Market News

Ethereum and Coinbase Unite for a New Era with the Launch of Base

In 2023, Coinbase launched Base, an Ethereum layer-2 network aimed at enhancing the on-chain economy.

Designated as a "bridge" into the cryptoeconomy, Base fosters an ecosystem for decentralized applications and significantly reduces transaction costs.

Using optimistic rollups, Base allows for faster and cheaper transactions compared to the Ethereum mainnet while ensuring security from the layer-one blockchain.

Interestingly, unlike many layer-2 solutions, Base does not have a native token and relies solely on Ethereum for transaction fees.

While some speculate about a future token, CEO Brian Armstrong has reiterated that Coinbase has no plans for a Base token.

Base supports a diverse array of applications across sectors such as DeFi and gaming, making it an attractive platform for developers and users alike.

With 492 DeFi protocols, Base boasts over $2.8 billion in total-value-locked, making it the largest layer-2 network in the crypto space.

The network's successful gaming ecosystem is supported by the layer-3 network B3, which features over 117 games with millions of players.

Coinbase aims to onboard billions of users into crypto and is targeting 25 million users, 25,000 developers, and $100 billion in assets by 2025.

By focusing on enhancing the user experience and improving app distribution, Base is poised to deliver a transformative impact within the crypto landscape.