Coinbase, the largest publicly traded U.S. cryptocurrency exchange, has confirmed the forthcoming launch of Base, its layer-2 blockchain network, scheduled for public release on August 9. Built using the Optimism’s OP Stack, Base has been designed to offer a safe, cost-effective, and developer-friendly platform for creating on-chain applications.
Base, an Ethereum Layer 2 (L2) chain, was cultivated within Coinbase, combining a decade’s worth of experience in building crypto products. The plan is to gradually decentralize the chain over time, with no current intentions to introduce a new network token.
One of the major attributes of Base is that it is secured by Ethereum, utilizing the underlying security of Ethereum combined with Coinbase’s best practices. This security underpinning allows for confident onboarding from Ethereum L1, Coinbase, and other interoperable chains.
In addition, Base benefits from the resources of Coinbase. Developers can build decentralized apps that can be integrated seamlessly with Coinbase’s products, users, and tools. Moreover, Base brings forward a significant cost-effective solution with full EVM compatibility, enabling developers to set up gasless transactions and build multichain applications through easy-to-use bridges.
A layer-2 network, such as Base, operates over an underlying blockchain protocol, like Ethereum. It processes transactions away from the Ethereum mainnet (Layer 1), bringing a suite of benefits including improved scalability, enhanced transaction speeds, reduced gas fees, and robust security measures akin to the mainnet.
The Base network’s future hinges on a successful testnet phase. Once assured, Coinbase will reveal its mainnet roadmap. The Base testnet went live on February 23, 2023, with the mainnet expected to follow suit. Developers interested in building on the Base testnet can access documentation guides at docs.base.org.
Coinbase considers Base as a pivotal move in assimilating its products, users, and assets into the decentralized cryptoeconomy. To maintain a decentralized approach, Base has been built on Ethereum, partnering with Optimism on the open source, MIT-licensed OP Stack.
As for its practical usage, Base was made live for developers in July, enabling them to test applications on the new network. From Thursday, users can bridge their ether (ETH) to Base. Base’s impending launch coincides with Coinbase’s “Onchain Summer,” a series of events encouraging creators and developers to produce art or applications on Base. High-profile companies like Coca-Cola, Atari, and OpenSea are among those participating.
Despite not having officially launched to the public, Base has already seen substantial traffic, with over $68 million worth of ether being bridged to the network over the past weekend alone, according to blockchain data from Dune.
Like Coinbase, venture capital firm Andreessen Horowitz (a16z) is utilizing the OP Stack to develop its own layer 2 rollup, named Magi. Base’s creator, Jesse Pollak, head of protocols at Coinbase, expressed enthusiasm for the project, saying, “Since we announced Base, our mission has been clear and consistent: bring the next billion users and next million builders on chain.”
With its public launch imminent, Base signifies a considerable step towards achieving this mission, presenting a new and powerful platform for the development and expansion of the decentralized crypto economy.
