Celestia Launches Blobstream On Base

Quick Take

• Celestia launches Blobstream on Base.
• Blobs hit a 100% utilization rate due to inscriptions.
• A judge drops the SEC’s claims against Coinbase Wallet.
• Ethena announces its ENA token launch.

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Celestia Launches Blobstream On Base

Celestia launched Blobstream on Base Mainnet, allowing developers to deploy Base L3 chains that access Celestia for data availability. Blobstream is a one-way data attestation bridge that streams Celestia's DA layer to other chains. Developers can access efficient blockspace that is independently priced from gas fees on their base chain. The implementation allows L2 and L3 rollups to use Celestia light clients for Data Availability Sampling. Blobstream uses Zero-Knowledge Proofs to authenticate the validity of Celestia block headers for confirmation on targeted EVM chains. Blobstream is in an experimental phase with planned support for other chains.

Blob Inscriptions Reach Blob Capacity

Blob transactions on Ethereum have hit a 100% utilization rate following a significant increase in Blob Inscription transactions on the network. Ethereum currently has a max limit of 6 blobs per block. Data from Hildobby’s Dune analytics dashboard reveals that 41% of recent blob transactions are attributed to blob inscriptions. Inscriptions are primarily used for storing data onchain, including image metadata, although the data from blob transactions only remains accessible for a limited period of up to 21 days. The surge in activity has also caused the base fee for blobs to rise. Data from Galaxy Research indicates that the median fee for a L2 transaction in the past 24 hours stands at approximately 4 cents.

Judge Drops SEC Claims Against Coinbase Wallet

A U.S. federal judge has denied Coinbase's request to dismiss a lawsuit filed by the SEC, which accuses the exchange of operating without registrations for a securities exchange, broker, and clearing agency. Coinbase will now continue its legal battle against the SEC in court. Coinbase's Chief Legal Officer, Paul Grewal, noted that it is common for early motions to dismiss cases brought by government agencies to be denied. The judge did agree to drop the SEC's claims against Coinbase Wallet, the exchange's non-custodial wallet. The SEC initiated the lawsuit against Coinbase in June 2023.

Ethena Announces ENA Token Launch

Ethena Labs announced the launch date of its ENA governance token set for Tuesday, April 2nd. 5% of the total token supply is allocated to the user airdrop. USDe is Ethena’s overcollateralized stablecoin that generates yield and is backed by stETH and balanced positions in derivatives markets. With a market capitalization of $1.36 billion, USDe ranks as the fifth-largest stablecoin.

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