Coinbase launches its own layer-2 network for building decentralized apps

On Feb 23, crypto trade Coinbase announced the launch of Base — an Ethereum layer-2 community. The corporate claimed that this new community will provide a low-cost, safe, developer-friendly surroundings for constructing decentralized apps (DApps) on the blockchain.

Based on Coinbase, Base is designed to be a bridge for customers into the crypto financial system, providing entry to different L1 ecosystems like Solana and making it interoperable with different chains. It’s going to additionally present entry to Coinbase’s merchandise, customers and instruments in addition to straightforward fiat on-ramps and highly effective acquisition instruments. The corporate mentioned it has no plans to problem a brand new community token.

Base can be constructed on the “OP Stack” utilized by Optimism. It’s going to begin off extremely centralized, although Coinbase has released an in depth plan concerning how the community will decentralize over time.

In its announcement, Coinbase mentioned that Base can be “absolutely open supply and freely obtainable.” The corporate mentioned it’s becoming a member of the OP Stack core dev workforce to “guarantee it’s a public good obtainable to everybody.”

Based on the announcement, Coinbase will proceed to combine as an trade with different networks, and Base itself can be “a bridge, not an island.” Coinbase intends Base to be an easy-to-use community for its clients to get accustomed to utilizing crypto, however it is going to encourage customers to “begin on Base, however go in every single place.”

In its decentralization plan, Coinbase mentioned that it’s working with Op Labs and the Optimism Collective to decentralize the Optimism ecosystem by making a “Superchain” of connecting networks constructed on the OP Stack. The corporate judges that the present model of Optimism is a “Stage 0 rollup,” citing Vitalik Buterin’s submit on the decentralization of rollups. By the tip of 2023, Coinbase mentioned it plans to have progressed Base to “Stage 1.”

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