Hey there, Proof of Intel readers! 👋

It's Mochi here, your quirky and witty guide to the wild world of tech and web3. As a professional newsletter writer with more years of experience than I care to admit, I'm here to serve up the hottest news, the coolest trends, and the most mind-boggling developments in the industry.

So, grab a bowl of your favorite ice cream (maybe some mochi, if you're feeling adventurous) and let's dive into this week's scoop of Proof of Intel! 🍨📰

INTEL BRIEF
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🟧 Base, an Ethereum Layer 2 network incubated by Coinbase, experienced a surge in transactions and new users following the Dencun upgrade, which reduced transaction fees.

🟧 Solana and The Book of Meme (BOME) were the top trending tokens on crypto social media over the weekend, outperforming ETH, BTC, and the broader market.

🟧 The article discusses the recent funding rounds in the Web3 gaming industry and highlights the $50 million Series A raised by modular layer-2 blockchain Eclipse.

🟧 US prosecutors are seeking a 40 to 50-year prison sentence for former FTX CEO Sam Bankman-Fried, who is set to face sentencing later this month for orchestrating one of the largest financial frauds in history.

Base Network Sees Massive Growth After Dencun Upgrade

The Base network, an Ethereum Layer 2 solution incubated by Coinbase, has witnessed a significant surge in activity following the recent Dencun upgrade. The upgrade, which introduced a new transaction type called "blobs," has led to a dramatic reduction in transaction fees on Base and other Layer 2 networks.

Post-Dencun, the daily transaction volume on Base reached a new peak of over 1.05 million transactions on March 17, surpassing the transaction volumes of leading optimistic rollups like Arbitrum and Optimism. Additionally, the number of weekly new users on Base spiked to 800,000 last week, marking a staggering 600% increase from the previous week before the Dencun upgrade.

The median gas fees on Base dropped from around $0.5 on March 13, just before Dencun was activated, to about $0.003 now, making it one of the most affordable Layer 2 networks. The average fee on Base currently stands at $0.09.

The Dencun upgrade's introduction of "blobs" provides a new location point for chains when posting information on Ethereum, moving away from the traditional "calldata" method. This change has offered a direct route to reducing fees, setting the stage for increased activity and adoption of the Base network.

TL;DR:

The Base network experienced a massive surge in transactions and new users following the Dencun upgrade, which reduced transaction fees by introducing "blobs." The upgrade has positioned Base as one of the most affordable Layer 2 networks, leading to increased activity and adoption.

SOL and BOME Steal the Show on Crypto Social Media

While market leaders like Bitcoin (BTC) and Ethereum (ETH) have been lagging, Solana's SOL and The Book of Meme (BOME) have taken the crypto social media by storm. According to data tracked by Santiment, these two tokens were the top trending assets across X (formerly Twitter), Reddit, Telegram, and 4Chan over the weekend.

SOL's price has surged an impressive 45% in seven days, reaching highs of over $200 for the first time since December 2021. Meanwhile, BOME, the meme coin built on Solana, has seen an 82% increase since its debut on March 10. The crowd's growing interest in Solana and its associated meme coins suggests that they are being regarded as viable alternatives to Ethereum-based projects.

The renewed interest in Solana's DeFi ecosystem is evident from the data tracked by Top Ledger and OurNetwork, which shows that Solana-based decentralized exchanges have registered a trading volume of $30 billion this month, a tenfold increase compared to a year ago.

The increased crowd chatter around SOL and BOME may be a sign of an impending retail investor frenzy, often observed at market tops. Google Trends, a widely used tool to gauge general or retail interest in trending topics, shows a provisional value of 100 for the worldwide search query "solana," representing peak popularity.

TL;DR:

U.S. senators urge SEC to halt approvals of further crypto ETFs due to fraud and manipulation risks

They argue smaller cryptocurrencies are more susceptible to pump-and-dump schemes

Mounting political pressure on SEC Chairman Gensler may reduce chances of Ether ETF approval in May

Web3 Gaming and Modular Blockchains Attract Investor Interest

This week, several Web3 gaming startups and a modular layer-2 blockchain announced significant funding rounds, showcasing the continued investor intrigue in these sectors.

In the gaming space, Carbonated, the developer of the NFT-enabled mobile shooter game MadWorld, raised $11 million led by South Korean gaming firm Com2uS. MetaCene, a massively multiplayer online game with Web3 integrations, secured a $10 million Series A with participation from The Spartan Group and Animoca Ventures. Blockus, a service helping game developers add blockchain-enabled features, raised a $4 million pre-seed.

On the infrastructure side, modular layer-2 blockchain Eclipse hauled in a $50 million Series A, led by Placeholder Ventures and Hack VC. Modular blockchains divide the tasks carried out by blockchains into different layers, offering an alternative to monolithic chains like Bitcoin.

Other notable fundraises include Polyhedra, a zk proof-focused infrastructure firm, which raised $20 million at a $1 billion valuation; D2X, an EU-based derivatives exchange, which secured $10 million led by Steve Cohen's Point72 Ventures; Clique, a data computing for blockchain startup, which announced an $8 million Series A; and UXLink, a Web3 social platform, which raised $9 million.

TL;DR:

Web3 gaming startups and modular layer-2 blockchains continue to attract investor interest, with several companies announcing significant funding rounds this week. The largest raise was Eclipse's $50 million Series A, while gaming studios Carbonated, MetaCene, and Blockus also secured funding.

Prosecutors Push for Lengthy Prison Sentence for Sam Bankman-Fried

As former FTX CEO Sam Bankman-Fried awaits sentencing later this month, US prosecutors are pushing for a lengthy prison term of 40 to 50 years. In a sentencing memorandum, the government's lawyers argued that Bankman-Fried's role in orchestrating "one of the largest financial frauds in history" warrants a severe sanction.

While prosecutors believe the guidelines sentence of over 100 years is excessive, they maintain that a lengthy sentence is necessary to underscore the severity of the harm caused to thousands of victims, prevent Bankman-Fried from committing fraud in the future, and send a powerful deterrent signal to others who might be tempted to engage in financial misconduct.

The filing cites several victims who described the severity of their losses following the collapse of FTX, as well as the impact on institutions like BlockFi. Prosecutors also argued for a money judgment of more than $11 billion, claiming that the sum is "conservative" and noting that the government has already seized over a billion dollars in assets.

In contrast, Bankman-Fried's lawyers, friends, and family are pushing for a shorter sentence of between 63 and 78 months, arguing that he is not the "evil genius" depicted in the media or the greedy villain described at trial.

TL;DR:

US prosecutors are seeking a 40 to 50-year prison sentence for former FTX CEO Sam Bankman-Fried, arguing that the severity of his financial fraud warrants a lengthy term. Bankman-Fried's defense is pushing for a shorter sentence of 63 to 78 months.

Well, folks, that's a wrap for this week's edition of Proof of Intel! 📎

We've covered everything from the explosive growth of the Base network to the legal drama surrounding Sam Bankman-Fried's sentencing. It's been a wild ride, but hey, that's just another day in the ever-evolving world of tech and web3.

Until next time, keep your wits sharp, your mochi cold, and your crypto wallets safe. 🧠❄️🔒

Yours truly, Mochi 🍡

P.S. Don't forget to share Proof of Intel with your friends. See you in the next issue! 💌🎈

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