Coinbase’s Base Layer 🔵, 3AC’s Prized Portfolio 🖼️, Sushi to Sei 🍣

Coinbase has launched a brand new L2, Base, leveraging Optimism's OP Stack. 

Sign Up|Jobs|Advertise|View Online TLDR Daily Crypto Update 2023-02-24 📈 Markets & Business Coinbase Announces New L2 Base (4 min read) Coinbase has launched a brand new L2, Base, leveraging Optimism's OP Stack. Initially launching on testnet, Coinbase's goal with Base is to bring a scaling solution to market that makes it even easier for developers to build dapps. Coinbase will join Optimism as a core developer, and the firm announced the Base Ecosystem Fund which will invest in projects building on Base. Base will provide easy and secure access to Ethereum, other L2s, and even other L1 ecosystems like Solana, and apparently, no new network token will be issued. Spotify is Testing Exclusive Playlists for NFT Owners (2 min read) Spotify is testing a feature that requires NFT ownership to unlock certain playlists in a pilot experiment with Kingship, Fluf, Moonbirds and Overlord. The experiment seems to be currently limited to Android users in certain countries, and Spotify has not commented on future plans for the feature. Its next Stream On event is coming up soon on March 8th, but there's no guarantee there will be any announcements of this feature there. 🚀 Innovation & Launches Synthetix V3 is on Mainnet (3 min read) Synthetix V3 has been deployed on Ethereum Mainnet and Optimism after a successful security audit from Open Zeppelin, Iosiro, and Macro. It is a protocol that creates an "API for liquidity" for markets, allowing for the creation of derivatives that are secure and scalable. The V3 plan includes the ability for the system to back the Synthetix V2 system via the "legacy market". This deployment does not have any markets attached to it yet, but it can generate a collateralized debt position and integrates with Chainlink's CCIP for cross-chain stablecoin transfers. Sushi Plans Derivatives Exchange on Sei Blockchain for Second Quarter (2 min read) Sushi plans to launch Vortex, a decentralized derivatives exchange supporting on-chain, peer-to-peer derivatives trading and cross-collateral, on the Cosmos-based Sei blockchain in Q2 of 2023. It will support on-chain, peer-to-peer derivatives trading and cross-collateral, and is part of Sushi's plan to expand its offerings cross-chain. 💡 Guides & Tutorials Tiers of Transaction Finality for Rollups (7 min read) With Arbitrum, Optimism, and the general L2 narrative in full force, you may be curious how transactions on these L2s actually work and are finalized. Transaction finality on a rollup has 3 different stages: sequencer's promise, order finality, and execution settlement. This article dives into how transactions actually progress through these stages to help you understand how rollup transactions operate. Some of the Best Twitter Follows with Under 15k Followers (2 min read) Crypto Twitter is full of rich content, but sometimes it's easy for quality content to get lost in the noise, making it difficult to find new accounts to follow. This thread highlights 30+ small accounts ranging from fundamentals-focused to traders to DeFi researchers. 🦄 Miscellaneous 10T's Tapiero Launching Crypto PE Firm Backed by Alan Howard (4 min read) Dan Tapiero of 10T Holdings is launching 1RoundTable, a crypto private equity fund, backed by the likes of hedge fund billionaire Alan Howard and other prominent investors. Tapiero plans to raise $1B for the fund to acquire "discounted" digital asset equity. It seeks to bridge the gap between the old world and the new world, giving people exposure to the digital asset ecosystem without the volatility of single-token exposure. Circle Still Wants To Go Public — And It's Hiring Soon (2 min read) Circle, the issuer of the second-largest stablecoin USDC, plans to increase its staff by 15% to 25% as it focuses on operational growth this year. The firm currently employs 900 people. Circle may go public this year, depending on market conditions, however, its original plans from 2021 were not approved by the SEC. Its stablecoin USDC is currently sitting at 31% market share, compared USDT, which holds 50%+ market share and generated $700 million in profit last quarter. ⚡ Quick Links Crypto Manifest Destiny (9 min read) As easy as it is for crypto natives to feel like the space is on the cusp of global adoption, we're likely still a ways away. This article lays out crypto's "manifest destiny" and outlines a perspective on where we are in the journey. Ransomware Gang Conti Has Re-Surfaced and Now Operates as Three Groups: TRM Labs (4 min read) After seemingly ceasing operations, addresses related to the notorious ransomware group Conti remained active as Conti allegedly branched into three smaller groups: Black Basta, BlackByte, and Karakurt. 3AC's NFT Collection to be Put Up for Sale by Lliquidator (3 min read) A collection of prized NFTs owned by the failed hedge fund Three Arrows Capital is going on sale, offering a basket of blue chips for collectors with a value estimated at around $6.4 million. DoJ Refers to ETH and BTC as Commodities in SBF's New Bank Fraud Charges (1 min read) SBF was hit with additional bank fraud charges in a new indictment, and the documents outlining the charges contained some interesting nuggets such as referring to ETH and BTC as commodities. If you are in a hiring position, you may want to hire crypto talent through our free job board. If your company is interested in reaching a crypto-savvy audience, you may want to advertise with us. If you have any comments or feedback, just respond to this email! Thanks for reading, Dan If you don't want to receive future editions of TLDR Crypto, please click here to unsubscribe.