Golden Morning News | Base to leave Optimism; ETH is currently in a narrative vacuum.

Headline

▌Base to Leave Optimism Ecosystem and Switch to Self-Operated Unified Technology Stack

Base, the Ethereum Layer 2 network incubated by Coinbase, announced that it will no longer rely on Optimism's OP Stack and Superchain architecture, but will instead adopt a "unified technology stack" operated by Base itself. According to the official blog, Base will integrate core components (including key modules such as the sorter) previously scattered across multiple teams and code repositories, migrating them to a unified codebase "base/base" to reduce coordination and maintenance costs and to perform in-depth optimizations tailored to its own needs. At the same time, Base will also reduce its reliance on external dependencies such as Flashbots and Paradigm. At the governance level, Base will adjust its security committee structure, replacing the original Optimism-related seats with newly added independent signatories.

Despite the shift towards a more autonomous technical architecture, Base states that the protocol will remain open-source and publicly standardized, welcoming third-party development of independent clients and maintaining cross-upgrade compatibility. Base is currently the largest network in the OP Stack Superchain ecosystem.

▌Analysis: Ethereum is in a "narrative vacuum," with institutional funding and privacy models becoming key variables for the future

Forbes points out that industry insiders believe Ethereum is currently in a "narrative vacuum," where the market tends to price uncertainty when there is a lack of clear long-term value logic. In the past few years, the mainstream narrative has been that scaling primarily occurred at Layer 2, while the mainnet maintained security, decentralization, and a streamlined architecture. This path successfully attracted capital and development resources, but the current market focus is shifting towards zero-knowledge technology and privacy capabilities returning to the base layer, leading to a misalignment of expectations among some investors who built valuation models based on the old approach.

▌Trump says US trade deficit will reverse for the first time in decades this year

US President Trump: Due to tariffs imposed on other companies and countries, the US trade deficit has decreased by 78%. This year, the trade deficit will turn positive, which will be the first time in decades.

Arizona Senate passes Digital Asset Strategic Reserve Fund Bill

The Arizona Senate Finance Committee has passed the Digital Asset Strategic Reserve Fund Bill (SB1649) by a 4-2 vote. The bill will now be submitted to the Rules Committee for consideration.

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Blockchain Applications

▌Hanwha Invests $13 Million in Kresus Labs to Advance Seedless Wallets and RWA Tokenization

South Korean Hanwha Investment & Securities has invested approximately $13 million (KRW 1.8 billion) in US-based blockchain infrastructure company Kresus Labs to advance its enterprise-grade digital wallet technology and real-world asset (RWA) tokenization platform. This funding stems from a memorandum of understanding signed last December at Abu Dhabi Financial Week, aimed at expanding Kresus's on-chain financial workflows.

Blockchain Applications

South Korean Hanwha Investment & Securities has invested approximately $13 million (KRW 1.8 billion) in US-based blockchain infrastructure company Kresus Labs to advance its enterprise-grade digital wallet technology and real-world asset (RWA) tokenization platform.

On the opening day of the World Liberty Forum held in Mar-a-Lago, World Liberty Financial's platform token WLFI rose by approximately 18%. Co-founder Eric Trump stated that despite market volatility, the overall development of the crypto industry is still in the "one-yard line" stage, meaning the industry is still in its early stages. Eric Trump pointed out that more and more traditional financial institutions are beginning to offer clients exposure to crypto assets and are incorporating digital assets into their strategic portfolios, indicating a shift in mainstream capital attitudes. Meanwhile, financial services company Apex Group announced plans to test World Liberty's USD 1 stablecoin in its traditional fund management processes, aiming to accelerate the settlement efficiency of tokenized assets.

USD 1 is currently the fifth largest USD-pegged stablecoin by market capitalization, with a circulating supply exceeding $5 billion. A whale holding 42.47 million WLFI has turned a profit, after previously incurring a loss of over $1 million. According to Lookonchain monitoring, as WLFI's price rose, whale 0x9b3b, holding a long position of 42.47 million WLFI ($5.33 million), has turned a profit, from a loss of over $1 million to a profit of $65,000. BlackRock deposited 2,494.6 BTC, worth $168 million, into Coinbase. According to OnchainLens monitoring, BlackRock deposited 2,494.6 BTC, worth $168.39 million, into Coinbase, and may continue to deposit more.

Strategy's average BTC holding cost has decreased for the first time in 2.5 years

According to Arkham monitoring, Michael Saylor's average BTC purchase price has decreased. Strategy purchased BTC for $168.4 million, reducing MSTR's average cost base by $29 to $76,027. This is the first decrease in this figure in nearly two and a half years since September 25, 2023.

BTC breaks through $68,000

Market data shows that BTC has broken through $68,000 and is currently trading at $68,002, a 24-hour drop of 0.65%. Market volatility is high; please manage your risk accordingly.

**Important Economic Developments** **▌The probability of the Federal Reserve keeping interest rates unchanged in March is 94.1%** **According to CME's "FedWatch":** The probability of the Federal Reserve cutting interest rates by 25 basis points by March is 5.9%, and the probability of keeping rates unchanged is 94.1%. The probability of the Federal Reserve cutting rates by a cumulative 25 basis points by April is 20.5%, the probability of keeping rates unchanged is 78.5%, and the probability of a cumulative 50 basis point rate cut is 1.0%. The probability of a cumulative 25 basis point rate cut by June is 49.8%.

Fed Meeting Minutes Reveal "Exchange Rate Check," Dollar Depreciates Significantly

According to Jinshi News, the Federal Reserve meeting minutes show that at the January meeting, Roberto Perelli, the manager in charge of the Fed's financial markets operations, pointed out that the New York Fed's trading department conducted a "exchange rate check" on the USD/JPY exchange rate, after which the dollar depreciated significantly. After the release of the minutes, the USD/JPY pair briefly fell by more than 40 points, hitting a low of 154.33.

Fed Meeting Minutes: Almost All Participants Supported Pausing Interest Rate Action in January

The Federal Reserve meeting minutes showed that almost all participants supported pausing interest rate action in January. Several participants indicated that if inflation falls as expected, further rate cuts would likely be appropriate.

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Golden Encyclopedia

▌What are Long and Short Positions?

Long and short positions represent opposing strategies used by investors and traders to anticipate price movements of an asset under consideration. In the cryptocurrency space, going long and short still apply to concepts from traditional financial markets. To profit from a rise in cryptocurrency prices, going long means buying it and expecting its value to increase over time. In contrast, going short in the cryptocurrency market means selling a cryptocurrency that you don't actually own in anticipation of a price drop, then buying it back at a cheaper cost to close the position and profit from the price decline. Cryptocurrency traders and investors utilize these strategies to navigate the high volatility and speculative nature of digital assets and to capitalize on opportunities in both bullish and bearish market conditions.

In cryptocurrency trading, a long position begins by buying an asset in the hope that its price will rise, while a short position begins by disposing of an asset (usually borrowed) in the hope that its price will fall. Closing a position means buying the asset at a lower price to gain profit, while exiting a long position means selling the asset at a higher price to lock in profits. Entry and exit points are crucial for the successful implementation of these strategies. Cryptocurrency long positions have the potential to generate substantial profits through price appreciation, but they also come with significant risks of market volatility and potential losses. Despite these risks, cryptocurrency long positions have the potential to generate significant returns. The opportunity to profit from price increases is the primary benefit. Short cryptocurrency positions can be rewarding by betting on price declines, but they also carry significant risks due to market volatility, unlimited potential losses, and unpredictable price increases. Shorting cryptocurrencies requires precise timing, meticulous risk management, and continuous market monitoring to successfully navigate inherent volatility and maximize potential gains while limiting losses.