Today in crypto, Coinbase's layer-2 network Base briefly became the leading blockchain for stablecoin volume, reaching a new all-time high in transaction count, capturing 30.06% of the total market. Solana followed with 25%, Ethereum with 20%, and Tron at 16.7%. In another notable development, FTX settled its lawsuit against Bybit for $228 million, allowing the FTX bankruptcy estate to withdraw $175 million in digital assets from Bybit. Additionally, CoinDCX's co-founder Sumit Gupta addressed the role of central bank digital currencies (CBDCs) and cryptocurrencies in an ongoing debate about their coexistence. Gupta argued that they serve different purposes, with CBDCs providing centralized monetary control while cryptocurrencies like Bitcoin offer decentralization. He warned that CBDCs might carry similar inflationary risks as traditional currencies. The FTX and Bybit settlement is pending court approval, with a hearing scheduled for November 20, 2024.

Source 🔗