What's Driving Token Prices? April 26, 2023

ENS (-6.8%) - Ethereum Name Service, the project that allows users to buy .eth domains as NFTs, is partnering with MoonPay to create a fiat on-ramp for buying domain names. It's not live yet but should be helpful for onboarding potential non-crypto native users. The ENS treasury has earned just under $900M to date.
COIN (-5.7%) - Coinbase has been making waves the last week, first announcing that if regulation in the U.S. continued on its current path, it could explore moving to another jurisdiction. Late last week, the company also announced that it could launch its offshore derivatives exchange as soon as this week, as the Bermuda Monetary Authority had granted them a regulatory license. Finally, Coinbase launched a countersuit against the SEC, requesting a federal judge force the SEC to publicly share if it would allow the crypto industry to be regulated using the existing SEC framework. In July of last year, Coinbase petitioned the SEC to provide an answer and clarity for digital assets, but the SEC has not provided a public response to Coinbase. In the meantime, the agency has increased its enforcement action activity.
SHIB (-4.9%) - Shiba Inu, the meme coin similar to Dogecoin, announced further details and an ETA for its upcoming Layer-2 blockchain that appears similar to Polygon’s. Currently in testnet, the lead developer noted that mainnet is 2-4 months out and will have a focus on metaverse-related applications.
BNB (+3.9%) - Binance Chain released a new product, wrapped beacon ETH (WBETH), as the latest liquid staking derivative. The token is a wrapped version of its existing ETH staking token, BETH, designed so users can use it outside of Binance within DeFi. Binance is currently the third largest staker behind Lido and Coinbase with over 1M ETH staked and about 2.6% market share.

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