By George Ward
Coinbase, one of the largest crypto exchanges, has released an Ethereum layer-2 network, Base. The exchange maintains that the new platform will provide a secure and developer-friendly environment for constructing decentralized applications (DApps) on the blockchain at a low cost.
Base To Offer Developers Friendly Environment
“Base is an Ethereum L2 solution that presents a developer-friendly, secure, and low-cost platform for anyone to construct decentralized applications, regardless of location. Our aim for Base is to facilitate the transition to an on-chain environment, onboarding over 1 billion users into the crypto space.” Coinbase tweeted.
Coinbase added that Base would serve as a conduit for users into the cryptocurrency economy, granting access to additional L1 ecosystems such as Solana and establishing interconnectivity with other chains. Additionally, it will enable access to Coinbase’s range of tools, products, and userbase and provide effortless fiat on-ramps and robust acquisition tools.
However, the company stated that it has no intention to introduce a new network token. Hence, the new network will not have its native token.
Base, which will rely on the OP Stack utilized by Optimism, will have a centralized origin. But Coinbase has outlined a comprehensive strategy for gradually decentralizing the network.
In addition, Coinbase intends for Base to be entirely accessible to everyone and open source. The company stated that it would collaborate with the OP Stack core development team to ensure that it is a public asset available to all.
Per the statement released, Coinbase will maintain its integration with other networks as an exchange. Hence, the Base will serve as “a bridge, not an island.”
Coinbase Partners With Optimism To Foster Decentralization
While Coinbase aims for Base to be user-friendly for its customers to gain experience with cryptocurrencies, it also urged users to “begin on Base, but try other platforms.” Furthermore, Coinbase stated in its decentralization strategy that it is collaborating with Optimism Collective and Op Labs to achieve decentralization of the Optimism ecosystem.
The objective is to establish a “Superchain” comprising interconnected networks constructed on the OP Stack. According to Coinbase, the existing model of Optimism represents a “Stage 0 rollup,” a term coined by Vitalik Buterin in his write-up on roll-up decentralization.
Also, Coinbase announced its intention to advance Base to “Stage 1” by the conclusion of 2023. Meanwhile, the collaboration between Optimism and Coinbase marks a momentous achievement in the progression of the cryptocurrency industry.
This showcases the potential for cooperation among diverse participants in the field. This advancement is expected to create a ripple effect throughout the crypto market, inspiring other entities to discover new collaboration methods and pioneer innovations.
Following Coinbase’s announcement, OP, the native token of the Optimism protocol, shot up by 3.4% in the past 24 hours to hit $3.02, according to current Coingecko data.