The major cryptocurrency exchange in the United States, Coinbase, has announced the testnet launch of Base, a new Ethereum layer-2 network. Optimism, a well-known Ethereum L2 blockchain, serves as the network’s power source. The L2 network will provide “a safe, inexpensive, and developer-friendly method for anybody, anywhere to create decentralized applications or “dapps” onchain.”
In addition, the crypto exchange declared clearly that it has no intentions to introduce a layer-2 network token. As its native gas token, the L2 network would deploy ETH.
Coinbase has indicated that the Base network will be compatible with other blockchains such as Solana. In addition, the network would be decentralized, open-source, and constructed using MIT-licensed OP Stack.
In addition, OP had a market capitalization of about $696 million and an uptrend of over 20% during the previous 24 hours. Coincidently, although the news has boosted the price of OP, it seems to have had little to no impact on the price of Coinbase (COIN).
Optimism claimed in a second blog post that Base will donate a percentage of its transaction fee earnings to the Optimism Collective fund. Coinbase would also be a key developer of the OP Stack codebase as a member of OP Labs. In addition, the cooperation will seek to transform Optimism into a Superchain, a network composed of several chains. The blog entry said,
“The Superchain aims to unite previously isolated L2s into a single interoperable and modular system. We must aim towards a future when starting an L2 is as simple as deploying an Ethereum smart contract is today.”
Also Read: El Salvador Now Is Setting Up A “Bitcoin Embassy” In Texas
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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