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However, the firm might not follow Coinbase’s reliance on Optimism.
Cover art/illustration via CryptoSlate
Members of Andreessen Horowitz (a16z) have hinted at a possible upcoming blockchain product, as seen in two separate April 18 tweets.
Engineer tweets orange circle
Noah Citron, an engineering partner for a16z, tweeted a picture of the orange circle emoji — that is, a dot featuring the company’s main logo color.
coming soon ???? pic.twitter.com/8kADUuervL
— ncitron.eth (@NoahCitron) April 18, 2023
Though the tweet does not include other details of the upcoming product, it closely resembles an earlier tweet from Coinbase. In February, Coinbase tweeted a blue dot (in line with its own color scheme) before it launched the layer 2 network Base.
A16z maintains a cryptocurrency division and often invests in crypto companies.
That fact, combined with the orange circle’s similarity to Coinbase’s ad scheme, suggests that the company’s upcoming product is likely blockchain-related.
Optimism connection is unlikely
Similarities to Coinbase only go so far, however. Coinbase built the Base network on the existing layer 2 network Optimism, which provoked speculation that a16z may do the same.
But Eddy Lazzarin, CTO at a16z Crypto, said on Twitter that the upcoming product is “not an L2.” That statement seemingly cut off this line of speculation.
Such speculation does not seem to have significantly affected the value of Optimism’s OP token, despite reports to the contrary. The value of Optimism (OP) is up 2.6% over the past 24 hours, while the entire crypto market is up 2.0% over the same period.
Optimism is the 65th largest cryptocurrency, reporting a market cap of $845 million. It gained a significant amount of its value around the time of its February airdrop.
Before and after Shanghai: A deep dive into the consequences of Ethereum’s latest upgrade
CryptoSlate’s latest market report dives deep into on-chain metrics before and after the Shanghai upgrade to see whether it could be inconsequential or mark a turning point for the Ethereum network.
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