Coinbase, a leading U.S. crypto exchange, officially launched Base, its Ethereum layer 2 network, to the general public on August 9, 2023.
The Base testnet launched in February, followed by a developer-specific release in July. Built on Optimism’s software stack known as the OP Stack, Base operates as a rollup network, a scaling solution that processes transactions off the main Ethereum (ETH) blockchain, providing a more efficient and affordable network for decentralized applications (dApps).
Betting on Base
Since its inception, Base has integrated with a wide array of crypto projects, including DeFi protocols, wallets, bridges, oracles, analytics, and infrastructure providers.
Unlike other layer-2 networks like Arbitrum and Optimism, Coinbase has confirmed that it has no plans to introduce any native tokens to Base. Pollak insisted that tokens “distort” what is being done on a network, something Coinbase would rather avoid in favor of focusing on incubating developers.
The launch of Base aligns with Coinbase CEO Brian Armstrong’s vision for the fourth phase of the company’s development, aimed at mass adoption through decentralized apps. The new network is anticipated to become the default network for Coinbase’s on-chain products.
In connection with the Base launch, Coinbase announced plans for corporate partnerships, including with Coca-Cola, to showcase the new project’s capabilities, and it emphasizes integration into daily life rather than mere speculation.
The launch of Base represents a significant step forward in the evolution of blockchain technology, opening new opportunities for developers, users, and the broader crypto ecosystem.