Coinbase has launched Base, a layer 2 solution built on Optimism stack, providing a cost-efficient way for users to engage with on-chain activity.
- Coinbase recently launched Base, a layer 2 solution built on Optimism stack.
- Base provides a cost-efficient way for Coinbase’s users to engage with on-chain activity.
- Features include full EVM equivalence at a fraction of the cost, easy developer APIs for account abstraction, and bridges for secure multi-chain applications.
- The platform is open-source with Coinbase joining Optimisim as a Core Dev on the OP Stack.
- This approach enables developers to access tools and resources while fostering a collaborative environment in the Ethereum ecosystem.
- Coinbase will leverage Base to serve 110M+ verified users and access $80B assets in its ecosystem.
In recent years, the Ethereum network has faced a number of challenges, including high gas fees and slow transaction speeds. These issues have led to an increase in demand for layer 2 solutions, which can offer faster and cheaper transactions — while holding onto the security and decentralization features of Ethereum. Coinbase, one of the largest cryptocurrency exchanges in the world, has recognized this need and recently launched its own layer 2 solution, called Base.
According to Jesse Pollock, Senior Director of Engineering at Coinbase, the company had seriously considered launching its own blockchain two other times previously. Once in 2018, and then again in 2020. Those plans were obviously shelved at the time, but ultimately the company decided that with the recent advancements in Layer 2 technology — now was their time.
If you enjoy content like this, consider signing up for the free newsletter. Get Web3 news and informational guides sent straight to your inbox.
Built on top of the Optimism stack, Base is designed to provide Coinbase users with a more efficient and cost-effective way to engage with on-chain activity. By settling on Ethereum, Base is auditable, open, and transparent, which ensures that transactions are secure and verifiable. Additionally, Base’s scalability should help to reduce congestion on the Ethereum network and drive increased adoption of decentralized applications and smart contracts.
Coinbase’s partnership with Optimism, a leading layer 2 solution provider, has enabled the development of Base to leverage the expertise and experience of one of the leading players in the space. Base’s commitment to committing a portion of its transaction fee revenue back to the Optimism Collective treasury will further the vision of sustainability. In the near term, the collaboration will strive to upgrade Optimism Mainnet, Base, and other L2s to an initial Superchain structure, with shared bridging and sequencing.
Beyond the launch of Base, Optimism has announced plans to build a unified network of chains, known as the Superchain. This ambitious project seeks to integrate multiple layer 2 solutions into a single interoperable and composable system, prioritizing decentralization, governance, and security. By standardizing core primitives and maximizing interoperability, the Superchain aims to empower humanity through decentralized blockchain technology that enables unprecedented coordination of human intelligence across the globe.
Overall, the launch of Base and the Superchain project are significant developments for the Ethereum ecosystem, Layer 2 chains and for the broader adoption of decentralized blockchain technology. By providing more efficient and cost-effective solutions, these initiatives are poised to help drive increased adoption and to pave the way for a more sustainable and decentralized future.
If you are a developer, and you want to get started building on Base, you can today at base.org.