Crypto exchange, Coinbase has launched its Layer 2 network called Base. The Base is a testnet version of its Ethereum Layer-2 network at ETHDenver. It provides a low-cost, open-source, developer-friendly means for building decentralized applications (dApps).
Announcing this in a Twitter post, Coinbase stated its goal with Base is to make on-chain the next online and draw over one billion users to the crypto economy. More importantly, the exchange said Base is not a token and will not issue a new token; instead, ETH will be used as the native gas token.
Base provides the security and scalability needed to power dApps. This is why it integrates the underlying security of Ethereum with Coinbase’s best practices to allow effective and efficient onramp into Base from Coinbase, Ethereum L1, and other interoperable chains such as Solana.
This proves that Base serves as a bridge for users into the crypto economy, enabling them to access products on other chains.
The network is built on Optimism’s OP Stack. It aims to be decentralized, permissionless, and open to individuals with the vision to create a standard, modular, rollup agonistic Superchain powered by Optimism. Also, Coinbase’s partnership with Optimism as Core Developers allows for building a thriving community for other developers.
According to a statement 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 platform in the Coinbase ecosystem.”
One exciting feature of the network is the Base Ecosystem Fund which invests in and supports early-stage projects building on Base that meets the investment criteria.
