Major Infrastructure Shift in Base

Coinbase announced a significant change to the infrastructure of its Ethereum Layer-2 network, Base. According to the statement, Base will transition away from the OP Stack architecture—originally developed by Optimism—and adopt a fully independent “unified Base stack” under Coinbase’s direct control. As part of this transition, node operators will need to follow new releases published in Base’s own GitHub repository instead of relying on Optimism’s versions. The company stated that further technical details regarding the migration process will be shared in the coming period.

After Coinbase announced its departure from the OP Stack architecture, OP token prices fell sharply. The market interpreted this move as a potential loss of usage and influence for the Optimism ecosystem. Base was initially built on Optimism’s OP Stack and had been considered an important collaboration model within the Layer-2 landscape. However, Coinbase’s decision to shift toward greater independence has increased expectations of structural changes within the ecosystem.

Why the Separation?

Coinbase explained that the current model had evolved into a complex structure with numerous external dependencies. While integrations with ecosystem players like Flashbots and Paradigm introduced new features, they also made the development process more complicated.

With the new unified Base stack, the company aims to:

• Consolidate all development into a single infrastructure
• Build a simpler and more controllable system
• Implement faster and more independent update processes

Although Coinbase acknowledged that OP Stack technology played a crucial role in Base’s growth, it emphasized that future development will follow a more autonomous and agile approach.

More Frequent Updates and Independent Development

Under the new architecture, Coinbase plans to adopt a more flexible update model. Instead of three major hard forks per year, the company intends to implement smaller but more frequent updates—approximately six controlled hard forks annually. This strategy aims to reduce the accumulation of technical risks and ensure a more stable system. Additionally, the protocol codebase will be streamlined to focus solely on Base network needs. This approach is expected to provide developers with a clearer infrastructure and allow new features to be implemented more quickly.

Aligned with Coinbase’s philosophy that “Base wins when Ethereum wins,” certain major updates may be tested on Base before being integrated into the Ethereum mainnet, providing valuable ecosystem data. Despite these technical changes, Coinbase emphasized that no immediate action is required from users. Base will continue operating in compatibility with the OP Stack specification for now, and existing RPC services will remain supported. Therefore, no short-term disruption in user experience is expected.

Evaluation

Coinbase’s decision to transition Base to a fully independent infrastructure is seen as a development that could reshape the Layer-2 ecosystem. The sharp drop in OP’s price following the announcement indicates that the market interpreted the separation as a significant signal. In the coming period, how Base’s new architecture evolves—and how the Optimism ecosystem responds—will likely become one of the key factors determining the direction of competition among Ethereum Layer-2 solutions.

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Critical Decision from Optimism Governance

The governance decision is considered a major transformation for the token economy. According to on-chain governance data, the proposal was approved with 84.4% of votes after several days of thorough discussion among delegators and OP token holders. This high level of support indicates strong consensus among ecosystem participants regarding the buyback plan. Following the approval, the OP token experienced a minor pullback over the past 24 hours, which analysts interpret as a short-term market reaction.

The approved plan states that the Optimism Foundation will use 50% of net Superchain sequencer revenues for regular OP token buybacks during a 12-month pilot period starting in February. The remaining revenue will continue to be allocated for ecosystem funding, grants, and operational expenses. This marks the first official initiative by Optimism to directly tie OP token demand to economic activity on the network.

Strengthening the Link Between Superchain and OP Token

The Superchain consists of OP Stack-based networks such as OP Mainnet, Base, Unichain, World Chain, Soneium, Ink, and others, forming an expanding multi-chain ecosystem. This structure lies at the core of Optimism’s scalability vision and drives increased network activity. Previously used primarily as a governance token, OP now gains a new economic function through the buyback mechanism. As transaction volume and usage on Superchain increase, the funds allocated for buying OP tokens from the open market will also grow, directly linking token demand to network activity.

Revenue Data and Token Handling

According to data shared by the Optimism Foundation, Superchain sequencers generated approximately 5,900 ETH in revenue over the past year. With new chains going live and network activity rising, this figure is expected to increase further. OP tokens acquired through the buyback will be held in the Optimism Collective treasury. The proposal does not require tokens to be burned or removed from circulation. Future use of these tokens—for staking, incentives, or potential burns—will be determined through subsequent governance decisions.

Optimism’s buyback program represents a shift from using OP solely as a governance tool to a model where the token is directly linked to network revenues. This approach is seen as an important step that could reshape the long-term value dynamics of the OP token.

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What is Optimism (OP)?

Optimism is a Layer-2 scaling solution developed to enhance the Ethereum network. By reducing transaction fees while improving speed and efficiency, the OP network enables Ethereum-based applications to operate faster and at lower costs. Serving as critical infrastructure for DeFi, NFT, and Web3 projects, Optimism is rapidly gaining popularity among developers and users alike.

Robinhood’s Crypto Expansion

Robinhood US is widely known for its user-friendly interface tailored for retail investors in the US. In recent years, the platform has aggressively expanded into the crypto space. The listing of OP:

• Offers new investment opportunities to its user base.
• Increases the visibility of the Optimism ecosystem.
• Strengthens Robinhood’s position in the US crypto market against competitors like Coinbase and Kraken.

The listing of OP on Robinhood US could boost the token’s liquidity and provide easier access for US-based retail investors. This development may lead to increased trading volumes and price movements in the short term. Furthermore, Robinhood’s regulatory-compliant structure stands out as a factor that reinforces investor confidence.

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The platform serves as the liquidity hub within the Optimism ecosystem, providing liquidity providers with flexible trading and high efficiency. By locking VELO tokens, users receive veVELO NFTs, enabling them to vote on liquidity incentives and contribute to platform growth. It is a DeFi-focused AMM built on Web3 infrastructure with an NFT-based governance system. 

Team 

Velodrome Finance is managed by an anonymous team. Limited public information is available about the founders, though Alexander Cutler is a notable contributor. The project gained support from various communities and protocols at launch, with its strategic positioning on the Optimism network enhancing its ecosystem importance. 

Investors & Supporters 

Optimism Foundation: Largest strategic supporter, locking 35 million veVELO tokens to strengthen liquidity infrastructure. Provides multiple grants for open-source tool development and ecosystem growth. 

• Strategic Partnerships 

Frax Finance: Launch partner, early listing of $FRAX and $FXS pairs on Velodrome. 

Revest Finance (Resonate): Collaboration since September 2022, enabling LP positions tokenization as FNFTs and yield futures integration. 

Inverse Finance DAO: Deepened liquidity on Velodrome via “Velo Fed” and gained voting power with veVELO locking. 

• Protocol Partnerships 

Velodrome collaborates with numerous DeFi protocols within the Optimism ecosystem to provide capital-efficient liquidity and reinforce its role as the primary liquidity center. 

Project Concept 

Velodrome introduces innovative approaches to liquidity pools and swap mechanisms in DeFi. Combining the strengths of Curve, Convex, and Uniswap, it aims to offer users efficient token swaps and high-yield liquidity provision. 

How It Works 

Velodrome is based on two main tokens: VELO and veVELO. 

1. Liquidity Pools: Users provide liquidity by depositing tokens into pools, earning transaction fees and VELO emissions. 
2. veVELO (Governance Token): Obtained by locking VELO tokens, veVELO NFTs give holders voting rights on which pools receive more token emissions, directing liquidity where it’s most needed. 
3. Transaction Routing: Utilizes Optimism Layer-2’s low fees and high speeds for fast and economical user experience. 

Roadmap & Key Milestones 

• Launch (June 2022): Velodrome Finance officially launched on June 2, 2022. 
• Security Audits (2023): Underwent comprehensive audits by Spearbit in February and May 2023. 
• Velodrome V2 (June 2023): Released on June 22, 2023, adding concentrated liquidity, dynamic fees, and emission rates to enhance efficiency and user experience. 
• Upcoming 2025 Features: SoFinQ Trading Competition, Transact Cloud Integration, Profit Sharing, Tron Chain & Wallet Integration, B2B Crypto Partnership, Airline Industry Integration, New PayFi powered by AI. 
• Future Projects: AI Agent, PLG Token Listing, Yield Stable Coin Support, XRPL & Solana Chain Integration, Multi-Chain Wallet, Redesigned Web App, Trader Network Expansion, PayFai Infrastructure Expansion. 

What is the VELO Token? 

VELO is the native utility token of Velodrome Finance, operating on the Optimism network. It plays a vital role in liquidity mining, governance, and incentive mechanisms within the DeFi ecosystem. 

• Liquidity Mining: Users earn VELO rewards by providing liquidity to pools. 
• Governance: VELO holders can lock tokens to obtain veVELO governance NFTs, enabling participation in key protocol decisions. 
• Incentives & Ecosystem Support: VELO tokens are used to boost pool efficiency and fund grants for developers and partners. 

Token Details 

• Network: Optimism (Layer 2 Ethereum solution) 
• Total Supply: 2.17 billion (may be inflationary) 
• Circulating Supply: Approx. 915 million (variable) 
• Uses: Liquidity rewards, governance voting, protocol incentives 

Token Distribution (Total Supply: 400M VELO) 

• Community – 240M (60%) 
• $WEVE holders: 108M (27%) 
• Optimism users: 72M (18%) 
• Cross-chain DeFi users (Curve, Convex, Treasure DAO, Platypus, Redacted Cartel, Eminence Finance): 60M (15%) 
• Partner Protocols – 96M (24%) distributed via grants and partnerships to 10–15 strategic protocols 
• Velodrome Foundation – 40M (10%) fully locked as veVELO, earning 3% of emissions 
• Optimism – 20M (5%) locked as veVELO, given for ecosystem support 
• Genesis Liquidity Pools – 4M (1%) initially allocated to VELO–USDC pool at launch 

Ecosystem 

• Next-gen AMM combining Curve, Convex, and Uniswap strengths 
• Focused on Optimism network as primary liquidity hub 
• Incentives for liquidity providers (LPs) with VELO rewards 
• Community-driven governance via veVELO NFTs 
• Capital-efficient liquidity distribution to foster ecosystem growth 

Official Links

• Website 
• Twitter
• Medium 
• Discord 

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Circle’s IPO Plan and Financial Standing

According to Circle’s April 1 Form S-1 filing, the company will offer Class A common stock to investors. However, the number of shares and the initial IPO price remain undisclosed.

Financial records reveal that Circle generated $1.67 billion in revenue for 2024, marking a 16% increase compared to the previous year. However, net income dropped 41.8% to $155.6 million.

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Coinbase, Circle’s primary distribution partner, received $908 million in payments for circulating USDC, highlighting a significant cost in the company’s balance sheet.

More than 99% of Circle’s revenue is derived from stablecoin reserves, with additional earnings from interest-bearing Treasury bills.

Circle’s Crypto Holdings and Market Position

In addition to its stablecoin reserves, Circle holds several crypto assets, including:

• $6.2 million worth of Bitcoin
• $5.6 million worth of Sui
• $3.3 million worth of Ethereum
• Other holdings include Sei, Aptos, and Optimism

USDC remains the second-largest stablecoin with a $60.1 billion market capitalization, trailing behind USDT, which holds $143.9 billion in market value.

Circle’s Previous IPO Attempts

This is not Circle’s first attempt at going public. The company initially sought to go public via a SPAC merger in 2021, but the plan was abandoned in December 2022. Later, in January 2024, Circle reportedly filed for an IPO confidentially with the SEC.

Additionally, on March 25, Circle became the first stablecoin issuer to receive regulatory approval in Japan, launching USDC on the SBI VC Trade exchange the following day.

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Visa Integration for Crypto Payments

World Network is building an ecosystem that enables self-custody wallets to connect directly with Visa’s merchant network. The new service would offer stablecoin payments, foreign exchange services, fiat on and off-ramps, and a variety of fintech applications.

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Tools for Humanity has submitted a product request form to Visa and other card issuers. In addition, World Network has been in discussions with Rain, a crypto card provider backed by Coinbase and Circle, which offers Visa cards for projects like Optimism and Avalanche.

Turning World Wallet Into a “Mini Bank Account”

A source familiar with the plans stated that the goal is to turn World Wallet into a “mini bank account,” allowing users to trade FX and crypto, load and send funds, and spend directly from their card. The source added that Sam Altman’s significant resources and influence might pose a competitive challenge to other wallet providers.

World Chat and Biometric Data Concerns

Earlier this month, World Network announced its World Chat application, enabling users to transfer cryptocurrency between accounts within the network. Meanwhile, the Worldcoin Orb, which scans users’ irises for biometric identification, has remained controversial since its 2021 launch.

Major payment networks like Visa and Mastercard are intensifying collaborations with crypto projects to expand their role in digital assets. A potential partnership between World Network and Visa could mark a significant milestone in this trend.

Representatives from Tools for Humanity, Rain, and Visa declined to comment on the matter.

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Bitcoin Intraday Key Levels

BTC/USD has lost 2.91% in the last 24 hours and is currently trading at $86,237. Bitcoin (BTC) continued its decline after losing the $92,053 support. To regain momentum, it must close above the $92,053 resistance level. Support levels: $85,414 – $81,337. Resistance levels: $92,053.

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Ethereum (ETH): ETH/USDT has dropped 5.93% in the last 24 hours and is now trading at $2,349. Support levels: $2,366 – $2,162. Resistance levels: $2,532 – $2,724.

Stacks (STX): STX/USDT has gained 11.28% in the last 24 hours and is currently trading at $0.878. Support levels: $0.815 – $0.745. Resistance levels: $0.885 – $0.978.

Optimism (OP): OP/USDT has risen 8.45% in the last 24 hours and is trading at $1.185. Support levels: $1.049 – $0.933. Resistance levels: $1.212 – $1.319.

dogwifhat (WIF): WIF/USDT has increased 7.70% in the last 24 hours and is now trading at $0.610. Support levels: $0.546 – $0.503. Resistance levels: $0.622 – $0.719.

Trending Coins

The most trending coins in the last 24 hours: MyShell (SHELL), KAITO (KAITO), Story (IP). Top gainers: KAITO (KAITO), Safe (SAFE), Aethir (ATH). Top losers: BTSE Token (BTSE), LCX (LCX), Tokenize Xchange (TKX).

Bitcoin Liquidation Map

The 12-hour Bitcoin liquidation map highlights key levels: Upside: $86,992 level with $12.93 million in liquidation. Downside: $83,576 level with $30.36 million in liquidation.

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Upcoming Lock Expansions and Details

February 7, 2025

• SUI (Sui): SUI 378,060 ($1.29M) → Market capitalization impact: 0.01
• WLD (Worldcoin): 3.42M WLD ($4.32M USD) → Market capitalization impact: 0.33

February 9, 2025

• SEI (Sei): SEI 5.24M ($1.44M) → Market capitalization impact: 0.11
• TIA (Celestia): TIA 998,404 ($3.71M) → Market capitalization impact: 0.19

February 10, 2025

• GT (GateToken): 6.67M GT ($156.13M) → Market capitalization impact: 7.51

February 12, 2025

• AXL (Axelar): AXL 12.46M ($6.26M) → Market capitalization impact: 1.35

February 14, 2025

• OP (Optimism): 24.16M OP ($28.34M) → Market capitalization impact: 1.49
• PRIME (Echelon Prime): 1.66M PRIME ($9.34M) → Market capitalization impact: 3.04
• CPOOL (Clearpool): 6.86M CPOOL ($1.61M) → Market capitalization impact: 0.93

February 16, 2025

• DYDX (dYdX): 8.35M DYDX ($6.70M) → Market capitalization impact: 1.14

Possible Market Impacts

The upcoming token lock expansions are at remarkable levels, especially for large projects such as GT (7.51%) and OP (1.49%). Large-volume expansions can put selling pressure on the market and lead to price volatility.

Lower-impact expansions such as WLD, TIA and SEI may partially affect prices, but are not expected to create major selling pressure. However, it is important for investors to closely monitor the volume and price movements of these tokens.

On the other hand, tokens with moderate impact, such as DYDX and AXL, may be priced with the whale movements of large investors. It is critical for traders to be wary of potential sell-offs in the market.

This kind of key breakout data provides investors with important information when formulating their strategies. It is of great importance to follow the market movements after the lock-ups and to be prepared for possible price fluctuations.

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Key Intraday Levels for Bitcoin

The BTC/USDT pair has gained 1.30% in the last 24 hours and is currently trading at $94,841. Bitcoin (BTC) quickly recovered after briefly dropping below the previously highlighted $92,503 support level. The next resistance is at $94,703, while support levels stand at $93,138 and $92,503.

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Ethereum (ETH): The ETH/USDT pair has lost 0.34% in the past 24 hours, trading at $3,300. The resistance levels for Ethereum are $3,440 and $3,535, while the support levels are $3,290 and $3,217.

Pudgy Penguins (PENGU): The PENGU/USDT pair has surged 5.67% in the last 24 hours, now trading at $0.035000. The resistance levels are $0.036890 and $0.039508, with support levels at $0.031381 and $0.025461.

NEAR Protocol (NEAR): The NEAR/USDT pair has gained 1.72%, trading at $5.08. The resistance levels are $5.21 and $5.62, while the support levels are $4.87 and $4.53.

Optimism (OP): The OP/USDT pair is up by 1.17%, trading at $1.79. The resistance levels are $1.82 and $1.88, while the support levels are $1.71 and $1.62.

Trending Coins

Top trending coins in the last 24 hours include:

• Pippin (PIPPIN)
• ai16z (AI16Z)
• Usual (USUAL)

Top Gainers:

• ChainGPT (CGPT)
• aixbt by Virtuals (AIXBT)
• Krypton DAO (KRD)

Top Losers:

• Gas (GAS)
• THORChain (RUNE)
• SPX6900 (SPX)

Bitcoin Liquidation Map

The 12-hour liquidation map reveals these critical zones:

• Upper Side: $95,793 with a $42.71M liquidation
• Lower Side: $91,672 with a $56.23M liquidation

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Henrik Andersson, the investment director at Apollo Crypto, linked this surge to increasing demand for assets and stablecoins within the DeFi ecosystem. He highlighted that the rise in the ETH/BTC ratio and growing on-chain yields contributed to this momentum. Additionally, Andersson noted that when Bitcoin approaches the $100,000 threshold, Ethereum and DeFi tokens typically show increased activity.

Uniswap’s Leading Networks

• Arbitrum: Leads with a trading volume of $19.5 billion.
• Base: Follows with $13 billion.

Uniswap also collected $90 million in fees during November, outperforming protocols like Pump.fun and Tron.

UNI Token Gains Strength

Uniswap’s native token, UNI, surged by 42% in the past week, reflecting the protocol’s heightened activity. Currently trading at $12.58, UNI outperformed decentralized exchange tokens like Raydium (-2.2%) and Jupiter (7.7%).

This record-breaking volume signals the potential for the Ethereum ecosystem to enter a long-awaited growth phase. Rising DeFi interest, increased stablecoin usage, and higher on-chain yields point to a promising future for the ecosystem.

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