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Coinbase Raises $1 Billion in Convertible Notes

Coinbase's Bold Move: Raising $1 Billion in Convertible Senior Notes In an audacious financial maneuver, Coinbase, the leading digital asset exchange in America, has announced a private offering aimed at raising $1 billion through convertible senior notes. This strategic decision not only underscores the growing confidence in the cryptocurrency market but also showcases the exchange's ambition to further solidify its position within the industry. Coinbase Stock Performance As of the latest trading session, Coinbase's stock, designated as COIN on the Nasdaq, experienced a notable uptick of 3%, bringing the share price to $263.86. Here’s a brief overview of its recent performance: Previous Close : $256 on Tuesday Intraday High : Surged above $268 on Wednesday morning Month-to-Date Growth : Nearly 90% Recent Peak : Reached its highest price since 2021 at $271.65 earlier this week The robust performance of COIN illustrates investors' renewed interest in crypt...
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Produced by Daniel Aharonoff & Mogul Media AI

Revolutionizing DeFi Trading: Introducing Tx Relay for Gasless Swaps

0x Labs, a leading developer of web3 infrastructure and the brains behind the popular decentralized exchange Matcha, has introduced a game-changing solution for DeFi users on Ethereum - the Tx Relay trading API. This innovative API aims to address the issue of failed transactions due to insufficient ETH for gas fees, a common frustration faced by many in the DeFi space. Here's a breakdown of what Tx Relay brings to the table:

Key Features of Tx Relay:

  • Gasless Swaps: Tx Relay enables users to swap between cryptocurrencies without having to spend any ETH on gas fees, streamlining the trading process significantly.

  • Reducing Transaction Failures: With an average of 8-10% of DEX transactions failing, and a spike up to 20% during network congestion periods, Tx Relay abstracts away the need for users to manually set gas limits, covering all gas costs within the transaction itself.

  • Available on Ethereum and Polygon: The API is currently live on Ethereum and Polygon, with plans for a launch on Arbitrum in Q1 of 2024, expanding its reach to more users across different networks.

Industry Recognition and Feedback:

Coinbase Wallet Product Manager Claudia Haddad emphasized the significance of reducing network fees, citing it as a major pain point for users over the past few years. She praised the improved user experience brought by gasless swaps, highlighting the seamless trading experience it offers.

Coinbase, a key investor in 0x Labs and a beta tester for the Tx Relay API, revealed that a significant 69% of Ethereum swaps encounter "not enough gas" errors at the beginning of trades. This statistic underscores the widespread challenges faced by users when dealing with gas fees and transaction execution during peak congestion periods.

Gas fees and transaction hurdles are not only familiar struggles for seasoned crypto traders but also significant barriers for newcomers entering the crypto space. By addressing these pain points, Tx Relay is poised to enhance the overall trading experience for DeFi users, paving the way for a more accessible and efficient ecosystem.

With the launch of Tx Relay, 0x Labs is setting a new standard in DeFi infrastructure, revolutionizing the way users interact with decentralized exchanges and paving the way for a more seamless trading experience in the world of Web3.

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