Base Progresses Towards Decentralization

Base, Coinbase's Layer 2 network, has taken step towards decentralization by deploying fault proofs on its Sepolia testnet.

Here's a summary of the top crypto news curated by CoinChapter for July 24.

Base Layer 2 Network Deploys Fault Proofs on Sepolia Testnet, Advancing Decentralization. Base, a Layer 2 network created by Coinbase, has taken a step towards decentralization by deploying fault proofs on the Sepolia testnet. This move marks progress towards “Stage 1” decentralization, a concept outlined by Ethereum co-founder Vitalik Buterin. Currently, Base operates with centralized state root verification. However, the implementation of fault proofs will allow anyone to propose or challenge the network's state, reducing reliance on a central authority. This development aligns Base with other Layer 2 networks that are pursuing increased decentralization. Most L2s begin at “Stage 0” and progress through stages, with only a few having reached higher levels of decentralization.

dYdX Website Restored Following DNS Hijacking Attempt. Cryptocurrency exchange dYdX has recovered its version 3.0 website after a DNS hijacking attempt on July 23. The team managed to recover the site within three hours of announcing the compromise. Users were advised to clear their browser cache and restart before revisiting the website to ensure they weren't accessing a compromised version. The exchange emphasized that only the website was affected, with the dYdX Chain, dydx.trade, and v3 Protocol remaining secure. This incident follows a recent major hack of Indian exchange WazirX. dYdX also noted that some wallet extensions might still display warnings when connecting to the site, but assured users that this would be resolved shortly.

Crypto.com Arena to Host First-Ever UFC Fan Token Night on July 29. Mixed martial arts (MMA) fans will have the opportunity to participate in the first-ever UFC Fan Token Night at the Crypto.com Arena in Los Angeles on July 29. Attendees will be able to engage in various activities, including meeting UFC fighters, participating in giveaways, and collecting limited-edition NFTs. The event will coincide with the main card fight featuring Jorge Masvidal and Colby Covington. Moreover, fans will be able to use their UFC Fan Tokens to access exclusive experiences and rewards throughout the evening.

BlackRock’s iShares Bitcoin Trust (IBIT) Maintains Dominance with 67% of Spot Bitcoin ETF Volume. Despite a recent slowdown in trading activity, BlackRock's IBIT continues to lead the pack, capturing a large majority of the spot Bitcoin ETF volume market share. جالب طور پر, IBIT’s daily trading volume remained at an average level of $1.2 billion on Friday, despite the record market share. This suggests that while IBIT is outperforming its competitors, overall market activity has not increased significantly.

Kraken Distributes Bitcoin to Mt. Gox Customers, as Exchange Prepares for Closure. Cryptocurrency exchange Kraken has announced the distribution of Bitcoin (BTC) and Bitcoin Cash (BCH) to customers impacted by the Mt. Gox hack a decade ago. The exchange is one of five entities tasked with returning funds to the 127,000 creditors affected by Mt. Gox’s 2014 collapse. The total amount to be distributed across all entities is estimated at over $7 billion in cryptocurrency and cash.