Coinbase got the markets much hyped yesterday…by tweeting a mysterious blue dot, which kind
of looked like a moon…everyone was speculating on what it could mean.
Partnership with a crypto??
r/cryptocurrency moons coming to coinbase?
Safemoon and coinbase together…hahaha…but it ended up being a coinbase product based
on Optimism…although this product ties deeply into a batch of cryptocurrencies.
Which crypto’s are they?
Well you know how I research…because it’s time for Chico Crypto!!
Yup Coinbase tweeted that yesterday…they were making a big announcement with a tweet
and video of the bluedot…
Well just 12 hours after their initial tweet…they announced what it was all about.
Coinbase is launching their own L2 chain…Base…
From the Base Chain twitter we can get more details on this Chain.
As we can see it’s secured by Ethereum……it’s empowered by Coinbase, and it’s open sourced
with Optimism, aka it’s built with Optimism!!
Of course this caused Optimism's OP token to skyrocket…going from a low of 2.36 cents
to above 3 dollars in a matter of 24 hours, a pump of 28 percent…
Now…I think the pump for optimism is a little bit overexaggerated.
Yes Optimism and Coinbase are working together…but Base Chain isn’t using Optimisim’s OP
token for gas fees.
If we go back to Coinbase’s announcement tweet they say: “Important: Base is *not*
a token.
We do not plan to issue a new network token for Base and will use ETH as the native gas
token.”
But there are some other altcoin connections to BASE chain, which haven’t seen major
pumps and I’m about to reveal them right now…
You ready to dive down the rabbit hole???
Well numero uno…that Stinky, stanky link retweeted Coinbase & the blue dot before the
announcement…
Is there Chainlink integration with Base Chain??
Well William Riely, head of Chainlink’s CeFi basically confirmed this once the announcement
was live.
He tweeted “Congratulations to the Coinbase and BuildonBase team on successfully
launching the #Base layer-2 network.
It's been a pleasure working with you all, and I'm excited to continue building together
for a better future.
#BuildOnBase
And here we go…deeper down the rabbit hole.
February 18th, just 5 days before the base chain announcement.
Chainlink posted this blog…”Tokenized Real-World Assets (RWAs): Scaling DeFi to
a Global Level”
Obviously Chainlink is getting involved with Real World Assets RWAs…as they dive deep
in this blog into them and how Chainlink will help their integration across blockchains
and crypto projects.
Base chain announced, Chainlink working on it with Coinbase, Chainlink talking about
RWAs…So will Base Chain be a chain for the trading of RWAs?
Well deeper we go… in the blog they specifically mention a certain project…Backed…a Swiss-based
startup for tokenized RWAs—who recently launched its first product, bCSPX, representing
tokenized S&P 500 ETF shares….
Well Backed….also retweeted Coinbase and the blue dot hype…just like Chainlink and
then after the announcement, they tweeted that they were bringing RWA’s to the Base
Chain…
So it’s confirmed…but how big will this be??
Well remember, backed’s first product was tokenized S&P 500 ETF shares, called bCSPX..
Well my friends this ties into Blackrock, the world’s largest asset manager…Febuary
11th Decrypt put out this blog “BlackRock ETF?
There's a Token For That” and the article states: “This week, Switzerland-based Backed
Finance launched a tokenized version of a BlackRock ETF (CSPX) that includes tons of
big names like Apple, Microsoft, Amazon, Alphabet, and 496 other large American companies.
The token is called bCSPX, and runs on Ethereum as an ERC-20 token.
The token is backed 1:1 by shares of those stocks, and the shares are held by a licensed
custodian”
If you don’t remember back in September of last year, Blackrock and Coinbase announced
a partnership together…with Coinbase acting as an access point for “institutional”
crypto adoption!!
So here we are…Coinbase launches Basechain…with Chainlink and Optimism helping to build it
out.
Chainlink is focusing on RWAs, with ties to Backed who is an RWA platform.
Backed has tokenized Blackrock ETF as an RWA and coinbase has a partnership with Blackrock
for institutional crypto products and adoption….
Now some of you may be asking…does backed have a token!!??
Well at the moment they do not…..
But if we go to their website, we can get an idea of who could be working with them
besides Coinbase and Chainlink…from Backed’s website, it seems they are building the Uniswap
of real world assets, where it will be a simple click and swap to get into RWAs, like shares
of Tesla stock….
But below in partners, we can see the only partner they have working on this with them
with a token…..IS….Gnosis chain!!!
Now just last month in January Gnosis put out a weekly update report…and this is what
they said at the beginning of it: “Shanghai Hardfork.
Shutterized Beacon Chain.
Account Abstraction.
Real World Assets (RWA).
Trustless zkBridges.
Public-By-Default.
Strap in because this year is going to come at us fast.
Don’t worry if the above terms don’t make sense.
They will and very soon.
It’s a sneak peak of what's on the horizon for Gnosis.”
Then Stefan George founder of Gnosis tweeted this January 10th.
“Why I am optimistic for crypto in 2023, what will drive blockchain demand, and what
projects to watch out for in 2023: Markets are down but fundamentals are strong.
To get out of the speculative bubble, connecting blockchain to “the real world” will be
key.
With the real world in quotations…he then says “There are two main trends, which will
unfold in 2023: Number 1.
More real-world assets (RWA) on-chain making them part of the DeFi ecosystem.
RWAs have come a long way.
USDC and USDT are leading but there is a demand for more.
BackedFi is about to launch the first fully backed stocks, ETFs and fixed yield products
as ERC20 tokens without any restrictions making them fully compatible with the DeFi ecosystem!”
Yeah he specifically mentions backed…of which they are a partner of….
Then the Gnosis Safe twitter sealed the deal for me yesterday…they tweeted “Pumped
to see coinbase embrace true ethereum values with the launch of BuildOnBase.
We are excited to partner.
We will bring our battle-tested self-custodial accounts to the network.
But more importantly, we aim to supercharge account abstraction with it.”
Research complete and check mate.
Saúde.
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