尽管市场逆转，ETF投资者仍不相信

Did the Market Reversal Convince ETF Investors?

市场逆转是否说服了 ETF 投资者？

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.

周三，由于美联储维持利率在5.25%-5.50%不变，市场强劲反弹。不过，ETF投资者仍持怀疑态度，净流出达到2.61亿美元，这是连续第三天流出。贝莱德的 IBIT 尽管保持着完美的资金流入势头，但仍经历了 4,920 万美元的每日流入第二低水平。尽管如此，市场表现表明它可以独立于 ETF 流量而蓬勃发展。

Ethereum's Dencun Upgrade: A Boost for Base?

以太坊的 Dencun 升级：基础的提升？

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.

上周的以太坊 Dencun 升级显着降低了以太坊 Layer 2 的交易成本，包括 Arbitrum、Optimism 和 Base。在市场调整中，Base 表现出色，成交量和锁定总价值 (TVL) 创下历史新高。根据 DeFiLlama 的数据，Base 和 Solana 是前 11 名 TVL 链中仅有的两家在过去一周实现正增长，均超过 9%。 Base 的 TVL 达到 7.7 亿美元的新高，而日交易量则飙升至创纪录的 3.7 亿美元，在所有连锁店中排名第六。

Base: A Contender to Solana?

基地：Solana 的竞争者？

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.

虽然 Base 在 TVL 和数量方面落后于 Solana，但它可能有一个隐藏的优势。 Coinbase 即将推出的“智能钱包”将可供所有集成它的去中心化应用程序（dApp）访问。这将使 Coinbase 的 1 亿注册用户能够在没有助记词负担的情况下参与链上活动。密钥将允许用户连接到 dApp 并使用其 Coinbase 账户余额进行链上交易。这可能会吸引新一波用户来到 Coinbase，并有可能促使他们将 Base 作为他们的初始目的地。然而，Base 需要扩展其 dApp 生态系统来支持这种增长。

Scaling Challenges: A Roadblock for Base?

扩展挑战：基地的障碍？

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们的可扩展性限制。两条链都经历了拥堵，导致交易失败和汽油费上涨。由于 Base 的使用量增加，Coinbase 和 Coinbase 钱包也面临交易失败的问题。如果 Coinbase 的目标是将 Base 定位为 Solana 的竞争对手，则需要实施扩展解决方案以防止出现进一步的问题。虽然使用“智能钱包”可能更容易吸引新用户，但交易失败可能会对 1 亿潜在用户产生重大阻碍。然而，如果有一家公司能够克服这些挑战，那很可能就是 Coinbase，因为它有着良好的业绩记录。