Cryptocurrency
‘Massive’ crypto use cases to surface by 2030 — Coinbase exec
Coinbase launched Base, its new blockchain, in late July, and it has already become a major player among Ethereum-based layer-2 chains.
On Sept. 21, for instance, the chain notched some 677,000 transactions, with 870,163 “new addresses seen,” according to Etherscan.
By comparison, Arbitrum, a prominent layer 2 that launched in June 2021, had 925,000 transactions and 54,233 new addresses on the same day.
Base is now hosting hundreds of decentralized projects, Jesse Pollak, head of protocols at Coinbase, told Cointelegraph at Messari’s Mainnet conference in New York City on Wednesday, Sept. 20, including decentralized inflation oracles, restaurant rewards projects, an insurance aggregator and everything in between.
A major force behind the Base project, Pollak sat down with Cointelegraph at Mainnet for a Q&A encompassing Coinbase’s vision for its new platform, the rising promise of decentralized applications (DApps) and the evolution of blockchain technology.
Cointelegraph: You’ve said Base was created with a “clear vision: bring the next million builders and billion users on-chain.” Those are big numbers. How long will they take to achieve?
Jesse Pollak: It’s less about Base specifically and more about a billion users coming on-chain — embracing the power of this new platform [i.e., blockchain] that’s transparent, open, global — and developing apps that can improve people’s lives. Base is obviously going to play a big role in that, but it’s much bigger than just us. We really see our role as helping grow that pie.
CT: And the timeline?
JP: I see it happening this decade, i.e., one million developer jobs by 2030. There’s already been massive change in the 2020s — not just in the industry but the entire world. It’s going to happen faster than people might expect.
CT: What still needs to be done before we see mainstream adoption?
JP: Three high-level things need to happen. First, we need to make it cheaper for people to use these apps that are being built. We’ve done the first few orders of magnitude of cost reduction with Base. The same app might have cost $5 or $10 to use now costs 5 to 10 cents.
But we don’t think that’s enough. We really want to lower it so far that the cost is almost imperceptible to users.
Second, we want to make it easier for people to use these apps. A lot of that is building better wallet experiences.
Third, we need to have better identity infrastructure on-chain. Today, most consumer borrowing in the United States and other developed countries is under-collateralized borrowing in the form of credit cards or buy-now-pay-later arrangements. And almost none of this is possible on-chain now because we don’t have reliable identity systems.
So, to enable that next wave of big use cases, we’ll need lower costs, better wallets and better identity.
CT: You’ve said that what most people have done with crypto until now is speculate on the crypto markets, and it’s time to move on. Has it been a mistake to focus so much on the market price of Bitcoin, say?
Pollak: I don’t think it’s wrong if you look at the way that technology life cycles evolve. Carlota Perez, for instance, writes that financial bubbles are almost inevitable when you have meaningful technological innovation like the internet or electricity. You have this S-curve of adoption. [See chart below.] In the beginning, a lot of innovation is fueled by speculation as people see potential in the technology. This speculation draws in capital, which basically funds the innovation and eventually leads to impacts that change the world.
CT: Where are we now?
JP: We’ve reached the point where it’s time to move out of that [speculative] phase and into the phase of really bringing utility to everyday people. The infrastructure is ready.
Even two years ago, if you wanted to use an app on Ethereum, it was going to cost you $5 or $10 or $100. That’s just not something that is supportive of building everyday use cases.
CT: Speaking of Ethereum, why did Coinbase decide to build its layer 2 on the Ethereum blockchain? Did you ever consider using another mainnet?
JP: We actually looked three times at building a chain: In 2018 and 2020, and then most recently in 2023. And the first two times, we looked at building an alternative layer 1, one which would have been competitive with Ethereum. Our takeaway was we didn’t want to put ourselves on an island disconnected from the rest of the ecosystem.
The third time, we looked at all of the options: Ethereum, alternative layer 1s, layer 2s, etc. What felt natural to us about Ethereum was it is the largest crypto ecosystem by value, by activity, by developers — by order of magnitude or two — and so by building Base as an Ethereum layer 2, we could both contribute to scaling Ethereum and be a part of this ecosystem that’s larger than us.
CT: What about Ethereum’s oft-discussed scalability shortcomings, including network congestion and sometimes ballooning fees? Have those been largely solved through extensive use of layer-2 rollups like Optimism and Arbitrum (and now Base), where transactions are “batched” and added to the mainnet in a single lot?
JP: If you look at the history of Ethereum, the original vision was: We’re going to do all this at layer 1, and we’re going to scale up through sharding. But around 2020 and 2021, as layer 2s emerged, the Ethereum community and core development groups basically said: What if we changed our strategy where instead of trying to introduce all of this complexity at layer 1, we build the infrastructure to enable innovation at layer 2?
That was something that Vitalik [Buterin, Ethereum co-founder] wrote about a lot. And over the last two years, that’s what happened. Coinbase supported an initiative over the last year-and-a-half called EIP-4844, for instance, that introduced data availability for rollups, leading to reduced fees and more transaction throughput.
But do I think we’ve solved the problem? No. These things take years to solve, and I think we are now two to three years into making those investments, and we have another two to three years or more potentially to go. But I think we’ve made a lot of progress.
You can see this at L2Beat. [See chart below]. Two years ago [Sept. 21, 2021], there were eight transactions per second [on average] on layer-2 projects and 13 TPS on the Ethereum mainnet. Today, there’s 58 TPS on layer 2s and 11 TPS on the Ethereum mainnet. So we’ve gone from less than 1x to 5.7 times faster in two years.
CT: Are you surprised that a “buzzy” social media DAPP — Friend.tech — was initially Base’s biggest performer after its summer launch? Its fees surpassed $1 million in one 24-hour period. Still, maybe this wasn’t the serious use case that some critics were hoping for.
JP: Well, when the first social apps launched on the internet, some people looked at them and said, hey, these things are toys. When are we going to go do the serious stuff like bringing newspapers online? If you look at where we are today, social apps are used by billions of people every day. They will continue to be a way that people connect, and social apps will play a critical role on-chain.
What’s powerful about this next generation of on-chain social apps is that they will enable people to have sovereign ownership. They will continue to own their creativity, and they’ll continue to be in control — rather than the large corporations that are controlling them now.
CT: Can you tell us about a DApp launched on Base that excites you?
JP: Check out Blackbird, a customer engagement platform for restaurants. You walk into any participating restaurant, you tap your phone, and it instantly knows who you are. They customize the experience for you. Repeat visitors can earn rewards. It’s in 10 or 15 restaurants now in New York City but is soon expanding into California. A lot of people are talking about it on Twitter.
CT: Where will blockchain finally find its “killer app” — to do for the cryptoverse what email did for the internet? Or has it already emerged in your view?
JP: There won’t be one killer app. There will be many killer apps. We’re starting to see some of those emerge. The one with the most real-world adoption is stablecoins. If you look at the total volume of stablecoin transactions over the last year, it’s a massive number. It will be a big driver of economic freedom in the decade ahead. It gives people in places like Argentina or Turkey access to a stable currency like the U.S. dollar.
But stablecoins won’t be alone. We will see many on-chain applications that will change people’s lives for the better.
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[PRESS RELEASE – VILNIUS, Lithuania, July 4th, 2025]
BTCC, one of the world’s longest-operating cryptocurrency exchanges, today announced exceptional Q2 results for 2025, with total trading volume surpassing $957 billion and user base expanding to over 9.1 million globally. The milestone quarter was highlighted by BTCC’s 14th anniversary celebration in June.
Q2 Trading Volumes Surge with Strategic Product Expansion
BTCC’s remarkable $957 billion total trading volume comprised $107 billion in spot trading and $850 billion in futures trading, representing substantial growth from Q1’s $815 billion. The exchange strategically expanded its futures offerings by listing trending coins, including HUMA (Huma Finance), PLUME (Plume), and RESOLV (Resolv), while breaking new ground in tokenized assets by adding POPMART tokenized stock, a booming Hong Kong-listed company famous for its viral Labubu collectibles.
“Q2 2025 showed the resilience and maturity of both our platform and the broader crypto ecosystem,” said Alex Hung, Head of Operations at BTCC. “Even with market fluctuations, we achieved exceptional performance with over 9.1 million registered users now trusting our platform while staying committed to user protection.”
Beyond trading volume growth, BTCC reinforced its commitment to user safety by strengthening its Risk Reserve Fund with an additional $1.8 million, bringing the total to over $16.8 million.
Enhanced Transparency with Monthly Proof of Reserves Reports
In addition to strengthening security measures, BTCC took a major step forward in transparency by releasing monthly Proof of Reserves reports throughout Q2. The total reserve ratio across major currencies, including BTC, ETH, XRP, USDT, USDC, and ADA, consistently exceeded industry standards, with April reaching 161%, May maintaining 152%, and June achieving 135% — all significantly above the 100% industry benchmark.
Upgraded Demo Feature and Anniversary Milestone
Complementing its transparency efforts, BTCC enhanced its beginner-friendly platform with an upgraded demo trading feature that allows users to self-service top-ups of up to 500,000 USDT per week for expanded practice trading opportunities.
Building on these user-focused improvements, June 2025 marked BTCC’s 14th anniversary, a milestone celebrated with the launch of the platform’s first-ever user badge program featuring the exclusive “14 Years of Momentum” badge. Badge holders can enjoy ongoing exclusive benefits, including airdrops, special campaigns, and community recognition.
“Our 14th anniversary celebration was particularly meaningful as it honored users who have trusted us through various market cycles,” said Alex Hung. “The badge program is our way of giving back to the community that has been with us on this incredible journey.”
Global Community Engagement Takes Center Stage
Extending beyond the platform, BTCC brought the crypto community together offline with a major presence at TOKEN2049 Dubai as gold sponsor in April, hosting an exclusive desert safari tour and a VIP yacht party featuring top crypto influencers.
The exchange also demonstrated its commitment to social responsibility by partnering with Red Eagle Foundation to facilitate Bitcoin donations at the Legends Golf Day charity event in April.
Strategic Roadmap for Continued Excellence
Building on Q2’s achievements, BTCC plans to launch a comprehensive Trading Info Center in Q3, with the Quick Updates section going live in July. The exchange is also advancing its Futures Pro platform, currently in beta, with plans to roll out additional features and system optimizations.
“Our upcoming Trading Info Center represents our commitment to user-centric services, providing users with the tools they need to navigate this dynamic market successfully,” said Alex Hung. “As we enter the second half of 2025, BTCC remains committed to platform enhancement while maintaining the trust and security standards that have defined our 14-year journey.”
Looking ahead, BTCC is preparing for major community engagement initiatives, including an offline summer festival in Japan and a strategic athlete sponsorship scheduled for August 2025.
As BTCC continues to evolve and adapt to the changing cryptocurrency landscape, the exchange remains steadfast in its mission to provide secure, reliable trading services that aim to empower users to succeed in their crypto trading journey.
About BTCC
Founded in 2011, BTCC is one of the world’s longest-serving cryptocurrency exchanges, offering secure and user-friendly trading services to millions of users globally. With a commitment to security, innovation, and community building, BTCC continues to be a trusted platform in the evolving cryptocurrency landscape.
Website: https://www.btcc.com/en-US
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Ethereum remains range-bound between the 100-day and 200-day moving averages, signalling a consolidation phase.
However, a decisive breakout in either direction will likely define the next major trend, with market sentiment leaning toward a potential bullish breakout in the coming days.
By Shayan
The Daily Chart
ETH is currently consolidating between the 100-day and 200-day moving averages, entering a decisive phase in its price action.
After breaking above the pivotal 200-day MA around $2.5K, an area that has acted as strong resistance in recent weeks, the price has pulled back to retest this level. This pullback is crucial: if bullish demand resurfaces and holds ETH above this moving average, it would likely ignite another leg upward, targeting the $2.8K resistance zone.
For now, the cryptocurrency appears to be range-bound between $2.5K and $2.8K, and a clear breakout from this zone will likely set the stage for the next significant trend direction. Market participants are closely watching for a bullish continuation, which could solidify ETH’s reversal structure.
The 4-Hour Chart
On the lower timeframe, ETH’s recent rally encountered resistance at a key bearish order block between $2625 and $2670, where sellers re-entered the market. This rejection has pushed the price back toward the $2.5K support level, a historically significant zone for ETH.
This area now serves as a crucial battleground. If buyers manage to defend it, Ethereum could regain momentum and reattempt a breakout above the overhead supply.
However, failure to hold $2.5K could trigger extended consolidation or even a retracement toward lower supports.
By Shayan
The funding rate remains a key indicator of market sentiment in Ethereum’s futures market. In a healthy uptrend, this metric typically trends upward, reflecting increasing confidence and positioning from long-biased traders in both spot and perpetual markets.
Currently, however, ETH’s funding rates have been declining amid price consolidation between the 100-day and 200-day moving averages. This suggests reduced bullish conviction and signs of buyer exhaustion, raising the likelihood of continued short-term sideways movement.
For Ethereum to break above the critical $2.6K and $2.8K resistance zones, stronger demand must flow into the derivatives market, lifting the funding rate to more positive levels. Until that shift materializes, the consolidation phase is likely to persist.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
This acquisition from Nano Labs comes following their accumulation of Bitcoin, which is also part of their corporate treasury.
According to the most recent data from BitcoinTreasures, the company has exactly 1,000 BTC stashed, ranking it 31st in the list of corporate treasuries holding the leading asset.
A New Crypto Asset For Corporate Treasures
Nano Labs Ltd., a Chinese company specializing in the production of mining chips and Web3 infrastructure, which is publicly traded on the NASDAQ, has shared a press release stating that it has purchased 74,315 Binance Coin (BNB).
The price per coin averaged $672.45, and the total transaction is valued at about $50 million.
The native token of the leading crypto exchange is currently the fifth-largest by market cap, according to current CoinGecko data, hovering around the $100 billion mark.
CryptoPotato recently reported on Nano Labs’ intention to acquire BNB through a $500 million convertible note deal.
Encouraging the initiative, Binance founder Changpeng Zhao (CZ) disclosed that neither he nor any of his affiliates took part in the fundraiser, though he “remains extremely supportive.”
The company also plans to apply for a stablecoin license in Hong Kong and has specifically mentioned building regulatory frameworks for BTC & BNB.
With this purchase, their total reserve of digital currencies is around the $160M mark, which includes Binance Coin and Bitcoin.
This makes Nano Labs the first publicly traded company to hold BNB in its reserves, but others are also following suit.
Before the end of last year, the company also announced that it had begun accepting payments in Bitcoin.
“Nano Labs’ acceptance for payments in Bitcoin aligns with its long-term vision of staying at the forefront of technology advancements and delivering added value to clients worldwide. With this new capability, the Company is positioned to attract a broader range of partners and customers who value progressive financial options.”
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