The largest American crypto exchange Coinbase has launched a test network of the second level solution Base, developed on the basis of the architecture OP Stack from optimism.
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 goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy. pic.twitter.com/RmwZFJzGGs
— Coinbase (@coinbase) February 23, 2023
“Base is L2 based on Ethereum. It offers a secure, low-cost, and developer-friendly way to build decentralized applications,” the company said.
They emphasized that the new solution does not involve the issuance of a token – ETH is used to pay transaction fees.
2/ Important: Base is *not* a token
We do not plan to issue a new network token for Base and will use ETH as the native gas token.
— Coinbase (@coinbase) February 23, 2023
Base will interact with the company’s main products, including Coinbase Wallet.
The American exchange will also join Optimism as the main developer of the OP Stack. Part of transaction fees on the Base network will go to the Optimism Collective Treasury.
Among other things, Coinbase and its venture arm will launch the Base Ecosystem Fund. It will invest in early stage projects using the new L2 solution.
The news had a positive impact on the price of OP — over the past 24 hours, the utility token of the Optimism project has grown by 17%, to $2.91 (according to CoinGecko).
Recall that in the fourth quarter, Coinbase recorded a loss of $557 million.
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