American cryptocurrency exchange Coinbase is launching its own Optimism-based sidechain called Base. About this exchange informed on my official blog. It is expected that the novelty will become a cross-chain bridge through which users will be able to connect to various sidechains of the Ethereum ecosystem.
Coinbase claims that the project will be aimed at decentralization, and the source code will be open to the public. At the same time, how exactly Coinbase plans to support project management is not specified. As part of the initiative, the exchange also partnered with Optimism as a key blockchain developer. Details of cooperation are not disclosed.
Amid the news, optimism (OP) token prices soared 18% to $2.9, according to data tradingview. The market capitalization of the token has grown to $683 million.
It will be possible to connect to the test version of the Base sidechain through the blockchain providers QuickNode, Infura and Blockdaemon. The exchange intends to present a detailed plan for the further development of Base in mid-March.
At the same time, it remains unclear whether Coinbase plans to issue its own token to manage the project. For example, Binance’s Ethereum fork called BNB Chain (formerly Binance Smart Chain) has a BNB token. However, Coinbase did not make any announcements about the native token for its sidechain. The exchange only hinted that they intend to share Base commission income with the Optimism development team.
- Optimism is an open source Layer 2 (L2) solution for the Ethereum blockchain. The aim of the platform is to solve Ethereum’s scalability issues that cause network users to face high fees and transaction delays. The project is being developed by the non-profit organization Optimism Foundation.
- However, Optimism is far from the only L2 solution for Ethereum. There are a number of analogues on the market, including Loopring and Arbitrum.
Stay in touch! Subscribe to bitcoinlinux.com at Telegram.
