1. April 2023

Coinbase Launches Layer 2 Blockchain Base

• Coinbase, a major US-based crypto exchange, has announced the launch of its own layer 2 blockchain for Ethereum (ETH) called Base.
• Base is described as a secure, low-cost, developer-friendly platform for building decentralized applications (dApps).
• The immediate next step now will be to ensure a successful Base testnet and share a more detailed roadmap with developers in the weeks ahead.

Base Offers Fast, Low-Cost and Secure Transactions

Coinbase’s new layer 2 blockchain for Ethereum, known as Base, provides users with fast, low-cost and secure transactions. It is designed to make onchain the next online and onboard 1B+ users into the cryptoeconomy. In addition to being interoperable with other popular Layer 1 blockchains like Solana (SOL), it also allows developers to build dApps on top of it with ease and security.

No Token Necessary

Unlike many other protocols or networks that require native tokens to ensure their decentralization and security, Coinbase explicitly stated there are no plans for issuing a token for the chain. This marks an important development in the world of blockchain technology as it proves that tokens are not always necessary for successful projects.

COIN Price Update

Shares of Coinbase listed on Nasdaq rose by 1.93% following news of the new network launch but have since slightly declined in pre-market trading at press time. Despite this minor dip, however, Coinbase’s stock price has seen an impressive 85.6% increase since beginning of 2023 due to improved sentiment in the crypto sector overall.

Commentary from Adam Cochran

Adam Cochran from Cinneamhain Ventures commented on the launch stating that “Coinbase has unparalleled reach” when it comes to onboarding users into cryptocurrencies thanks to its easy user interface and strong brand presence across multiple countries around the world. He further added that he expects great things from them going forward with their new Layer 2 offering.