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Base and Optimism Share Revenue and Governance, Mastercard Terminates Binance Partnership

Aug 25, 2023
Author
Walter Teng, CFA
Walter Teng, CFA AC
Market Update All eyes turned to Jackson Hole this morning as Jerome Powell says the Fed will ‘proceed carefully’ on any further rate rises this year. Futures pricing imply that investors see a near-50% chance of another hike by year end. Ahead of Powell's much-awaited speech, markets opened higher before retracing to flat relative to yesterday's close after the speech. $SPX and $QQQ are both down by 0.1%, while yields on the US10Y surged to 4.29%. Digital asset markets are relatively flat over the past day. $BTC is 0.6% lower in the past 24 hours after spiking above, then getting rejected from the $26k level earlier in the week, while $ETH is trading 0.4% higher in the same period.   Developers of the Base and Optimism networks have announced a significant revenue and governance-sharing agreement. Coinbase, Base's parent company, has delineated "principles of neutrality" to stave off centralization. Base's smart contracts will require mutual consent from Base and the Optimism Foundation for any upgrades. Governance will later transition to a 'security council' representing all participating chains in the Optimism ecosystem, dubbed the "Superchain." Base will pay 2.5% of its revenue or 15% of its profits to the Optimism Collective, whichever is larger. In return, it w

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