Core Insights - Base has emerged as a leading layer-2 network, achieving over 10 million daily transactions and a total value locked (TVL) exceeding $5.1 billion, indicating strong market activity and user engagement [1] - The competitive landscape is intensifying with other rollups like Ink launching utility tokens, prompting Base to consider formalizing its tokenomics to maintain its market position [1] - Coinbase has a unique opportunity to create a differentiated token model that ties on-chain governance to off-chain corporate power, potentially decentralizing ownership and influence among a broader base of token holders [1][2] Token Design and Governance - A proposed structure for the Base token would link it directly to voting power over Coinbase, similar to the Rainbow wallet's Class F stock model, which ties token holders to equity exposure [2] - The Base Foundation could raise approximately $35 billion to acquire up to 50% of Coinbase shares, effectively turning the Base token into a proxy for corporate ownership and aligning its value with Coinbase's long-term performance [4] - This model would decentralize power by allowing a diverse group of token holders to exercise shareholder rights without diluting existing Coinbase equity holders' interests [5] Market Implications - If Base successfully ties its token to Coinbase, it would create a new asset class of on-chain equity reflections, representing economic exposure to a regulated U.S. company rather than merely a speculative token [8][9] - This could prompt other crypto projects to rethink their governance models, moving towards direct value capture rather than relying on traditional incentive structures [10] - The Base DAO's acquisition of Coinbase shares would establish a precedent for network-level governance with real-world assets, potentially reshaping the competitive landscape of layer-2 solutions [10] Strategic Considerations - The proposed structure would not weaken Coinbase's control but rather formalize a new class of transparent, long-term aligned shareholders, enhancing the company's strategic position [13][14] - Engaged shareholders could provide durable capital and strategic coherence, aligning their interests with Coinbase's growth rather than short-term earnings [14] - Coinbase retains operational control while benefiting from a globally distributed constituency that mirrors the company's long-term success [15][16] Industry Context - As decentralized exchanges grow to represent about 25% of all spot trading, Coinbase must extend its influence beyond its centralized exchange business [17] - A Base token linked to Coinbase would transform the monetization dynamic, creating a governance base with economic incentives to expand the Base network's usage [17] - The industry has a significant opportunity to demonstrate that tokens can represent true ownership and utility, rather than just speculative assets [18]

Core Insights - Monad's recent price surge of over 51% from December 1 to 3 has lost momentum, forming a double top pattern that indicates potential exhaustion in buying pressure [1][3] - The decline in support and liquidity is pushing Monad (MON) towards lows not seen since its listing day [2] Price Action and Indicators - The formation of a double top occurred as Monad's price approached the $0.033 level twice, both times being rejected, which confirms the bearish pattern [3] - The Chaikin Money Flow (CMF) indicator, which tracks money entering or leaving the asset, has failed to rise above zero, indicating a lack of confidence from large spot buyers [3][4] Market Sentiment - The CMF has broken below its rising trendline, suggesting that demand from large wallets is weakening [4] - The Smart Money Index, which typically indicates early participation during corrections, is showing hesitation, reflecting a decline in rebound confidence among smart money traders [5] Derivative Market Dynamics - The derivatives market for Monad is experiencing significant pressure, with major trading groups reducing their perpetual futures exposure sharply over the past week [8] - The top 100 addresses have cut their positions by 98%, while smart-money perpetual traders have reduced exposure by 40.87%, and public-figure traders have decreased their positions by 80.52% [9] - Whales have exited 97.99% of their positions, indicating a strong bearish sentiment as remaining positions are mostly net short [10]

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Monad token sale defies ‘fizzle’ fears, will end oversubscribed on Coinbase https://t.co/BFdXbxM4Av ...

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MON-USD hyperps are now live in Phantom with up to 3x leverage.Hyperliquid (@HyperliquidX):By community request, Hyperliquid has listed MON-USD hyperps. You can now long or short the unlaunched Monad token with up to 3x leverage. https://t.co/dsQQPvZ4en ...