PolygonScan goes offline, Binance USD takes a dip, and Coinbase dominates Ethereum L2 for DApps 🪙📈

Stay up-to-date with the latest in crypto news, including PolygonScan going offline, Binance USD's dip, and Coinbase's Ethereum L2 partnership.

Feb 24, 2023

Good morning, honeybees! 🐝 Welcome to Web3 Buzz - your hive for the latest buzz on blockchain, cryptocurrencies, and beyond. Today, we're covering:

Coinbase launches Ethereum L2 network
BNB liquidation risk on Venus
PolygonScan down, Binance USD drops

Get ready to put on your wings because we're about to take off into the world of tech and finance. Let's get buzzin'!

Coinbase Joins Ethereum L2 for DApps Domination!

Hey, crypto-lovers! The folks over at Coinbase have got some exciting news for you. They've just launched Base - an Ethereum L2 network that's set to revolutionize the world of decentralized apps.

Base is designed to be a secure, low-cost, and developer-friendly way for anyone to build decentralized apps. And with a goal of onboarding over 1 billion users into the cryptoeconomy, Base is aiming to make onchain the next online. But hold your horses, Base is not a token. Coinbase plans to use ETH as the native gas token and has no plans to issue a new network token for Base.

Now, let's see what Base has in store for us:

Base will be the onchain home for Coinbase, which means easy access to the Ethereum ecosystem.
It will be an open ecosystem, giving everyone the chance to build decentralized apps that can reach the next 1 billion+ users.
Base will also act as a bridge to bring Coinbase users onchain, letting them go anywhere they want, including L1, other L2s, and ecosystems like Bitcoin and Solana.

The geniuses at Coinbase have incubated Base, using their decade of experience in crypto. With Coinbase products, users, and assets, Base aims to become an open ecosystem for everyone - whether you're a developer or a user.

So, get ready to join the cryptoeconomy with Base! Coinbase is ready to take on the world of decentralized apps, are you?

Binance Coin (BNB) at Risk of $200M Liquidation on Venus with Price Plunge

Hold on to your hats, crypto enthusiasts! There's some bad news for Binance Coin (BNB) holders. If the price of BNB drops by 29% to $220 USD, it could trigger a potential liquidation of $200 million on Venus that cannot be closed.

This liquidation is a result of the BNB bridge exploit. Back on October 7th, an attacker minted 2 million BNB, deposited 900k BNB as collateral to Venus, then borrowed other assets to launder as much money as possible. The attacker then bridged these tokens to other chains to cash out.

But don't panic just yet! There's a glimmer of hope. Venus DAO has voted to whitelist BNB Chain as the sole liquidator of the BNB exploiter address. While this won't entirely ease the pain, it's certainly better than nothing.

To give you a better understanding of what happened, Nansen has put together a handy guide to explain the hack in more detail.

Here are the key points to remember:

BNB's price needs to drop by 29% to $220 USD to trigger the liquidation on Venus.
The potential liquidation on Venus is worth a staggering $200 million and cannot be closed.
The liquidation is a result of the BNB bridge exploit, where an attacker minted 2 million BNB, deposited 900k BNB as collateral to Venus, then borrowed other assets to launder as much money as possible.
Venus DAO has voted to whitelist BNB Chain as the sole liquidator of the BNB exploiter address.

So, while it's not exactly smooth sailing for BNB holders, there's still hope that things won't be as bad as they seem. Keep an eye on the price movements, and let's hope for the best!

Crypto Update & Analysis

Arbitrum's Daily Transactions Surge 590% in 2 Months, Overtaking Ethereum:

Arbitrum, the popular layer 2 scaling system, has taken the crypto world by storm with its daily transactions surpassing Ethereum by a whopping 590% in just under two months!

Here are some juicy details about this amazing feat:

The number of daily transactions on Arbitrum has skyrocketed from 159,919 on Jan. 1 to over 1,103,398 at the time of press.
The total value locked on Arbitrum's network has also jumped by 81% since Jan. 1 to roughly $1.85 billion.
The number of unique addresses on Arbitrum’s network has reached an all-time high of about 2.95 million addresses.

Despite these impressive numbers, Arbitrum still lags behind Ethereum in terms of network fees. However, that hasn't stopped users from flocking to the platform in hopes of a potential Arbitrum airdrop.

And it's not just users who are excited about Arbitrum's success. Several financial applications have emerged on the network, such as Camelot, Vela Exchange, and Radiant Capital, all of which have seen their users and transactions increase by over 100% in the past 24 hours.

Overall, Arbitrum has made some serious waves in the crypto world, and it'll be exciting to see where this incredible platform goes next!

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3 Buzzworthy 🐝 things to watch this week:

Get ready to get buzzin', honeybees! Here are the top 3 headlines you need to keep your eyes on this week in the world of tech and finance:

Core PCE Inflation Steals the Show at 4.3% in Q4 2022!

The latest Q4 GDP reading showed that Core PCE inflation, the Fed's preferred measure, was higher than anticipated at 4.3%. Moreover, the overall core inflation was also adjusted upward to 4.8% from the earlier figure of 4.7%. Clearly, inflation just loves the limelight and continues to report numbers that exceed expectations and get revised even higher.

Montana Grants "Right to Mine" #Bitcoin with 37-13 Vote

In breaking news, the US state of Montana has passed a bill granting its citizens the "Right to Mine" #Bitcoin with a resounding vote of 37 to 13. This decision will allow Bitcoin miners to operate without facing any legal hurdles, further promoting the growth of cryptocurrency in the state. Way to go, Montana!

PolygonScan Offline, Binance USD Dips 20 Cents in Single Sell Order

Polygon nodes fell out of sync, causing the blockchain explorer PolygonScan to go offline. Binance USD experienced a drop of 20 cents against DAI stablecoin after a $647,000 market sell order. However, it quickly returned to its $1 peg once liquidity was restored. Meanwhile, XRP Ledger and RippleX proposed a new cross-chain bridge standard for Ripple and other networks.

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