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Ethereum's Base Network: Coinbase's Innovative Layer-2 Solution

In 2023, Coinbase launched Base, an Ethereum layer-2 network designed to enhance user experience in the cryptoeconomy.

Base operates using optimistic rollups, allowing for faster and cheaper transactions than the Ethereum mainnet while benefiting from its security.

This initiative aims to onboard billions of users to cryptocurrency by providing developers with an open, decentralized environment for building applications.

Interestingly, Base does not have a native token; it uses Ethereum’s gas token for transactions, although discussions about a potential network token have emerged.

Currently, Base hosts over 617 DeFi protocols with more than $5.1 billion in total-value-locked, making it a significant player in the DeFi sector.

Additionally, the network has cultivated a thriving gaming ecosystem and diverse consumer applications, attracting many users and contributors.

In its ongoing efforts, Coinbase is pushing to improve the developer experience and onboarding processes, aspiring to reach 25 million users and $100 billion in assets by 2025.

Simultaneously, Coinbase Payments is collaborating with major industry partners to establish an Open Intents Framework, enhancing cross-chain standards within the Ethereum ecosystem.

This framework aims to streamline asset movements and simplify transactions, making cross-chain interactions more efficient for users.

As Ethereum continues to evolve toward a multichain future, Coinbase's Base is positioned to be at the forefront of this transformation.