Future
Base’s decision to move away from the OP Stack to a unified software stack is raising questions about the long-term economics behind Optimism’s Superchain revenue-sharing model.
Ethereum Staking Breaks New Highs as Price Slumps
More than 30% of ETH’s circulating supply is now locked in staking contracts. Meanwhile, the wait time for staking has reached nearly 68 days.
BGD to Leave Aave Citing Governance Tensions
BGD Labs, one of the main teams that builds and maintains Aave’s technology, said it will stop working with the Aave DAO when its contract ends on April 1.
Etherfi, Scroll’s Top Fee-Generator, Leaves for Optimism
Decentralized neobank and crypto card issuer etherfi is leaving Scroll for Optimism, taking with it millions of dollars in total value locked and monthly fees generated.
PayPal’s PYUSD Supply Crosses $4 Billion
PayPal’s PYUSD stablecoin crossed $4 billion in total market capitalization this month, while its supply on Layer 2 Arbitrum One rose enough to rank it the network’s fourth-largest stablecoin.
Trending
- Crypto Markets Fall as Bitcoin Drops 2.5% and Liquidations Near $200 Million
- David Bailey’s Nakamoto Buys His Own Bitcoin Empire at a Discounted Public Price
- OpenAI Unveils AI Benchmark Tool to Enhance Blockchain Security
- Base Parts Ways With Optimism's OP Stack
- Canary Capital Launches First-Ever Staked SUI ETF
- WLFI Jumps 30% as CEOs Sign Up for Mar-a-Lago Crypto Forum
That’s it for today — have a great weekend! If you enjoyed this newsletter, tell your friends! https://thedefiant.io/subscribe
Free newsletters
Good reporting. Delivered.
Choose your coverage: crypto and DeFi, the future of finance, or both.
Free. Unsubscribe anytime.
