Agentic Commerce on Crypto 🤖, Ronin L2 Migration 🏃, Bybit Cancels F1 Deal 🏎️

Coinbase long-term valuation

Coinbase could reach a $300B market cap by 2031 (35% CAGR) by becoming the settlement and commerce infrastructure layer for agentic finance rather than a brokerage dependent on crypto volume cycles.

Ronin L2 migration rationale

Ethereum's institutional and Wall Street alignment is the primary rationale for Ronin's move to an L2, despite RON being down 98% from its peak.

AI Agents as the Killer App for Crypto Payments

Google and PayPal argue AI agents can't hold bank accounts due to regulatory constraints, making programmable crypto/stablecoin rails the only viable payment infrastructure for agentic commerce — a $3-5T market projected by McKinsey.

Frames crypto not as speculative investment but as necessary infrastructure for AI autonomy, with 95% of merchants already seeing AI agent traffic but only 20% ready to serve them.

RWA Tokens as Equity Stakes in Financial Infrastructure

The market is repricing RWA tokens away from utility token models toward early equity-stake framing, with outperformers treated as bets on the growth of tokenization itself regardless of whether value accrues via fee switches, revenue share, buybacks, or governance.

Reframes token valuation logic from utility/cash flow to infrastructure equity, bypassing the traditional fee-switch requirement that most DeFi tokens fail to meet.

Ethereum L2 (OP Stack) replacing Ronin standalone sidechain

Ronin migrated from an independent sidechain launched in 2021 to an Ethereum L2 on May 12, citing Ethereum's institutional alignment and to inherit Ethereum's security guarantees.

Engineers switching from Ronin standalone sidechain to Ethereum L2 (OP Stack)