Coinbase pivots to an ecosystem-denominated model, triggering a liquidity migration and significant regulatory volatility.
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Initially, volatility will surge due to regulatory uncertainty. Long-term, if successful, it could reduce volatility by decoupling revenue from speculative retail trading volume.
Liquidity will likely migrate toward Base due to superior incentive alignment and the gravitational pull of the Coinbase user base.
Not directly. Ethereum will continue to serve as the settlement layer, but the network's end-user activity will increasingly occur on Base.
Likely by applying the Howey test to determine if holders expect profits from Coinbase's efforts, potentially initiating enforcement actions.
Yes, by providing a governance and utility token, Base becomes a more viable platform for on-chain treasury management and institutional DeFi.
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