儘管市場逆轉，ETF投資者仍不相信

Did the Market Reversal Convince ETF Investors?

市場逆轉是否說服了 ETF 投資者？

On Wednesday, the market rallied strongly as the Federal Reserve left interest rates unchanged at 5.25%-5.50%. However, ETF investors remained skeptical, with net outflows reaching $261 million, marking the third consecutive day of outflows. BlackRock's IBIT, despite maintaining its unblemished inflow streak, experienced its second-lowest daily inflow of $49.2 million. Nonetheless, the market's performance suggests that it can thrive independently of ETF flows.

週三，由於聯準會維持利率在5.25%-5.50%不變，市場強勁反彈。不過，ETF投資者仍持懷疑態度，淨流出達2.61億美元，這是連續第三天流出。貝萊德的 IBIT 儘管保持著完美的資金流入勢頭，但仍經歷了 4,920 萬美元的每日流入第二低水準。儘管如此，市場表現表明它可以獨立於 ETF 流量而蓬勃發展。

Ethereum's Dencun Upgrade: A Boost for Base?

以太坊的 Dencun 升級：基本的提升？

Last week's Ethereum Dencun upgrade significantly reduced transaction costs on Ethereum's Layer 2s, including Arbitrum, Optimism, and Base. Amidst the market correction, Base emerged as a standout performer, with volumes and total value locked (TVL) reaching record highs. According to DeFiLlama, Base and Solana were the only two chains among the top 11 TVL chains to post positive growth over the past week, both exceeding 9%. Base's TVL reached a new high of $770 million, while its daily volume surged to a record $370 million, ranking sixth among all chains.

上週的以太坊 Dencun 升級顯著降低了以太坊 Layer 2 的交易成本，包括 Arbitrum、Optimism 和 Base。在市場調整中，Base 表現出色，成交量和鎖定總價值 (TVL) 創下歷史新高。根據 DeFiLlama 的數據，Base 和 Solana 是前 11 名 TVL 鏈中僅有的兩家在過去一周實現正成長，均超過 9%。 Base 的 TVL 達到 7.7 億美元的新高，而每日交易量則飆升至創紀錄的 3.7 億美元，在所有連鎖店中排名第六。

Base: A Contender to Solana?

基地：Solana 的競爭者？

While Base trails Solana in terms of TVL and volume, it may have a hidden advantage. Coinbase's upcoming "Smart Wallet" will be accessible to all decentralized applications (dApps) that integrate it. This will enable Coinbase's 100 million registered users to engage in on-chain activities without the burden of seed phrases. Passkeys will allow users to connect to dApps and use their Coinbase account balances for on-chain transactions. This could attract a new wave of users to Coinbase and potentially drive them to Base as their initial destination. However, Base needs to expand its dApp ecosystem to support this growth.

雖然 Base 在 TVL 和數量方面落後於 Solana，但它可能有一個隱藏的優勢。 Coinbase 即將推出的「智慧錢包」將可供所有整合它的去中心化應用程式（dApp）存取。這將使 Coinbase 的 1 億註冊用戶能夠在沒有助記詞負擔的情況下參與鏈上活動。金鑰將允許用戶連接到 dApp 並使用其 Coinbase 帳戶餘額進行鏈上交易。這可能會吸引新一波用戶來到 Coinbase，並有可能促使他們將 Base 作為他們的初始目的地。然而，Base 需要擴展其 dApp 生態系統來支援這種成長。

Scaling Challenges: A Roadblock for Base?

擴展挑戰：基地的障礙？

The recent surge in volume on Base and Solana has exposed their scalability limitations. Both chains have experienced congestion, leading to transaction failures and elevated gas fees. Coinbase and Coinbase Wallet also faced transaction failures due to the increased usage on Base. If Coinbase aims to position Base as a rival to Solana, it will need to implement scaling solutions to prevent further issues. While onboarding new users may be easier with the "Smart Wallet," transaction failures can be a significant deterrent for the 100 million potential users. However, if any company can overcome these challenges, it is likely Coinbase, given its proven track record.

最近 Base 和 Solana 上的交易量激增暴露了它們的可擴展性限制。兩條鏈都經歷了擁堵，導致交易失敗和汽油費上漲。由於 Base 的使用量增加，Coinbase 和 Coinbase 錢包也面臨交易失敗的問題。如果 Coinbase 的目標是將 Base 定位為 Solana 的競爭對手，則需要實施擴展解決方案以防止進一步的問題。雖然使用「智慧錢包」可能更容易吸引新用戶，但交易失敗可能會對 1 億潛在用戶產生重大阻礙。然而，如果有一家公司能夠克服這些挑戰，那麼很可能就是 Coinbase，因為它有著良好的業績記錄。