Coinbase officially deploys the L2 Base network
Coinbase, one of the largest US cryptocurrency exchanges, recently announced the official launch of Base, its L2 network dedicated to Ethereum. Powered by Optimism’s OP stack, this new solution has been open to developers since last month. Layer 2 could enable the exchange to generate additional revenue by organising events such as an on-chain festival in partnership with Coca-Cola.
Access to DeFi for exchange users
Base was publicly launched on 9 August, providing exchange users with access to DeFi. Base’s position as Ethereum’s L2 confirms its ambitions. According to information reported by The Block, the bridge linking the Base network to Ethereum is already operational. Previously reserved for developers since 13 July, this layer 2 is now accessible to the general public.
Base: a major development for the Ethereum blockchain
The Base project represents a significant step forward for the Ethereum blockchain, offering a secure, low-cost and user-friendly way for developers to create decentralised applications (dApps). This initiative could contribute to the growth and democratisation of the Ethereum ecosystem.
Confusion on the cryptocurrency market
However, the announcement of Base’s launch also caused chaos on the crypto-currency market. Hundreds of traders mistakenly flocked to the BASE crypto, which has no connection whatsoever with Coinbase’s project or its new platform. As a result of this confusion, the price of this unrelated crypto-currency jumped by 400%.
Coinbase: a major player in the development of DeFi
With the launch of Base, Coinbase confirms its role as a major player in the development of decentralised finance (DeFi) and strengthens its position in the crypto-currency exchange market. Users will be able to take advantage of an increasingly rich and diverse offering.
The advantages of the Layer 2 solution
Base offers a number of advantages for developers and users:
- Lower costs: transaction fees on the L2 network are generally lower than on the main Ethereum network.
- Improved scalability: by increasing transaction processing capacity, Base can support more users and more applications.
- Greater security: the Layer 2 solution benefits from the security of Ethereum’s main network, while offering additional guarantees.
In conclusion, Coinbase’s launch of Base is an important milestone for the Ethereum ecosystem and DeFi. Exchange users will now be able to benefit from easier, more secure access to decentralised applications, while enjoying a better user experience thanks to the reduced costs and improved scalability offered by this Layer 2 solution.
