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Coinbase has announced the testnet launch of Base, an Ethereum Layer 2 protocol and brushed off rumors of a new coin.
Yesterday, a cryptic tweet from COINBASE sparked excitement and speculation among the community. Some thought the money base was throwing a new chip. But today, the exchange cleared the air by announcing an Ethereum Layer 2 protocol – called Base. In addition, the company indicated that it had no intention of issuing a new network token.
1/ ?? We’re excited to announce @BuildOnBase
Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps.
Our objective with the base is to make onchain the next users online and on board 1b in the crypto economy. pic.twitter.com/RmwZFJzGGs
— Coinbase (@coinbase) February 23, 2023
Base – a Secure, Low-Cost, and Developer-Friendly Protocol
Coinbase has partnered with Optimism to utilize its MIT-licensed OP Stack for Base. The society will construct its future products in chain on the base, and protocol l2 will be open to the construction of others. The protocol will rely on the exchange of the base of money to return the fiat on the ramp transparent.
Database aims at integrating more than one billion Internet users into the web3. To do this, society believes that it must be a bridge to the web3, not an island. Users will be able to interact safely with not only ethereum, but with other layer 2 and layer 1 protocols as well.
To do this, society believes that it must be a bridge to Web3, not an island.
Users can interact safely not only with Ethereum, but with other Layer 2 and Layer 1 protocols as well. The announcement reads: We encourage them to start from the base.
Go anywhere: we see Base as a "bridge" to users in the crypto economy."
Base is incubated inside the base. But how will users choose Base over existing chains such as Polygon or Arbitrum
According to , Polygon had 282,049 active users on Wednesday, and Arbitrum had 135,483 users. Base is looking to integrate more than one billion new users into the web3.
In terms of onboarding new users, Optimism onboarded new wallets on Wednesday. While upbeat, the core partner, had only 44,824 users.
Whether Base overthrows the dominance of Polygon, Arbitrum, or other chains, awaits to be seen.
On the other hand, the polygon and the arbitrum boarded almost 10 times as much, 38,221 and 39,839 respectively. Write to us or join the discussion on our Telegram channel. You can also catch us on FacebookTwitter
