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What is ‘BASE’? Here is What We Know So Far About the L2 Project Being Built by Coinbase
February 24, 2023
February 26, 2023
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This week, the publicly-traded cryptocurrency exchange Coinbase unveiled its own Ethereum layer-2 network called Base and advised the crypto community to stay tuned for the upcoming mainnet launch.

The Base chain will be home to Coinbase’s on-chain products as well as an open ecosystem for millions of new decentralized apps (dApps), said the leading cryptocurrency exchange.

“Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps. Our goal with Base is to make on-chain the next online and onboard 1B+ users into the crypto economy,” Coinbase said on Twitter.

Coinbase Senior Director of Engineering Jesse Pollak shared that while the platform was only announced on Thursday, a testnet for Base has actually been live since the start of the month.

“Our goal is to launch mainnet in the next few months,” he said. “This is a bet that we can help enable the next million dapps, which are going to bring in the next billion users. We think that will happen on a five- to 10-year horizon, and this is our contribution to making that happen sooner rather than later.”

The goal of Base is to bring about phase 4 of Coinbase’s ‘secret master plan,’ which is to create an open financial system and onboard the next wave of users to the crypto economy. With this move, Coinbase has become the first publicly traded company to launch an Ethereum Layer 2.

Layer 2 networks help make transactions faster and cheaper than the underlying blockchain, such as Ethereum, by processing batches of transactions on a separate chain and then sending receipts back to the mainnet.

Entering a Crowded Sector

Coinbase’s Base is just one of many Ethereum Layer 2s; others in the space include Polygon, Arbitrum, Optimism, Loopring, and Starknet, to name a few.

According to L2Beat, there is currently more than $6 billion worth of ETH on these layer 2s, which is a 17% growth from a month ago. This website tracks 26 different Ethereum scaling networks and notes that Arbitrum One accounts for the majority (53%) of the L2 market share, while Optimism has captured 31% of this segment.

However, unlike these L2s, Base will not be launching a network token, which is used on other networks to pay gas fees and incentivize development.

According to Coinbase, “tokens are not the only way to drive activity,” instead, it believes “building great products is a great way of driving activity by making things actually useful.”

Coinbase Announcement

It’s interesting to note that both Arbitrum and Optimism launched their networks without tokens initially. However, Optimism has since airdropped its governance token to early adopters of its network. This was done in order to distribute governance power to the community and fund development proposals through its DAO. There have been rumors that Arbitrum has been planning something similar for a long time, but no token has yet been released.

However, Base’s entry into the market may not be as competitive for Optimism. According to Coinbase’s announcement, Base will be “a rollup agnostic superchain powered by Optimism.”

The base will also return a portion of its transaction fee revenue to the Optimism Collective. “This move furthers the Collective’s vision for a sustainable future where Impact = Profit,” tweeted Optimism on Thursday.

Following the Coinbase announcement, Optimism’s native token, OP, recorded a jump in price. The $668 million market cap coin is up 11% in the past 24 hours and nearly 240% YTD, as per CoinGecko. Launched in May 2022, just earlier this month, OP hit an ATH of $3.19.

Earlier this month, Optimism revealed its plans to upgrade its network next month, which is a “step towards a multi-chain future.” Dubbed “Bedrock,” the upgrade aims to lower fees, increase transfer speed, and enhance compatibility with the Ethereum Virtual Machine (EVM).

To address the issues of speed and cost associated with layer-1 blockchains, Optimism uses “rollups,” which involve processing transactions on a separate chain and then settling them on the mainnet in batches.

Decentralized Over Time

The Base chain is launched with dozens of partners who have committed to building in and supporting the ecosystem. Some of these include Ethereum block explorer Etherscan, oracle network Chainlink, DeFi protocol Aave, Animoca Bands, and SushiSwap.

Coinbase said it intends for Base governance to be fully decentralized, but it won’t be that way initially. Instead, it would happen rather progressively in the years ahead.

“Coinbase is going to gradually transition into a role where we’re a contributor to Base, we provide services and products that are built on top of Base, and we are not the decision maker for everything in the Base network — that’s being done through more decentralized governance,” Pollak said.

And to best achieve its goals, Coinbase has decided to join Optimism as a core developer on the open-source OP Stack. They have also decided to keep the core team really lean so that “we can have an outsized impact if we’re building on-chain,” said Pollak.

The exchange explained in the official blog post that by leveraging Optimism’s OP Stack and collaborating with Optimism, Base will act as “an open platform that anyone can contribute to, fork, and extend to help the crypto economy scale.”

Optimism Tweet

So, Coinbase will have more control over Base at first with the vision to make Base fully permissionless eventually. And according to the announcement, Base will progress from its current Stage 0 to the next stage rollup this year alone, with the Stage 2 rollup to be achieved in 2024.

While Base will be a separate network, it will still be powered by the underlying blockchain, that is, Ethereum. It will use Ethereum’s security infrastructure, but it won’t be limited to Ethereum; rather will also provide easy and secure access to other layer 2 networks, such as Optimism, as well as other blockchains ecosystems, such as Solana, Avalanche, and Polygon.

“Base offers full EVM equivalence at a fraction of the cost and is committed to pushing forward the developer platform,” explains Coinbase’s blog post on the L2 Base.

Coinbase further plans to integrate the Base chain across its exchange, wallet, NFT marketplace, and developer products.

Along with the new chain, Coinbase also announced the launch of a Base Ecosystem Fund to support early-stage projects working with Base as long as they meet the company’s investment criteria.

COIN Gaining Strength

While in its announcement, Coinbase made it clear that it has “no plans to issue a new network token,” degen traders were quick to find an alternative.

Some degen crypto traders piled into an unrelated token called BASE following Coinbase’s layer-2 announcement. The native token of Base Protocol, BASE saw its price soar about 350% in a few hours to almost its ATH before falling down hard to its previous levels.

Some have suggested that insider trading may have occurred, as the BASE token began to move long before the Coinbase announcement.

Meanwhile, Coinbase (COIN) prices are up 16% since early last week but down 29% since early February highs. COIN is a $14.43 billion market cap stock trading at $62.36 at the time of writing.

Bearish OP Take

In 2023, along with the broad crypto market green, COIN prices also recovered, having started the year under $32. Still, the stock is nowhere near its all-time high (ATH) of $430 hit when it first started trading on Nasdaq under the COIN ticker in April 2021. The COIN stock prices have only been down since currently 85.5% off their peak.

Amidst the positive price movement, Cathie Wood’s investment management firm ARK added around $13.2 million worth of Coinbase (COIN) shares, per an investor email on Thursday.

ARK Innovation ETF (ARKK) added 181,972 shares ($11.4 million) of Coinbase. This was the fund’s biggest COIN order of the year, surpassing the $9.2 million order earlier this month. Meanwhile, 31,547 COIN shares ($1.93 million) were added to Ark’s Next Generation Internet ETF (ARKW).

These purchases came after Coinbase reported its Q4 2022 earnings this Tuesday, which beat analyst expectations.

The San Francisco-based company reported fourth-quarter net revenue of $605 million, up 5% from $590 million in the third quarter. Subscription and service revenues grew 34% to $283 million in Q4, accounting for almost 50% of Coinbase’s overall revenue in the quarter, which was primarily due to interest income that came in at $162.2 million. Transaction volume, however, fell 12% quarter over quarter to $322 million on lower overall trading volume.

In its shareholder letter, Coinbase said crypto markets have improved in Q1 2023 compared to Q4 2022, helping it generate $120 million in transaction revenue in January 2023.

However, during the company’s earnings call, CEO Brian Armstrong cautioned retail investors “not to extrapolate those results forward,” pointing out that last year revealed just how volatile the crypto market can be.

Coinbase expects increased crypto regulation globally in the coming years and anticipates benefiting from it. The company also criticized the fragmented approach of the United States to regulating crypto but continues to work towards more consistent policies.

“Policy is my top priority this year,” said Armstrong, adding that he’s been spending a lot of time in Washington, D.C. “There is a lot of excitement about the potential of this technology, and there is a lot of desire for people to have this built here in America.”

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Watch @BoHines sit down with @CryptoAmerica_ to discuss key details of the White House crypto report including anticipated new DOJ guidance, as well as fresh commentary on the @rstormsf trial, and the nomination of @BrianQuintenz to lead the @CFTC.

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Why Invest In XRP?

Because Ripple Is EVERYWHERE!

This is on Wall Street... NY

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👉"You're gonna be told that there is a craft on its way to Earth.

"That 100 fxxxing percent is the lie you are going to be told."

Jeremy Corbell in January 2025

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👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading

On avantis, there's something for everyone

fuelled by instinct and flash-level speed

powered by @PythNetwork

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https://x.com/avantisfi/status/1951129700056871240?s=19

In the latest episode of the XDC MENA Podcast, host Rebecah Dausen is joined by Amir Neghabian, founder of Vital Veda, to explore how blockchain is modernizing the way we approach Fitness.

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Still the best infographic about total #XRP circulation, updated. (SBI Holdings fiscal year end report)

~36b left in escrow..

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PYTH: We'll Always Have Coldplay

Welcome back to The Epicenter, where crypto chaos meets corporate cringe.

But surprisingly, crypto has not been the most chaotic corner of the internet as of late.

That honor goes to the startup Astronomer, whose CEO’s cheating scandal broke the web in a glorious meme-fueled media frenzy. The company’s damage control? Hiring Gwyneth Paltrow as a “temporary spokesperson.” Do we think they’re grasping at straws or setting a new standard for PR?

Meanwhile, the markets didn’t blink. BTC is still flexing near its all-time highs. Michael Saylor’s bringing a bitcoin-adjacent money-market product to Wall Street. A pharma company just earmarked $700M to stack BNB, and analysts are calling time of death on the four-year crypto cycle. It’s a steady boom now, kittens.

A few things that are also worth noting: Winklevoss vs. JPMorgan, Visa’s take on stablecoins, and Robinhood’s Euro drama that defies the chillness of eurosummer.

Let’s get into it 👇

⛓️ The On-Chain Pulse: What’s Happening on the Front Lines of Finance

This week’s biggest news in crypto and all things digital assets

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Meme of the Week

🏦 Kiss my SaaS: What’s Changing the Game for Fintech

Things you should care about if you want to impress your coworkers

Closing Thoughts

From meme-fueled PR stunts to Bitcoin-backed money-market funds, this week reminded us that markets move fast—and headlines move faster. With Wall Street automating itself, fintechs beefing with banks, and even your smartphone becoming a miner, anything is possible. Stay curious, stay cynical, and as always—stay sharp and stay liquid. We’ll see you back here in two weeks.

— The Epicenter, powered by Pyth Network

 

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4 Fintech Companies 💸& Things To Know About 🤔

The fintech revolution is reshaping the way we manage, invest, and move money, breaking down traditional barriers and empowering individuals worldwide. As financial technology continues to evolve at a rapid pace, a select group of innovative companies are leading the charge by offering groundbreaking solutions that redefine banking, payments, and digital assets. Whether you’re a savvy investor, an industry professional, or simply curious about the future of finance, discovering these trailblazing fintech companies is essential to understanding today’s dynamic financial landscape.

 

  1.  Alina Invest - The AI Wealth Manager for GenZ Women

Alina is aimed at women under 25 who identify as beginner investors. They're an SEC-registered investment advisor that charges $120/year for membership. The service "buys and sells for you" and gives up notification updates of recent transactions like a wealth manager would.

👉 Getting people to invest early is crucial to building long-term wealth. One thing that holds them back is a lack of confidence and experience. Being targetted "for beginners" and people who live on TikTok should appeal. I love the sense of "we're buying and selling for you." Funds always do that, but making it an engagement mechanic is very smart. The risk here is that building a wealth business will take decades for the AUM to compound. But the next generations, Wealthfront or Betterment, will look something like Alina.

2. Blue layer - The Carbon project funding platform

Bluelayer allows Carbon project developers to take from feasibility studies to issuing credits, tracking inventory, and managing orders. Developers of reforestation, conservation, direct air capture, and other projects can also directly report to industry registries. 

👉 Carbon investing and tax credits are heavily incentivized but need transparent data. By focusing on the developers, Bluelayer can ensure the data, reporting, and credits lifecycle is all managed at the source. This is smart.

3. Akirolabs - Modern Procurement for enterprise

Akiro is a "strategic" procurement platform aiming to help enterprise customers identify risks, value drivers, and strategic levers before issuing an RFP. It aims to bring in multiple stakeholders for complex purchasing decisions at multinationals. 

👉 Procurement is a great wedge for multinational corporate transformation. Buying anything in an enterprise that uses large-scale ERPs is a nightmare of committees and spreadsheets. Turning an oil tanker-sized organization around is difficult, but the right suppliers can have a meaningful impact in the short term. That only works if you can buy from them. Getting people on the same page with a single platform is a great start.

4. NeoTax - Automated Tax R&D Credits

NeoTax allows companies to connect their engineering tools to calculate available tax advantages automatically. Once calculated, the tax fillings are clearly labeled with supporting evidence for the IRS.

👉 AWS and GCP log files and data are a goldmine. Last week, I covered Bilanc, which uses log files to figure out per-account unit economics. Now, we calculate R&D tax credits. The unlock here is LLM's ability to understand unstructured data. The hard part is understanding the moat, but time will tell.

In an era where technology and finance are increasingly intertwined, these four fintech companies stand out as catalysts for positive change. By driving progress in digital payments, asset management, lending, and decentralized finance, they are not only making financial services more accessible and efficient—they are also paving the way for a more inclusive and empowered global economy. Staying informed about their innovations can help you seize new opportunities and take part in the future of finance.

 

👀Things to know 👀

 

PayPal issued low guidance and warned of a “transition year.” The stock is down 8% in extended trading despite PayPal reporting a 9% growth in revenue and 23% EBITDA. Gross profit is down 4% YoY. PayPal's total revenues were $29Bn for the year

Adyen reported 22% revenue growth and an EBITDA margin of 46% for the full year. Adyen's total revenues were $1.75bn for the full year. The margin was down from 55% the previous year, impacted by hiring ahead of growth.

🤔 PayPal’s Braintree (unbranded) is losing market share in the US, while Adyen is winning it. eCommerce is growing ~9 to 10% YoY, and PayPal’s transaction revenue grew by 6.7%. The higher interest rate environment meant interest on balances dragged up the total revenue figure. Their core business is losing market share. Adyen is outgrowing the market by ~12%.

🤔 The PayPal button (branded) is losing to SHOP Pay and Apple Pay. The branded experience from Apple and Shopify is delightful for users; it’s fast and helps with small details like delivery tracking. That experience translates to higher conversion (and more revenue) for merchants.

🤔 The lack of a single global platform hurts PayPal, but it helps Adyen. In the earnings call, the new CEO admitted their mix of platforms like Venmo, PayPal, and Braintree are holding them back. They aim to combine and simplify, but that’s easier said than done.

🤔 Making a single platform from PayPal, Venmo, and Braintree won’t be easy. There’s a graveyard of payment company CEOs who tried to make “one platform” from things they acquired years ago. It’s crucial if they’re going to grow that they get their innovation edge back. Adyen has one platform in every market.

🤔 PayPal’s UK and European acquiring business is a bright spot. The UK and EU delivered 20% of overall revenue, growing 11% YoY. Square and Toast don’t have market share here, while iZettle, which PayPal acquired in 2018, is a strong market player. Overall though, it’s yet another tech stack and business that’s not part of a single global platform.

The two banks provided accounts to UK front companies secretly owned by an Iranian petrochemicals company. PCC has used these entities to receive funds from Iranian entities in China, concealed with trustee agreements and nominee directors. 

🤔 This is the headline every bank CEO fears. Oof. Shares of both banks have been down since the news broke, but this will no doubt involve crisis calls, committees, appearing in front of the regulator, and, finally, some sort of fine.

🤔 The "risk-based approach" has been arbitraged. A UK company with relatively low annual revenue would look "low risk" at onboarding. One business the FT covered looked like a small company at a residential address to compliance staff. They'd likely apply branch-level controls instead of the enterprise-grade controls you'd see for a large corporation. 

🤔 Hiring more staff won't fix this problem; it's a mindset and technology challenge. In theory, all of the skill and technology that exists to manage risks with large corporate customers (in the transaction banking divisions) are available to the other parts of a bank. In practice, they're not. Most banks lack a single data set and the ability for compliance officers in one team to see data from another part of the org. Getting the basics right with data and tooling is incredibly hard and will involve a multi-year effort. 

🤔 These things are rarely the failure of an individual or department; the issue is systemic. While two banks are named in this headline, the issue is everywhere. Banks need more data and better data to train better AI and machine learning. That all needs to happen in real-time as a compliment to the human staff. Throwing bodies at this won't solve the visibility issue teams have.

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What is XAH and Xahau?

If you're new to XRP, you may have noticed some of us discussing another network named 'Xahau'.

It's Like XRP ... But Different

The Xahau network was created in 2023, and its starting point was the open-source code for the XRP Ledger. A small team of researchers and entrepreneurs decided to add smart contracts to the network code.


The XRP Ledger has no smart contract capabilities, by default.

To integrate smart contracts, the team decided to use an architecture that includes 'WASM' or 'web assembly' code. Each account can have up to 10 'hooks' installed that are triggered for transactions that match specific criteria. They can run before or after a transaction is processed. This enables a variety of use cases that do not involve the need to change the network's core code.

Hooks

A 'hook' is what is known as a smart contract that can be triggered in relation to a specific account and its transactions.

The term arises from the programming world, where it generally means "code that runs based on triggering conditions." In Xahau's case, it indicates code that is run before, or after, a transaction is processed.
 
Each hook must be installed on a specific account by the party that controls the account - i.e., the secret key holder.
 
What Can XAH Do That XRP Cannot?
 
The primary benefit from the use of hooks, is that the core network code does not need to be changed every time a new use case is identified. This means that additional use cases can be addressed immediately, with no requirement for intervening steps, such as:
  • Community review
  • Community approval
  • Amendment voting
All of those steps are eliminated with the use of hooks; new use cases can be addressed as fast as the code can be developed.
 
To read more about how hooks enables Xahau to handle more use cases than even the XRPL, you can read this article:
 
Key Differences From XRP
 
Other unique differences from the XRP Ledger include:
  • Much smaller supply ~612 million coins vs. 100 billion coins
  • XAH hodlers are rewarded at 4% of their account balance. There are no rewards for XRP.
  • Governance participants are incentivized
  • Payment channels available for user-created tokens (IOUs)
  • URI tokens instead of NFT tokens
Who's Who of Xahau?
 
The list of those that are either founders, or closely associated with the founding organizations, is extensive. Here are the names of three organizations mentioned in the whitepaper, or their current moniker:
  • Xaman (a.k.a. XRPL Labs)
  • Gatehub
  • InFTF (Inclusive Financial Technology Foundation)
There exists a long list of impressive developers, architects, and technologists among the Xahau inner circle. But the three names that people associate most prominently with the leadership of the Xahau network are Wietse Wind, Richard Holland, and Denis Angell. The links to their 'X' accounts are:
 
Friend Or Foe?
 
This topic is one of the most contentious.
 
While Ripple, the company with the largest stake of XRP, showed interest in hooks early on, they ultimately decided to advocate for a different approach; the use of an EVM-based solution (Ethereum Virtual Machine) to handle smart contracts on the XRP Ledger. This decision was met with consternation by the Xaman team that had worked with them for several years to advocate for the use of hooks.
 
You can read more about the 'business politics' part of this topic here:
 
So how do Xahau fans view the relationship between XRP and XAH?
 
The Xahau team - and many of its community members - advocate for the use of a 'dual-chain' solution to implement smart contracts. This can be accomplished by the use of 'listener' software, along with native Xahau hooks.
 
A proof of concept, developed by Denis Angell, has demonstrated that bi-lateral communication can work with a simple approach.
 
From an economic standpoint, every chain that has its own digital asset is a competitor; but the simple way to think about Xahau, is that a 'bunch of XRP geeks' decided to implement smart contracts on their own version of the XRP Ledger.
 
The team emphasized transparency along the way, and initially received support from the primary XRP stakeholder, Ripple. They published Xahau as open-source code that could, in theory, be back-engineered and integrated with the XRP Ledger. You can clearly observe the team's idealistic mindset in early marketing mistakes, where they named their digital asset 'XRP Plus' in an effort to emphasize the way that they viewed their creation. While this resulted in confusion - and even suspicion - in its early days, the team quickly pivoted, and named their digital asset 'XAH', which became its ticker symbol.
 
Synergy effects between the two camps speak to a genuine camaraderie, with many Xahau developers being open and willing to help with changes to the core XRP Ledger protocol. You can find many examples of this open dialogue on the 'X' platform.
 
How To Purchase XAH
 
If you wish to speculate by buying XAH directly, it is available in a variety of convenient locations, depending on where you are located. If you're in a country that is supported by Bitrue, you can directly purchase or trade XAH by using that exchange.
 
On January 20th, 2025, Bitmart announced that it supports trading of XAH for customers in their list of supported countries; And in late March, another major exchange announced that they would be supporting XAH trading pairs: Coinex.
 
If you're located in the United States, you can purchase XAH directly from a vendor known as 'C14'. The xApp for C14 is located in the Xaman wallet.
 
XRP Ledger geeks can also purchase XAH IOUs on the XRPL Dex and then convert them to 'real' XAH using a Gatehub bridge. This is available in countries that Gatehub supports.
 
Which XAH Accounts Should I Follow?
 
On the 'X' platform, there exists two major community groups for XAH fans:
In addition to the Xahau notables I've already mentioned in this article, my advice is to take a look at who is posting in the above two communities. There are many impressive leaders and entrepreneurs included. You should be able to find multiple 'X' accounts that reflect your interests.
 
Xahau Development Roadmap
 
Xahau leaders have published a roadmap for 2025 that lists their various goals for the ecosystem:
 
To read a detailed explanation for each item, refer to this: Xahau Roadmap Super Thread
 
One of the most incredible waypoints listed is 'JavaScript Hooks Implementation.' 🤯
JavaScript!
 
With the 'JavaScript Hooks Implementation', Xahau is making history; it will enable anybody that knows JavaScript to easily create and install a smart contract. While networks like Ethereum are impressive early movers, they require developers to learn a new language and syntax.
 
Xahau will soon open 'crypto smart contracts' to a group of developers that number in the tens of millions.
 
Project L-10K
 
Project L-10K is one of the most important items in the pipeline. L-10K refers to the effort to boost the throughput of Xahau consensus to over 10,000 transactions per ledger! This will benefit hosted projects such as Evernode, and future issued assets. Heading up the effort is Richard Holland, who provided a progress update to the community in late May of 2025:
 
To learn more about this ambitious effort, you can watch his full presentation here:
The Future Of Defi And Payments
 
Once you've seen the extensive list of use cases that XAH easily handles, it's truly inspiring. Xahau is everything that you love about XRP, plus a long list of more things to love. ❤️
 
Be an early adopter of XAH and the Xahau network! Join the community groups listed and follow the accounts that seem to reflect your own interest - speculator, developer, or crypto fan. You have a place in our community, no matter what your background or interests are. Welcome to the future of crypto Defi and Payments
 
Sources:
 
 
NOTE: Payment channels for IOUs is currently in amendment status for the XRP Ledger, authored by Denis Angel here:
 
 

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