Announcing BASE by Coinbase

Coinbase Launches Game-Changing Layer 2 Blockchain Base 🔵 on Optimism Network 🔴✨

By TheWiseBull | TheWiseBull Blog | 23 Feb 2023

Coinbase, one of the world's largest cryptocurrency exchanges, has announced the launch of Base: a new Ethereum Layer 2 (L2) blockchain to revolutionize how cryptocurrencies are traded.

According to their announcement, "Base is a secure, low-cost, developer-friendly Ethereum L2 built to bring the next billion users to web3." Built on top of the Optimism Network, Base is designed to help solve the scalability issues currently faced by the Ethereum blockchain, the most widely used blockchain for decentralized applications (dApps) and smart contracts.

Optimism is an L2 scaling solution that aims to increase the transaction throughput of the Ethereum blockchain by using optimistic rollups. This technique allows transactions to be processed off-chain and verified on-chain, reducing the amount of computational work required by the Ethereum network. According to Coinbase, some of Base’s transaction fees will go towards the Optimism Collective, funding public goods on Optimism. Coinbase is also reportedly committing to launching a Base-native ecosystem fund!

The new solution will allow for faster and cheaper transactions for users while also providing enhanced security features that make it more difficult for hackers to exploit vulnerabilities in the system. Coinbase provides the following overview of Base on their site

So, what is Base?

We've built Base to be one of the best places for developers to build on-chain.

  • Secured by Ethereum: Base is built with the security and scalability you need to power your decentralized apps. It leverages the underlying security of Ethereum, along with Coinbase’s best practices, to enable you to confidently onramp into Base from Coinbase, Ethereum L1, and other interoperable chains.

  • Empowered by Coinbase: Base makes it easy to build decentralized apps with access to Coinbase’s products, users, and tools. Seamless Coinbase product integrations, easy fiat onramps, and powerful acquisition tools enable developers to serve the 110M+ verified users and to access $80B assets on the platform in the Coinbase ecosystem.

  • Big features, small fees: Base offers full EVM equivalence at a fraction of the cost and is committed to pushing forward the developer platform. Set up gasless transactions for your dApps with easy developer APIs for account abstraction and securely build multichain applications with easy-to-use bridges.

  • Open source: Base aims to be decentralized, permissionless, and open to anyone with the vision of creating a standard, modular, rollup agnostic Superchain powered by Optimism. We’re joining Optimism as a Core Dev on the open-source OP Stack and working to create a thriving community of other developers.

Wen $BASE Token?

Coinbase also made it clear to speculators that they have no plans to launch a new network cryptocurrency token. They will instead focus on building infrastructure and providing tools for users to interact with the cryptocurrency ecosystem. Please do not fall for any fake tokens that are sure to be in the works as I write this!

REMINDER: Please always DYOR and do not ape into investments. When you read this disclaimer, the facts reflected herein are likely incorporated in the prices of $COIN and $OP!

The cryptocurrency community has welcomed the announcement, with many experts predicting that this new development will help drive the adoption of cryptocurrencies and blockchain technology even further.

Coinbase has been at the forefront of the cryptocurrency industry for several years now, and this latest development only serves to solidify its position as a leader in the space.

The launch of the new Layer 2 blockchain base comes when cryptocurrencies are becoming increasingly mainstream, with more and more businesses and individuals embracing the technology. This new development is expected to accelerate this trend, making cryptocurrencies more accessible and easier to use.

In a statement, Coinbase CEO Brian Armstrong said: "We are excited to launch this new Layer 2 blockchain base, which will provide significant benefits to users and developers alike. By building on top of Optimism, we can leverage their cutting-edge technology and help bring about the next wave of blockchain adoption."

The launch of the new Layer 2 blockchain base is expected in the coming months, with Coinbase working closely with developers to ensure a smooth rollout. This is an exciting time for the cryptocurrency industry, and it will be interesting to see how this new development will shape the future of the space.

Helpful Links 🔗


Become a part of Base history!

  • Mint “Base, Introduced,” a commemorative NFT that celebrates the initial launch of Base. 1 per address, freely mintable on Zora through Sunday, February 26, 2023, at midnight EST.

Bullish? Bearish?

So are you bullish or bearish on this announcement? Let's all talk about this in the comments below.


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