Crypto Exchange Coinbase Launches Ethereum L2 Scaling Network Called Base
Coinbase is joining the competition from Ethereum L2 scaling projects such as Polygon, Arbitrum, Optimism, Looping, StarkNet and others, after launching an L2 product called Base. The company published the news of its testnet announcement and launch on Thursday, urging the public to prepare for the upcoming mainnet launch. The cryptocurrency exchange states on Twitter that of course, “Base is an Ethereum L2 that provides a great, low-cost and secure, developer-friendly way for anyone, anywhere to build decentralized apps, and we aim to make it with the aim of making On-Chain the next online and bringing more than one billion users into the crypto economy. The exchange explains that it will be open source and leverage Optimism’s OP stack. This optimism is descriptive, so to speak. Is also collaborating with and in the blog post it is written or it is said that, “We make this toolkit open platform and anyone can contribute and help the cryptocurrency economy scale.” and can increase it.
Initially, of course, Coinbase will have more control, but the country’s vision is to become fully predictable over time, and the announcement states that, “Base will rollup from Stage 0 to Stage 1 in 2023 and Stage 2 in 2024.” The roll will go on till now” and furthermore the post further states that Coinbase does not plan to issue any new network tokens and does not have any such plans. Base will be a separate network and will be powered by Ethereum and leverage Ethereum’s security. Coinbase also launched an ecosystem fund to support its early-stage plans to work with Base as long as they meet the company’s investment criteria. Like many L2 platforms, Base will seek to reduce transaction costs relative to Ethereum and therefore offer a low cost of fees. ETH fees are higher than usual this week and the l2 protocol Arbitrum, which offers lower fees, has overtaken Ethereum in daily transaction numbers and the post further states, ‘providing a fully EVM equivalent at a fraction of the base cost’ and is fully committed to growing the developer platform forward. Sure enough, OP’s native coin, L2 Scalping Network Optimism, rallied 7.4% against the US Dollar after Coinbase’s announcement. Recently, it has revealed plans to update its network in March. When Coinbase launched the Base testnet, people on social media complained about the rough start, calling it a poor launch, and Roberto Bayardo, who was behind Coinbase Web3 development, suggests that the problem has been resolved. Fixed and noted that a lot of people were bridging. He further said that we are submitting the contract for verification.