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- American crypto trading platform Coinbase has launched Base L2 for public use.
- Base is an Ethereum scaling solution that has ushered Coinbase into a new era.
American cryptocurrency exchange Coinbase Global Inc has announced that its Base Mainnet is now open to the public.
This signifies the beginning of an era where public companies run their own distributed network. Markedly, Coinbase pointed out that its blockchain is the first to be launched by a publicly traded company and this presents it with a new revenue opportunity, seeing that the crypto exchange will generate more income from running its own blockchain.
Additionally, executives of the publicly traded United States crypto exchange believe Base could also garner revenue from the applications that would be built on it.
It is worth noting that Coinbase unveiled the Layer-2 blockchain which was developed with Optimism’s OP Stack sometime ago with the promise that it would officially launch publicly on Wednesday, August 9th to facilitate Ethereum (ETH) bridging. That is, it will provide a seamless method to connect different ETH-based networks. With the launch finally here, users can easily bridge their Ethereum and ERC-20 tokens to Base.
Similar to Shiba Inu’s Shibarium which is yet to fully launch on the mainnet, Base is an L2 scaling solution aimed at improving the speed, security, and scalability of Ethereum transactions.
It utilizes zero-knowledge proofs, a cryptographic technique that allows users to verify transactions while still concealing sensitive information. The use of this technology will enhance the completion of transactions at a faster speed, with reduced gas fees and lower congestion on the ETH network.
Coinbase Permits Developers Deploy Applications to Test Base
As a part of the preparation for the official public launch, the funding of Ethereum on Base was already operational through Coinbase Wallet. Dune, a blockchain analytics platform, has reported over $68 million worth of Ether being bridged to Base thus far.
This activity indicates aroused interest and anticipation for the new blockchain. Since July, Base was already made accessible for developers’ testing. These developers were allowed to test their applications on the new network.
According to Jesse Pollak who is overseeing Base as Coinbase’s head of protocols, about 100 Decentralized Applications (DApps) have been deployed or getting ready to be on the blockchain as of Tuesday, August 8th.
Pollak expressed his excitement about Coinbase’s consistent mission to “bring the next billion users and next million builders on chain.”
Historically, the aperture of what people can do with crypto has been relatively limited, mostly speculation,” Pollak said, adding that “In order for Coinbase and crypto and this work that we’re doing to have the impact that we all want, we need to move from the place where this is speculation to a place where this is integrated into every part of someone’s day-to-day existence.
It would interest you to know that since 2016, Coinbase Chief Executive Officer (CEO) Brian Armstrong noted in a “secret master plan” that the fourth phase of the company’s development would come from “decentralized apps,” or dapps, designed to reach one billion people, a vision that is currently materializing today.
