JPMorgan Estimates the Market Cap of a Potential Base Token at $34,000,000,000
The American bank sees the potential launch of a token as a new source of monetization for Coinbase.

Details:

• The token's potential market cap is $12–34 billion.
• Coinbase's share could be up to 40% of the total issuance (equivalent to $4–12 billion in equity value).
• The stock price target has been raised to $404 (currently ~$355).
• Rating: "Overweight" – a positive outlook.

Why it matters:

• Coinbase is increasing its focus on the Base ecosystem and the yield from the stablecoin #USDC.
• JPMorgan believes that tokenizing the network would allow it to "capitalize on the success" of the project, which has already surpassed $5 billion in TVL and 9 million daily transactions.

Furthermore, Coinbase may change the USDC interest accrual system, making it available only to paid Coinbase One subscribers.

This would allow the company to save approximately $374 million annually, which it currently pays out to all users.

P.S. Coinbase is currently only "exploring the idea" of a Base token – no final plans exist.

The number of transactions and the number of active addresses on the Ethereum network have reached a record high, while gas fees remain near all-time lows.

The public sale of the MEGA token by the MegaETH project has concluded with record-breaking results — over 50,000 participants and more than $1.39 billion in funds raised, making it one of the largest ICOs in the history of crypto projects.

Some investors (amounting to approximately $127 million) agreed to lock up their tokens for one year to receive a larger allocation. Bids priced below $0.0999 have already been rejected, with the remaining bids to be reviewed until November 5th. Currently, on the pre-market, MEGA is trading around $0.42 — more than four times the minimum sale price.

MegaETH is a startup building a second-layer (L2) solution for the Ethereum network with instant transaction finality and a speed of up to 100,000 TPS. In June 2024, Vitalik Buterin and the venture giant Dragonfly Capital invested in the project.

Stablecoin issuer Zerohash has obtained a European MiCA license in the Netherlands.

Recently, we reported that Mastercard plans to acquire ZeroHash for $2 billion.

The “AI Trading Showdown” tournament among AI models has ended — in the end, all models except DeepSeek and QWEN3 MAX ended up in the red.

Interestingly, in the trading tournament, the main loser turned out to be ChatGPT — supposedly the market leader.

This is likely due to the fact that it’s currently the most mainstream neural network used by the masses, and it seems to be getting dumber through the fine-tuning process. Perhaps the issue lies elsewhere, but absolutely all of our colleagues have noticed a decline in response quality over the past few months.

The organizers of the AI tournament explained that the poor results in the first season were to be expected: all six models were given the same prompt with no customization and no memory, which led them to repeat the same mistakes, forget about losses, and engage in overtrading (Gemini made 227 consecutive trades).

The AIs were only allowed to use technical analysis without any news input, which caused the models to ignore fundamental events like Trump’s tariff statements and open “blind” long positions.

At the same time, according to unofficial information, DeepSeek had a built-in quant code with a seven-year trading history — but even that didn’t save it from failure.

The organizers emphasized that the goal was not to make a profit but to demonstrate that “AI without memory is a lottery.” In the second season, the format will be updated — a “Human vs AI” competition is expected, with memory and RLHF added. The prize pool will be $100,000, and the ecosystem will feature the ARENA token (Solana, $790,000 market cap).

JPMorgan has launched JPMCoin — a token that allows users to send and receive money via a public blockchain, enabling payment processing within seconds and around the clock.

The token is aimed at institutional investors and represents U.S. dollar deposits held in the bank.

Today, the Fear and Greed Index plunged to 15 — extreme fear.

Analysts from Chainalysis and TRM Labs report that the share of criminal activity on CEX exchanges has sharply declined, with Binance being one of the key drivers of this trend.

According to experts, in 2025, direct interaction between top platforms and “dirty” wallets accounts for only about 0.018–0.023% of total transaction volume.

For Binance, this figure is as low as 0.007–0.016% of the exchange’s daily turnover, which reaches $90 billion.

Yesterday, Bitcoin ETFs set a new record for daily volumes — $11.5 billion, with $8 billion provided by BlackRock’s IBIT.