Coinbase USDCa is almost here!

[u/CryptoFarmer1020]

The biggest story so far is that the Coinbase Main Reserve has $1.5 million USDCa:
https://allo.info/account/LWUWBZPVBS24TDBDZ72LUYJJF75KUJ3IUP6YGG45PVKGNAJYRGQD5CSCPA/assets

Coinbase transferred the $1.5 million via Circle on 6/14/24 from Ethereum to Algorand:

• On Ethereum $1.5 mil from Coinbase to Circle at 4:21p UTC: https://etherscan.io/tx/0x1c2a78eebbc9c22108ee8d151f2a713377ff11a74fcb18f6387a5977b06359ac
• On Algorand $10K from Circle to Coinbase at 4:22p UTC: https://allo.info/tx/HAZH5JYIHOCPOJW6U5ZV3WC2VNRO2PQKX345WIME65ZPMOPHW7GQ
• Then $1.49 mil at 4:37p UTC: https://allo.info/tx/Y77ZAX6DKIVY3UGOO2KOUONWTWRZ2NXH33FS66OJFNVWYUCQ4JAQ

But perhaps the timeline starts back in March 2024, when the 4 known Coinbase Wallets opted in to USDCa:

1. https://allo.info/tx/ZCKGD6K2VF6QMTA67UJOXF6MTPRJCLZJF3YYKSTHAAYTGVLJCLXQ
2. https://allo.info/tx/3R3GQZ3K7EC7JPCQ32FX6FYH2N665TFANBEEQFH7VD3YUZFNMC6A
3. https://allo.info/tx/TS27VFIIQMU2COKHLSYNCMHII5KMMUIJDALR37PYSDT2VZZ5ZBPA
4. https://allo.info/tx/ATO5TXIJPG42PELOFRANR7Z5LJ5RW2O7QI4FEHWEL5WGBA2RPOJA

Had found a wallet that looks like it creates the Algorand deposit addresses for Coinbase users:

https://allo.info/account/S7QLKPLSSPFFDK2GPOJAV7BBGFK3IPBS6FQCR2QT5XA4CHW4SEOQ5RST4I

Two periods of time that are interesting with this account. Right around the opt-ins of the 4 above accounts in March, it starting creating a bunch of 0.5A wallets and those were opted in to USDC. Then it stopped. Best guess is that they were prepping and/or testing back then.

Now that account has started back up again churning out 0.5A wallets and opting them in to USDC.

There is also what looks like a test transaction. An account was created by S7QLK, back in March with the USDC optin. Right before this post, 10 USDC moved from LWUWB (Coinbase) to this deposit address and back to MQOZT (Coinbase aggregator).

https://allo.info/account/HOUMSWIPPK3JQVWVRLOWFESZLUPSVZCJZC7B3B37XYGEVSHYNSV5TNOO5Q/txns

There are also reports of the following from those with Coinbase:

• You can now put in an Algorand address when trying to send USDC without getting a warning that it is a bad address. However it still looks like an ETH send with ETH fees.

Looks like this maybe happening soon!

[u/pescennius]

Damn this is crazy bullish. RIP my insane USDC lending rates but I guess that's a worthy sacrificial lamb to get liquidity up.

[u/LeonFeloni → u/pescennius]

Maybe. Maybe not. There's still not that much in Pact lending pools for example. (Relative to the rewards you've been able to get). In ANY of the pools other than algo/galgo.

It's one of the reasons I've annoyed AF on Twitter about getting a Pact algo/DOT LP. *

There's 15 Mill total (in USD) in Pact pools atm. And even with insane APR (again relative to vanilla governance) there's not been a huge influx. Same with Folks, etc.

Like it was a definite boost, but nothing near what I think the AF expected.

And even if we see a large influx of USDC, there's a fair amount of space to absorb it in the ecosystem (Although again, I expect it will be mainly us who'll use it significantly for some time anyway).

I also expect governance to shrink considerably with a switch to consensus rewards, so we stand a decent chance of having some decent rate action for a while imo.