Coinbase proposes the “flat coin” concept to track inflation
To negate poor monetary policy decisions of central banks, Coinbase proposed the concept of Flatcoins.
Coinbase is a US-based popular crypto exchange, which is publicly trades on the Nasdaq exchange. Around a month ago, Coinbase also launched its Layer-2 blockchain network Base. Coinbase team confirmed that its Layer-2 network will grab a more decentralized nature with time but the main aim of the Base network will be to overcome the challenges & limitations associated with the existing blockchain technologies.
Recently Coinbase team published a blog post and suggested Base network inclined interested devs to work on four main areas, which include an on-chain reputation system, an on-chain limit order book (LOB) exchange, and tools that make the decentralized finance (DeFi) ecosystem safer.
Are you a builder passionate about making the onchain economy grow, but looking for where to start?
— Base (@BuildOnBase) March 24, 2023
We just published a Request for Builders: four areas we’d love to see builders explore on Base (with funding from the Base Ecosystem Fund)https://t.co/XSSdPnusyc
The main thing on which the Coinbase team suggested for the developers to focus on Flat Coins. According to this trading platform, the flatcoin is a next-level concept of stablecoins, which will also trace the inflation rate to offer users stability in purchasing power and resiliency from economic uncertainty.
Here Coinbase confirmed that it will help devs through the Base ecosystem development fund. In short, the Coinbase team introduced a concept & funding source for devs and now it’s all on devs.
At present the US economy is going through a very big economic downturn. Some of the top popular US-based banks reported bad financial positions. Few people claimed that the US economy already saw 6% inflation this year and so far more inflation will come, which will further lead to hyperinflation.
Coinbase vs SEC
Just a few days ago, the United States Securities and Exchange Commission (SEC) sent a Wells notice to the Coinbase exchange over the nature of its crypto staking services & also some listed crypto assets on the exchange.
Shortly, the SEC body may initiate an enforcement action against the Coinbase exchange.
Many people noted that the SEC may force Coinbase to shut down its crypto-staking services because this regulatory body already shut down Kraken’s crypto-staking offerings & also fined $30 million.
Read also: Finally, Euler Finance hacker returns 90% of stolen funds
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