Standard Chartered cut its Solana price prediction for 2026 to $250.The UK-based bank is projecting a $2,000 price tag by 2030.Solana's ultra-low transaction costs enable micropayments that weren't previously economically viable, the bank said.Solana price is moving beyond its memecoin casino phase toward becoming a micropayments powerhouse. And that’s bound to boost its price well into the four-digit territory, argued UK-based Standard Chartered. The price he’s forecasting is lofty: $2,000 by 2030. “We exp ...

坎昆升级（Dencun Upgrade）通过 EIP-4844 等提案大幅降低 L2 数据存储成本，推动行业进入 "性能过剩 但生态不均" 的分化阶段。这种分化并非简单的 "强者恒强"，而是呈现交易集中度、技术路线、生态活 力、流动性分布的多维失衡，具体表现如下： 一、交易格局：头部链垄断超 60% 交易量，中小项目陷入萎缩 坎昆升级后，不同技术路线的 L2 项目性能与成本分化加剧。Optimistic Rollups（如 Arbitrum、 Optimism）成为最大受益者，Arbitrum 手续费从 0.62 美元降至 0.01 美元，降幅高达 97.01%，Optimism 手续费降幅也超 90%，凭借低成本吸引大量小额交易用户。而 ZK Rollups 系（如 Linea、Scroll、Polygon zkEVM）由于技术架构差异，手续费降幅不足 50%，仍维持在 0.5 美元以上，成本劣势导致用户流失明 显。这种分化背后是技术 trade-off 的现实体现：ZK Rollups 虽具备即时最终性优势，但数据压缩与证明 生成的成本未能通过坎昆升级有效降低，短期内难以缩小与 Optimistic Ro ...

Core Viewpoint - Coinbase is positioned for growth in 2026, driven by clearer U.S. crypto regulations and increasing institutional adoption of cryptocurrencies [1] Financial Performance - In Q3, Coinbase reported $1.9 billion in revenue, $801 million in adjusted EBITDA, and $433 million in net income [2] - The subscription and services segment generated $747 million, accounting for nearly 40% of total revenue [2] - Management anticipates Q4 subscription and services revenue to be between $710 million and $790 million, indicating a shift towards more stable revenue streams [3] Business Mix Improvement - Coinbase Institutional is a key custodian for U.S. spot Bitcoin and Ethereum ETFs, handling nine out of eleven Bitcoin ETFs and eight out of nine Ethereum ETFs in 2024 [4] - Major institutional clients like BlackRock and Pantera Capital are utilizing Coinbase Prime, leading to increased custody and brokerage fees [4] New Revenue Sources - The Ethereum Layer-2 network, Base, is emerging as a significant revenue source, processing transactions faster and at lower costs [5][6] - Coinbase earns revenue through sequencer fees on the Base network and benefits from additional services used by developers and users [7] Growth Opportunities - Derivatives trading, which constitutes 80% of total crypto trading volume, represents a substantial growth opportunity [8] - The acquisition of Deribit, a leading crypto options platform, contributed $52 million to revenue in Q3, with plans to integrate various trading options [8] Valuation Insights - Coinbase's stock trades at approximately 36.1 times forward earnings, reflecting a premium valuation justified by a diversified revenue mix [9] - The revenue is increasingly derived from recurring sources rather than solely from spot trading, although the stock remains sensitive to market conditions [9] Investment Consideration - Long-term investors confident in cryptocurrency adoption may consider a small stake in Coinbase ahead of its upcoming earnings report [10]

Core Insights - Maple Finance has launched syrupUSDC, a yield-bearing stablecoin, on Coinbase's Base network, with an upcoming Aave Crypto V3 listing anticipated [1][6] - The rise in DeFi activity is linked to banks' efforts to oppose the CLARITY Act in the US, fearing a potential $6 trillion outflow from banking deposits to yield-bearing digital assets [1][2][5] Group 1: Product Overview - SyrupUSDC is a yield-bearing version of USDC, designed to function like money in a savings account, generating yield from lending activities [3] - Maple Finance manages loans on-chain, requiring borrowers to post more collateral than they borrow, which helps mitigate risks associated with DeFi for beginners [4] Group 2: Market Context - The launch of syrupUSDC aligns with a broader trend of institutional yield products expanding beyond Ethereum's main chain to more user-friendly networks like Base [2] - The crypto market experienced a decline of 2%, with the total market capitalization dropping to $3.1 trillion amid ongoing macroeconomic uncertainties [2] Group 3: Competitive Landscape - The CLARITY Act, if passed, would allow stablecoins to offer yields between 4% and 10%, contrasting sharply with traditional bank checking accounts that offer as little as 0.01% [5] - Aave, as the largest lending app in crypto, plays a crucial role in the ecosystem; if syrupUSDC is approved as collateral, it would enable users to borrow against it [6]

Core Insights - JPMorgan analysts indicate that the Fusaka upgrade for Ethereum, set to launch in December 2025, will temporarily boost transaction volume and active address numbers by increasing data capacity and reducing fees [1] Group 1: Ethereum Network Dynamics - The report highlights a trend of mainnet usage migrating to Layer 2 networks such as Base, Arbitrum, and Optimism, which may impact Ethereum's long-term viability [1] - Alternative blockchains like Solana are attracting users due to lower costs and higher efficiency, further straining Ethereum's market position [1] Group 2: Market Sentiment and Speculation - The speculative demand driven by ICOs, NFTs, and memecoins during the 2021-2022 bull market has significantly declined, affecting Ethereum's transaction activity [1] - Applications like Uniswap and dYdX are shifting towards dedicated chains, which undermines Ethereum's fee generation and burning mechanisms, leading to an increase in ETH supply and downward pressure on prices [1]

Group 1 - The core point of the article highlights that on January 14, only three Ethereum Layer 2 (L2) chains generated daily transaction fees exceeding $5,000, namely Base (approximately $147,000), Arbitrum (approximately $39,000), and Starknet (approximately $9,000) [1] - Base's revenue accounts for nearly 70% of the total revenue generated by all Ethereum L2 chains, indicating a significant competitive advantage [1] - The combined revenue of all other L2 chains is slightly above $15,000, showcasing a stark contrast in performance compared to Base [1]

来源：市场资讯 （来源：吴说） 来源 | Cheeky Pint 编译 | 金色财经 Stripe 联合创始人 John Collison 主持的播客节目 Cheeky Pint 深度对话了 Coinbase CEO Brian Armstrong。 十大精彩要点： 1. Coinbase 能在美国胜出在于走合规道路—— 与美国政府合作获取货币传输牌照，这让我们成为当时 全美唯一拥有银行合作伙伴的加密公司，用户能直接连接银行账户购买比特币。 2. 朝鲜黑客每季度有 500 新人毕业，他们的全职工作就是攻击—— 我们必须成为最难啃的骨头。 3. 银行就像当年的报纸：有些会消失，最聪明的将拥抱加密货币。Visa/ 万事达已在实验稳定币，最终 客户需求决定一切。 4. Coinbse 不会去申请银行牌照。银行牌照的核心功能是允许不持有全部资金，Coinbase 不想成为银 行。Coinbase 希望完全储备，而不是采用部分准备金。 Brian Armstrong 谈论 Coinbase 的诸多幕后故事：从如何在美国竞争中胜出，到 Coinbase 的一些生死攸 关时刻，再到与朝鲜黑客的攻防博弈；从美国选举和《GEN ...

Core Insights - The article discusses the contrasting cultures and user bases of BNB Chain and Base, likening them to different cities with unique characteristics and user experiences [1][2][8] - BNB Chain is characterized as a fast-paced, pragmatic environment focused on efficiency and immediate user engagement, while Base is seen as a more thoughtful, community-driven platform aimed at long-term development and user retention [5][7][16] Group 1: Cultural Differences - BNB Chain attracts users primarily from emerging markets, emphasizing low transaction costs and quick participation in projects, viewing blockchain as a practical tool rather than an ideological platform [5][12] - Base's user base consists of more experienced users from the Ethereum ecosystem and Coinbase, who prioritize discussions on decentralization and underlying technology, viewing blockchain as a space for self-expression and community building [7][16] - The two platforms represent different growth paths within the crypto industry, with BNB Chain focusing on rapid scaling and Base fostering a more experimental and inclusive environment [8][22] Group 2: Vertical Integration Strategies - Major exchanges have expanded their roles beyond mere trading platforms to include blockchain and wallet services, enhancing user engagement and loyalty through a more integrated experience [8][9] - BNB Chain leverages Binance's strong market presence to facilitate seamless user transitions between trading and blockchain interactions, creating a frictionless experience [12][14] - Base, on the other hand, builds on Coinbase's regulatory credibility and developer support, fostering a trust-based environment for long-term projects and institutional engagement [15][16] Group 3: Wallet Dynamics - Binance Web3 Wallet is designed for ease of use, catering to users who prefer quick, high-frequency interactions, while Base App encourages deeper user engagement and identity building within the blockchain ecosystem [19][20] - The contrasting wallet designs reflect the broader strategic goals of each platform, with Binance focusing on immediate financial transactions and Base prioritizing user retention and community involvement [20][21] - The future landscape may see the emergence of two types of ecosystems: CEX-led super ecosystems and community-driven public infrastructures, with both BNB Chain and Base playing significant roles [21][22]

Core Viewpoint - Bank of America has upgraded Coinbase to a "buy" rating, emphasizing the exchange's ambitions to diversify beyond crypto trading and its evolving business model [1] Group 1: Business Expansion Plans - Coinbase is transitioning towards becoming an "everything exchange," allowing users to trade stocks, buy crypto, make peer-to-peer payments, and engage in prediction markets [1] - Upcoming features include 24/5 stock and ETF trading for S&P 500 names, international equity perpetuals launching in 2026, and a new prediction markets tab through a partnership with Kalshi [2] - The expansion aims to enhance user engagement and diversify revenue streams beyond the core crypto trading business, which is sensitive to price fluctuations in assets like bitcoin [3] Group 2: Strategic Initiatives - Coinbase is investing in Base, its Ethereum layer-2 network, with plans to introduce a native token to decentralize the platform and incentivize usage, potentially raising billions in cash [4] - The Coinbase Tokenize platform aims to bring real-world assets, such as private equity and real estate, onto the blockchain, targeting asset managers and younger on-chain investors [5] Group 3: Financial Outlook - Despite a 40% decline in COIN's stock price since July and increasing short interest, Bank of America maintains a $340 price target, indicating nearly 40% upside potential [6] - While Coinbase's near-term financials are susceptible to crypto price volatility, the long-term vision is for the company to evolve from a trading platform into a comprehensive financial hub [7]

Core Viewpoint - Bank of America has revised its forecast for Coinbase, highlighting its potential for strong performance into 2026 due to product expansion, strategic pivots, and improved valuation [1][2] Group 1: Company Overview - Coinbase, founded in 2012, operates the largest cryptocurrency exchange in the U.S. and went public in 2021, joining the S&P 500 index in May 2025 [1] - The company aims to become the "everything exchange," expanding its offerings beyond cryptocurrencies to include stocks, ETFs, and prediction markets [2] Group 2: Market Position and Valuation - Bank of America noted that Coinbase's shares have decreased approximately 40% from their July highs, creating a more attractive entry point for investors [2] - The price-to-earnings (P/E) ratio of Coinbase has significantly compressed since mid-2024, enhancing the stock's risk-reward profile [6] Group 3: Strategic Initiatives - Coinbase is developing its layer-2 network, Base, on Ethereum, which is seen as a crucial step in evolving from a trading platform to a broader crypto infrastructure provider [5] - The potential launch of a native token and the Coinbase Tokenize initiative could position Coinbase as a leader in tokenization, combining issuance, custody, compliance, and access to a large client base [5][6] Group 4: Future Outlook - Bank of America views Coinbase as a long-term winner in the cryptocurrency industry, which is still in the early stages of adoption [7] - The analyst anticipates a more favorable regulatory environment in the U.S. under President Donald Trump, which could provide significant advantages for Coinbase in 2026 [7]