Coinbase Global has launched a new Ethereum layer-2 network, Base, which would serve as an on-chain home for Coinbase — to “make on-chain the next online”. The goal according to Coinbase is to drive about 1 billion user-based adoption to the crypto economy. Following the launch, Base will house Coinbase’s on-chain products and provide an open ecosystem where anyone can build.
“We see Base as a key component of our secret master plan — phase 3.5 — and believe it will unlock the next generation of dapps that will bring billions of users into the global crypto-economy,” Base project contributor Jesse Pollak said in a blog post.
Base was incubated inside of Coinbase and its key features according to Coinbase is a secure and low-cost offering, allowing developers anywhere, to build decentralized apps or “dapps” on-chain. “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, Coinbase said. Coinbase added that Base is not a token and the firm has no plans of issuing a new network token.
Over 20 communities have already joined the new Layer-2 network. Coinbase expressed that Base launched with an incredible group of builders from across the crypto ecosystem, and more joining in every day.
httpss://twitter.com/BuildOnBase/status/1628759589243035648?t=plu76UkQYg0HY6vPe1VTyw&s=19
Coinbase launched a commemorative NFT to celebrate the initial launch of Base. The NFT, “Base Introduced” will be freely minted per address on the Zora marketplace.
The crypto firm, Coinbase also announced the Base Ecosystem fund created to invest in startups building on the protocol in partnership with Coinbase Ventures.
Pollak said Base will first finish its testnet phase with builders and developers joining the Base ecosystem. However, the mainnet launch is uncertain but the road map will be shared in the weeks ahead.
Base is secured by the Ethereum network, empowered by Coinbase, and built on the Open source OP stack with OptimismFND. With the Testnet launch Developers can start building on Base at base.org.
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