• Coinbase launched Base, a layer-2 scaling solution for the public, making it the first publicly listed company to operate its own blockchain.
• Tokens worth millions have been bridged over to Base due to its advantages in transaction throughput and affordability.
• More than 100 dApps have already been deployed on Base, with more expected as developers create amazing onchain products for people all over the world.
Coinbase Launches Base: A Layer-2 Scaling Solution
Coinbase has become the first publicly listed company to operate its own blockchain with the launch of their layer-2 scaling solution, Base. With this move, they hope to bring Web3 technologies into mainstream acceptance.
Advantages of Using Base
Base has demonstrated clear advantages in transaction throughput and affordability, leading tokens worth millions being transferred over to this newest L2 project. Additionally, more than 100 dApps have already been deployed on Base with expectations that more will be created as developers work together to create amazing onchain products for people all over the world.
Coinbase Shares Drop Despite Launch
Interestingly enough, shares of Coinbase dropped 4.2% from Tuesday’s close despite the launch of their new product. This could be an indication of investor’s confidence or lack thereof in Web 3 technology and its ability to generate revenue streams for other top fintech companies in the near future.
Base Runs On OP Stack Software
Base runs on Optimism (OP) stack software which is another prominent layer- 2 blockchain platform. Jesse Pollak who is a senior executive at Coinbase and responsible for the development of base stated that one of their main goals was to establish a platform that enables the growth and development of millions decentralized applications (dApps).
The launch of Coinbase’s layer- 2 scaling solution has raised hopes among Web 3 proponents that similar revenue streams could be explored by other top fintech companies in the near future while also providing developers with an environment where they can deploy their products and test out its efficacy before taking it public.