Ethereum News Today: Base Surpasses Solana in Token Supply for 3 Days, Zora Accounts for 62.69%

The token supply on Base has surpassed Solana for three consecutive days, marking a historic shift in market dynamics. According to sealaunch data, Base’s token issuance has outpaced Solana since July 26, driven primarily by Zora’s dominance. As of July 28, Zora accounted for 62.69% of Base’s coin issuance, with 51,575 tokens issued—exceeding the combined totals of Letsbonk (22,554) and pump.fun (4,173) [1]. This surge highlights Base’s growing influence in the decentralized finance (DeFi) ecosystem.

Cryptocurrency prices in early July 2025 reflect mixed investor sentiment. Solana (SOL) traded at $184.28 on July 11, a 4.46% drop over 24 hours, while Ethereum (ETH) stabilized at $3,746.75 by July 28 [1][2]. These movements are tied to broader macroeconomic uncertainties, including U.S. tariff policies and Federal Reserve actions. The Trump administration’s revised tariff strategy—reducing U.S. duties on Japanese goods from 25% to 15% and lowering tariffs on Chinese goods to 30%—has sparked concerns about inflationary pressures [3]. Analysts warn that such tariffs act as a "stagflationary" shock, shifting costs to consumers and delaying potential interest rate cuts by the Fed [3].

The U.S. dollar’s weakening, with its index dropping from 110 to 96.37 since early 2025, has further complicated the landscape. Historical data suggests a negative correlation between the dollar’s strength and Bitcoin’s performance, a trend expected to persist through mid-2026 amid the “dollar tide cycle” [3]. Federal Reserve policy remains cautious, with a 60.3% probability of a 25-basis-point rate cut in September, per CME FedWatch data. Inflation remains a concern, as U.S. core PCE rose to 2.8% year-on-year in June, partly due to tariff-induced price pressures [3].

Regulatory clarity has emerged as a key theme. The recently enacted “GENIUS Act” and “CLARITY Act” have redefined stablecoin oversight and token classification, transferring regulatory authority from the SEC to the CFTC for commodity tokens like Bitcoin and Ethereum [3]. These changes aim to stabilize traditional banking systems while encouraging DeFi compliance. The “Anti-CBDC Surveillance National Act” further underscores a shift toward structured oversight [3].

Corporate adoption of crypto continues to accelerate. MicroStrategy’s “coin-stock strategy,” where companies hold cryptocurrencies as balance sheet reserves, has inspired public entities to accumulate 920,000 BTC, 1.48 million ETH, and 2.91 million SOL [3]. This approach leverages arbitrage opportunities between fiat and crypto markets but carries risks if liquidity tightens [3].

Geopolitical tensions, particularly the Ukraine war, add volatility to the market. Trump’s proposed 50-day ceasefire deadline and Russia’s military mobilization have heightened the risk of sanctions and market disruptions if diplomacy stalls [3].

The crypto market is navigating a complex interplay of inflation, dollar dynamics, regulatory shifts, and geopolitical risks. While the weak dollar cycle and corporate adoption provide tailwinds, tariff-driven inflation and Fed caution could temper gains. Investors must closely monitor August tariff negotiations and September Fed decisions for directional cues [3].

Source: [1] The Token Supply on Base has been higher than Solana for the past 3 days, with Zora as the main driver,[https://www.theblockbeats.info/en/flash/305121] [2] Ethereum Price, ETH Price, Live Charts, and Marketcap, [https://www.coinbase.com/price/ethereum] [3] "Coin-Stock Strategy" Activates Market Enthusiasm ..., [https://www.chaincatcher.com/en/article/2193932]