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Solaxy ($SOLX), the first Solana Layer-2-based solution, has raised over $16.3 million in its presale, highlighting strong investor demand This achievement comes amid a surge in activity on Solana’s meme coin launchpad, Pump.fun, which recorded a staggering $3.3 billion weekly trading volume.  Much of this surge was driven by a wave of Trump-themed meme coins following the surprise launches from the new U.S. president, which led to network congestion on the Solana blockchain. Investors are increasingly turning to Solaxy as a promising solution to these ongoing issues. By processing transactions off the main Layer-1 chain, Solaxy aims to alleviate congestion, lower transaction fees, and expedite processing times – critical improvements for the network’s scalability. The Solana community has welcomed this solution, fueling the rapid acquisition of $SOLX tokens since the presale’s launch just over a month ago. Currently, the pric...

Coinbase has rolled out trading support for the brand-new native token of an Ethereum (ETH) layer-2 restaking protocol. Customers at the top US crypto exchange can now buy and sell SWELL, which launched on Thursday. SWELL is the governance token for the Swell Decentralized Autonomous Organization (DAO), which manages the development and growth of the restaking protocol. SWELL also secures the project’s layer-2 infrastructure. Explains the project’s whitepaper, “Swell’s mission is to create a more secure, decentralized and transparent financial future for the world that does not discriminate or censor economic freedom. The beginning of that journey for Swell starts with continuing to advance liquid staking as one of the fundamental building blocks of modern-day decentralized finance (DeFi) that is composable and fully integrated with the Ethereum ecosystem.” Coinbase added the “experimental label” to SWELL, which the platform assign...

Coinbase reached has reached 136,000 daily users following the announcement of its new blockchain. According to Dune Analytics, nearly 30% of the daily users on August 10 were new users , representing 42,000 of the total. On July 31, the company reached 60,000 new users . Coinbase’s layer-2 daily users | Source: Dune Analytics CryptoRank showed that Base currently stands in the 4th position for daily transactions, behind zkSync Era, Arbitrum and Optimism. Base Now Ranks 4th in Daily TPS Among Layer 2 Solutions #Base Layer 2 launched its mainnet yesterday and is showing robust growth in active users and transactions. Now it ranks 4th by daily TPS (Transaction per second). pic.twitter.com/pnYF0tk7b0 — CryptoRank Platform (@CryptoRank_io) August 10, 2023 Coinbase launched the beta version of its new project, known as Base, on February 23. The ecosystem has over 100 decentralized applications (dapps) and service providers. The mainnet version for developers and b...

Token incentive models may become obsolete as layer-2 networks focus on ease of functionality and low fees, but how will this impact decentralization? Layer-2 networks continue to gain momentum as the Ethereum ecosystem advances. For example, data from analytics provider Token Terminal found that layer-2 scaling solution Polygon had 313,457 daily active users as of Jan. 17, 2023 — a 30% increase in activity since October 2022.  Moreover, the Polygon ecosystem recently announced the launch of its beta version Zero-Knowledge Ethereum Virtual Machine. As a result, Polygon’s native token, Polygon (MATIC), maintains a bullish narrative. While notable, some believe layer-2 networks offering token incentive models may soon become obsolete. For instance, Jesse Pollak — head of protocols and Base core contributor at American crypto exchange Coinbase — told Cointelegraph at ETHDenver 2023 that there are currently no plans to associate a token with Base, the Ethereum layer-2 network recently la...