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BASE Starts Requiring KYC, Get Back To Basics With Octoblock

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By Simon Frasier

Although meme coins on Base have become one of the main trends of 2024, it is worth understanding that the Coinbase's DeFi venture BASE is introducing mandatory Know Your Customer (KYC) identity verification to comply with anti-money laundering (AML) regulations. Meanwhile, Octoblock (OCTO) is positioning itself as a leader to change its users view of DeFi with its innovative technology, offering a unique and comprehensive platform that not only promises financial intelligence but also fosters community engagement and social responsibility.

Coinbase's Base blockchain

Base is an Ethereum layer 2 solution that runs on Optimism and uses the open-source OP Stack for its infrastructure. The project is currently being developed within Coinbase but plans to switch to decentralized management in the next few years. As of March 2024, the total value of assets locked in smart contracts on the platform (TVL) is $130 billion. Base is built on Ethereum. Users can easily navigate to the network via Coinbase, Ethereum mainnet, or other compatible blockchains.

The project simplifies the process of creating decentralized applications by providing access to Coinbase's vast network of products, users, and tools. The network maintains compatibility with the Ethereum Virtual Machine at a significantly lower cost, with a focus on improving development. It enables zero-cost transactions and multi-chain application development using simple APIs for account abstraction and convenient bridges for cross-chain functionality.

BASE Starts Requiring KYC

Coinbase launched its Verifications platform, bringing KYC know-your-customer policies on-chain. The exchange explained the launching of its identity verification on the chain protocol level increases security and transparency, providing a solution to common challenges associated with typical KYC methods. Coinbase just launched one of the largest efforts to bring decentralized identity to the mainstream. The service is based on Coinbase's Layer 2 network, Base, and uses Ethereum Attestation Service, an open-source standard, to ensure verifications are "public and composable," the exchange said.

In other words, All existing Base users must undergo mandatory verification. Without identity verification, they will not be able to access some products and services of the crypto platform.

Back to The Basics with Octoblock for A DeFi Revolution

With its eyes set on enhancing the DeFi experience, Octoblock’s recent Crowd Funded Yield Farming (cFyF) signifies a breakthrough in the decentralized finance (DeFi) era. It delineates how investors can magnify their returns and manage influence within the DeFi ecosystem. Octoblock’s Novel cFyF Tech harnesses the combined power of users to elevate profitability and attain governance capabilities within Yield Farming platforms. cFyF revolutionizes the traditional DeFi approach to yield farming through collective pooling to a communal yield pool. Cohorts in a pool can unlock entry to higher-yield farming opportunities that would typically be unattainable individually.

Moreover, Octoblock’s cFyF embodies an inclusive, cooperative, and transparent financial ecosystem. The joint power of its community can assist users in unlocking new opportunities, optimizing their returns. Not only that, it can allow the community to actively participate in shaping their future.

Octoblock ICO Phase 2: Token Rewards & Charitable Impact

Octoblock will also launch the Tentacle Trust, a charitable account that will support organizations dedicated to the conservation and preservation of marine life. Financial contributions to the trust will be sourced from the Nautilus Trove, and OCTO token holders will participate in the philanthropic process by determining the recipient of the donations through monthly voting.

The Octoblock Initial Coin Offering (ICO) has quickly progressed to Phase 2 after starting on April 1st. The OCTO token is now selling at $0.036, with investors getting a 14% discount. ICO participants in this phase also stand a chance to win a full-option Tesla, courtesy of Octoblock.



Discover the Premier DeFi Protocol with Integrated cFyF Technology on Binance Smart Chain - Enhance Your Yield Farming Returns Now!

This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and small market capitalization coins are inherently more risky than large cap cryptocurrencies. These tokens are subject to larger liquidity and market risks.

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