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Nasdaq-listed centralized digital assets exchange COINBASE (COIN) on Thursday announced an Ethereum scaling product that will leverage layer 2 network Optimism's technology. The news appears to have ignited a fire under the optimistic ecosystem's cryptocurrencies.
Data from Coingecko shows VELO, the native token of the Optimism-based decentralized exchange Velodrome Finance, has gained 21% in the past 24 hours. The chip's more than doubled in 7 days. Velodrome is the ninth largest decentralised stock exchange worldwide, representing 2.5% of the total market volume.
Optimistic Lending Protocol The Sound Finance SOUND token jumped 82 percent, bringing the seven-day total to more than 300 percent.
OPX, the governance and utility token of OPX Finance, exploded by 144 per cent, while the PERP token of the Perpetual Decentralized and Perpetual Exchange Protocol saw its market value increase by 42 per cent. Other lesser-known names such as THALE, HND, RING and PICKLE have also recorded two-figure rallies in the last 24 hours.
The Optimism OP token surged by more than 10% to a 2-week high of $3.10, according to CoinDesk data.
Coinbase has released the testnet version of their new descaling product Ethereum Layer 2, base, announce that they will be interoperable with other channels such as solana but will not have their native token.
"Base aims to be decentralized, permissionless, and open to anyone with the vision of creating a standard, modular, rollup agnostic Superchain powered by Optimism," the exchange said. 'We join optimism as a core developer on the open source op stack and work towards creating a prosperous community of other developers."
Speculation on Crypto Twitter is that Coinbase is making a challenge portal based on KYC with the assistance of Optimism, which will open the doors to institutional participation in democratized finance.
Can always use open and free optimism as usual, but if you want to get into the basic layer of currency, Go through the Kyc Ccip process and have access to large institutional cash reserves. Could be the on-ramp tradfi has been craving.
— Gammichan (@gammichan) February 23, 2023
Coinbase's foray into the Ethereum layer 2 world comes one year after the swap launched a non-fungible chip market. According to the data from the analysis, coinbase companies are one of the most active venture capital companies in the crypto industry today, with more than 240 investments.
Therefore, observers are optimistic about the development of the base as a preferred location for decentralised applications.
"The collaboration strives to upgrade Optimism Mainnet, Base, and other L2s to an initial superchain," pseudonymous analyst Route2FI tweeted. "The hope is that the superchain can blossom into a sprawling network that maximizes interoperability, shares decentralized protocols and standardizes its core primitives."
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