Coinbase-supported Blockchain Network Prepares for Mainnet Launch

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According to court documents, the cryptocurrency consortium, Fahrenheit won the battle to buy insolvent cryptocurrency lender Celsius Network. The group must deposit $10 million within three days to finalize the arrangement, and the acquisition includes Celsius assets that were initially valued at almost $2 billion. Between $450 million and $500 million worth of liquid cryptocurrency would be given to Fahrenheit, and US Bitcoin Corp will also build crypto mining facilities. As long as the bankruptcy court approves, Celsius wants to negotiate and publicly submit a plan sponsor agreement with Fahrenheit, a backup plan sponsor agreement with BRIC, a revised Chapter 11 plan, and a disclosure statement. Due to an increase in withdrawals that resembled a bank run and the subsequent sharp decrease in cryptocurrency values, Celsius filed for bankruptcy in July 2022, showing underlying liquidity issues.

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Base, a blockchain network supported by Coinbase, is preparing for the upcoming mainnet launch with the help of its core staff. The launch is subject to a number of requirements, including proof of testnet stability, the successful upgrading of Bedrock by Optimism, and the conclusion of reviews and audits. The Optimism mainnet bridge’s security and resilience are predicted to be improved by the Bedrock update. Base is created to function as a rollup network similar to Optimism and is built on the OP Stack, the development software stack used by Optimism. In order to enable quicker, less expensive transactions while preserving the security advantages of the Ethereum mainnet, it seeks to carry out off-chain calculations on a secondary layer. The network will enter a “genesis window” phase following the mainnet launch, during which developers will be able to release apps with direct assistance from the Base core team. The group is not going to release a network token.

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