Decentralized exchanges (DEX) on Coinbase newly launched layer2 network Base had more trading volume than those on established layer1 networks like Cardano (ADA) and others less than 24 hours after it went public, according to DeFillama data.

Data from the DeFiLlama showed that Base was among the top 10 networks by trading volume, with a volume of $26.23 million. On the other hand, established layer1 blockchain networks like Fantom (FTM), Cardano, and Tron (TRX) saw less than $20 million in transactions cumulatively.

It should be noted that Base’s volume is miles behind Ethereum, Solana (SOL), and Binance-backed BNB Chain.

Meanwhile, even before its public launch, Base had seen significant usage through the BALD meme coin. At its peak, the meme coin reached a market cap of over $85 million before crashing.

TVL surpasses $150M

Besides that, the total value of assets locked (TVL) on Base also surpassed $150 million during the period, according to L2Beat data.

The blockchain cybersecurity firm, CertiK, has reportedly been instrumental in uncovering critical security vulnerabilities in Apple’s latest iPhone operating system (iOS) update.

CertiK’s contributions were explicitly related to two security vulnerabilities in Apple’s iOS kernel, which were confirmed to affect the latest iOS devices. According to Apple’s official security update page, these vulnerabilities would have otherwise allowed an app to execute arbitrary code with kernel privileges.

Riot, a key player in the Bitcoin mining sector, reported overall revenue of $76.7 million in its financial results for the quarter ending June 30, 2023.

This result underscores Bitcoin miner resilience in an unpredictable market, with a significant part of its achievement attributed to a 27% increase in Bitcoin production, as opposed to the value of Bitcoin itself.

Riot reduces the cost of BTC mining.

The company reduced the average cost to mine Bitcoin to $8,389 in Q2 2023 from $11,316 in Q2 2022. This is despite Bitcoin prices averaging lower at $28,024 per Bitcoin in Q2 2023, compared to $33,083 in Q2 2022.

Jason Les, CEO of Riot, said,

“Riot’s core business is Bitcoin mining, and the scale of our vertically integrated operations and financial strength allowed us to execute on our power strategy at unmatched scale this quarter.”

For instance, the company’s partnership with Midas Immersion is set to transform Riot’s Corsicana Facility into the largest and most advanced immersion cooling deployment for Bitcoin mining globally.

The company also announced a long-term purchase agreement with MicroBT, securing 33,280 next-generation miners “with an option to purchase an additional 66,560 miners on the same price and terms.” These new acquisitions are expected to add another 7.6 EH/s by mid-2024 and are designed specifically for immersion cooling while being manufactured in the United States.

Ultimately, the miner aims to increase its hash rate by 24.7 EHs to 35.4 EH/s by 2025 with the addition of the entire MicroBT miner order.