The cryptocurrency market’s rapid evolution is driven by its ability to provide a thriving ecosystem for innovations and technological advancements. The market today is flooded with the news of crypto projects that are pushing the boundaries of possibility in the world of finance and technology. The uplift of such early-stage projects, Coinbase Ventures, the investment arm of the cryptocurrency exchange platform Coinbase, has recently announced its plans to invest in six projects from its Base Ecosystem Funds. The projects include Avantis, BSX, Onboard, OpenCover, Truflation, and Paragraph.
The company has a reputation for supporting early-stage projects operating on its incubated Base Network. They also stated that the ecosystem fund has received around 800 applications for funding.
Avantis: Oracle-Based Synthetic Derivative Protocol
Avantis stands at the forefront of innovation with its protocol designed for on-chain trading on Base. The platform introduced an Oracle-based synthetic derivative protocol that enables users to trade in a diverse range of assets. These include cryptocurrencies as well as real-world assets providing the market-makers with an opportunity to boost their returns by providing USDC liquidity. The project has garnered immense attention owing to its streamlined design and risk management approach.
BSX: Decentralized Limit Order Book
BSX aims to be a pioneer in decentralized order books that can be used to democratize on-chain trading activities. It allows the users to participate in both, long and short positions with leverage offering a fusion of traditional centralized exchanges and advantages of DeFi which prominently includes self-custody on the Base Platform.
Onboard: Development of Self-Custodial Wallet
The Onboard platform leverages Multi-Party Computation (MPC) wallets and smart contracts to build a peer-to-peer framework for cryptocurrency transactions. This project offers a more inclusive financial ecosystem by introducing the idea of an on-chain, self-custodial solution that enables users to onramp and offramp cryptocurrency assets in a seamless manner.
OpenCover: Layer-2 Insurance Aggregator
OpenCover is a layer-two solution and the first of its kind in the insurance aggregator category. Through the company’s strategic collaborations with underwriters like Nexus Mutual, OpenCover aims to deliver protection to the users of DeFi from on-chain risks which include smart contracts, Oracle failures, and vulnerabilities. Furthermore, OpenCover stands out with its provision of providing insurance options on-chain, making risk management more affordable across its users.
Paragraph: A Solution for Content Creators
Paragraph is a project designed to attract the creator community through its on-chain platform that can be used to publish, share, and monetize their content. The project capitalizes on the permissionless protocol to empower content creators to convert their posts into collectibles, deliver newsletters to wallet addresses, earn recurring membership, and engage through the decentralized social framework to enhance their earnings.
Truflation: On-chain Financial Oracle
Truflation is an on-chain financial oracle that aims to provide automated yet impartial daily inflation reports that also encompass the Consumer Price Index (CPI). This groundbreaking project compiles data from over 18 million data points and 40+ sources in real-time to provide a detailed and updated perspective on inflation, surpassing traditional methodologies.
Coinbase Ventures’ investment in these six major projects highlights their commitment to the growth and development of the cryptocurrency industry. Each of these projects is dedicated to solving different problems in the DeFi space, making the ecosystem more accessible and affordable. Though the investment amount has not been disclosed yet, their backing marks a major milestone in encouraging investors and developers to join hands in the journey of innovation.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
