‘Layer 2 weekly’ — Tokenlon Weekly, 03 March
From the Tokenlon Team
The security audit on the Tokenlon Limit Order protocol has been completed by decurity.io. Our users can now trade with even more confidence than before with us!
Coinbase unveils L2 network
Crypto exchange Coinbase has launched a new Layer 2 network called Base to provide secure, low-cost, and developer-friendly access to decentralized applications. Base is built using Optimism’s OP Stack and will not be limited to Ethereum, but will provide access to other blockchain ecosystems such as Solana.
Coinbase plans to progressively decentralize the chain over time and will allow developers to directly integrate their products with Base, providing fiat on-ramps.
However, the launch of the test network for Base had a rough start on Thursday, with users reporting problems related to an issue with Coinbase wallets and high demand that overwhelmed the protocol.
Despite the temporary shortcomings, Coinbase’s expansion into Layer 2 further strengthens our belief that L2’s have a promising future
Read more about BASE here https://help.coinbase.com/en/coinbase/other-topics/other/base
Market falls on Silverbank doubts
Several crypto exchanges, including Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy, and Gemini, have announced they will suspend Automated Clearing House (ACH) transfers and other business operations with Silvergate Bank, a crypto-friendly bank, after the bank announced it would have to review its books with auditors and warned of several headwinds.
The bank’s share price has fallen by more than 50% to an all-time low. The bank warned that it faced possible inquiries from bank regulators and the U.S. Department of Justice, and its ability to “continue as a going concern” over the next year may be affected.
- Bitcoin and ether both dropped more than 5% as customers fled crypto bank Silvergate, whose stock tumbled 58% during U.S. trading on Thursday.
- The other 10 largest cryptocurrencies by market cap saw declines similar to BTC and ETH’s.
- The rapid sell-off took a toll on major crypto exchange Coinbase, which began experiencing connectivity issues in the morning, Hong Kong time.
- Bitcoin’s price fell to an intraday low of $22,020 as Asia trading hours began
- Ether saw a similar pattern, falling to $1,550
The status of Silverbank is currently still unknown, despite the speculation that drove the market downwards.
ArbiSwap rugpulls 69 ETH
ArbiSwap, a decentralized exchange built on Ethereum Layer-2 Arbitrum, has been accused of rug-pulling users after removing over $100,000 from its liquidity pools. ArbiSwap’s native ARBI tokens fell from $1.50 to a fraction of a cent in 24 hours, with the developers accused of minting a trillion fake tokens and swapping them for USDC and ETH while controlling the project’s liquidity pools.
The move is a textbook rug pull, a scam carried out by developers who launched a working decentralized finance application, carried out social media marketing, and then disappeared with investors’ funds. The rogue developers have been able to steal around 69 ETH ($113,160) by moving the stolen funds through Ethereum-based mixer Tornado Cash.
Please do your own research before investing. As a decentralized exchange ourselves, Tokenlon provides full transparency on our LON tokenomics, weekly reports, and community vaults among others. You can read them here.
Tokenlon Product & Community
- The Tokenlon Subgraph migration development work has been completed and is awaiting regression testing.
- Optimized NFT trading platform beta features, and will be demo’ed internally next week.
- Community Activities: KOL recruitment is proceeding smoothly, and preliminary candidates will be confirmed next week.
- Market: Research on influential Arbitrum-based tokens in progress
- Limit Orders: Content preparation for various channels has been completed. Trading activities are tentatively scheduled to begin in mid to late March, and the design draft for the trading activity leaderboard product is being adjusted.
Tokenlon & LON Weekly Statistics
Important Risk Warning
- LON token contract address:
- LON is Tokenlon’s native token, where holders will enjoy fee discounts and voting rights
- Beware of fake Tokenlon imitations, the official website is: https://tokenlon.im
- Please do not download any app or DApp from non-official Telegram, Whatsapp, Facebook, or Wechat
Digital Assets are highly volatile and unpredictable. Please do your research before trading.