Coinbase, a leading cryptocurrency exchange, has just announced the launch of its new layer 2 blockchain network called Base which aims to attract millions of new users to the crypto space.
Built on Optimism’s OP Stack, Base will offer a secure, low-cost, and developer-friendly way for anyone to build decentralized applications on the blockchain.
Optimism’s OP Stack is an open-source developer toolkit that provides a suite of tools for building decentralized applications (dApps) on layer 2 scaling solutions. The platform uses Optimistic Rollups, a technology that processes transactions off-chain but settles them on-chain to reduce transaction fees and increase the speed of transactions.
The OP Stack includes a range of tools for developers, including a smart contract compiler, a decentralized exchange, and a wallet interface. By leveraging the OP Stack, developers can build dApps that can process a high volume of transactions without compromising on security or decentralization.
https://twitter.com/coinbase/status/1628760201254903809
The partnership between Coinbase and Optimism, as well as the launch of Base on the OP Stack, represents a noteworthy advancement in the adoption of layer 2 scaling solutions in the cryptocurrency industry.
According to Will Robinson, vice president of engineering at Coinbase, the platform will provide access to Ethereum and other blockchain ecosystems such as Solana.
Coinbase believes that Base will help attract millions of new crypto users in the coming years by making it easier for developers to directly integrate their projects with Base and provide fiat on-ramps, targeting an estimated 110 million verified users and $80 billion in assets on the platform.
Robinson said that Base is an easy-to-use default on-chain experience with access to products on other chains, serving as a bridge for users into the crypto economy.
While Coinbase plans to progressively decentralize the chain over time, it has no plans to issue a new network token.
With Base, Coinbase is leveraging its decade-long experience building crypto products to provide millions of new users with access to decentralized finance (DeFi) applications.
The testnet version of Base was started by Coinbase on Thursday and is expected to offer an alternative to Ethereum’s congested network and potentially drive significant adoption of layer 2 solutions.
To further attract users to Base, Coinbase has launched the Base Ecosystem Fund which will invest in and support early-stage projects building on Base that meet predetermined investment criteria.
Time will tell how the crypto community will respond to Base and whether it can live up to the hype. In the meantime, developers should keep their eyes peeled for exciting opportunities arising from this project as it evolves.
