Base: Coinbase's Ethereum Layer 2 Network Goes Live

Base Represents Significant Moment for Leading Industry Figures

Coinbase, the popular cryptocurrency exchange, has launched Base, a layer 2 network developed using Optimism's OP Stack. This move is aimed at attracting millions of new users to the cryptocurrency market over the coming years.

The testnet of Base was launched on Thursday and will not be limited to Ethereum but will also provide easy and secure access to layer 2 networks such as Optimism, as well as other blockchain ecosystems like Solana.

“Today, we’re excited to announce the testnet launch of Base, an Ethereum layer 2 (L2) network offering a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps or “dapps” onchain,” Will Robinson, vice president of engineering at Coinbase, revealed to CoinDesk.“We’re incubating Base inside of Coinbase, leveraging the last decade of our experience building crypto products, and plan to progressively decentralize the chain over time,” Robinson added.

Base is an Ethereum layer 2 (L2) network that offers a secure, low-cost, and developer-friendly way for anyone to build decentralized apps or "dapps" onchain. Coinbase is incubating Base inside the company and plans to progressively decentralize the chain over time.

The exchange also announced the Base Ecosystem Fund, which will invest in early-stage projects building on Base that meet predetermined investment criteria. Coinbase has no plans to issue a new network token.

What is Coinbase:

Coinbase is one of the oldest cryptocurrency exchanges in the world. The exchange was founded by Brian Armstrong and Fred Eshram back in 2012. While Armstrong remains at the helm of the exchange as the CEO, Eshram left the company in 2017 but still owns 6% of the equity and serves on the board of directors. Coinbase (COIN) became the first cryptocurrency firm and exchange to trade on Nasdaq starting on April 14, 2021. The stock has even briefly surpassed a market capitalization of $100 billion, although its market cap is just over $15 billion at the time of writing.

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