Skip to content
Pyrupay

Pyrupay

Cryptocurrency | ICO | IEO | Entrepreneur Blog

  • Updates
  • Press Release
  • ICO/IEO List with Us
  • Newsletter
  • Crytpo Rates
  • Toggle search form
  • EthereumPoW (ETHW) Crashes 11%, Bitcoin Stopped Ahead of $20K: Market Watch Updates
  • Warren Buffett-Backed Nubank Now Offers Crypto Trading to 54 Million Customers Updates
  • North Macedonia Says Bomb Threats Come From Russia, Crypto Used to Hide Origin Updates
  • Robinhood’s CEO, Elon Musk, and DOGE Co-Founder Billy Markus Discuss Improving Dogecoin Updates
  • Robert Kiyosaki Warns Last Chance to Buy Gold and Silver at Low Prices — Says Stock Market Crash Will Send Them Higher Updates
  • Ironbeam Lets You Trade Bitcoin and Ether Nano Futures Contracts Commission Free Updates
  • This Is Why Rich Dad, Poor Dad Author Buys Bitcoin Instead of Altcoins Updates
  • SEC Enforcement Remains Focused on Crypto — Chair Gensler Says He’s ‘Impressed’ With Enforcement Results Updates

Crypto Exchange Coinbase Launches Ethereum L2 Scaling Network Called Base

Posted on February 24, 2023 By Sathya Shankar

Jamie Redman

Crypto Exchange Coinbase Launches Ethereum L2 Scaling Network Called Base

The cryptocurrency exchange Coinbase has announced the deployment of Base, an Ethereum layer two (L2) scaling network, after developers launched the Base testnet on Thursday. The company said it is incubating Base within Coinbase and that the L2 chain will progressively decentralize over time.
Coinbase L2 Scaling Platform Aims to Help Scale the Crypto Economy
Coinbase is joining the competition of Ethereum L2 scaling projects, such as Polygon, Arbitrum, Optimism, Loopring, Starknet, and others, by launching an L2 called Base. The company announced the launch of the Base testnet on Thursday and advised the public to stay tuned for the upcoming mainnet launch.
On Twitter, Coinbase stated, “Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps. Our goal with Base is to make onchain the next online and onboard 1B+ users into the crypto economy.”

The cryptocurrency exchange explained that Base will be open-source and will leverage Optimism’s OP Stack. Coinbase detailed it is also collaborating with Optimism. “We see this toolkit as an open platform that anyone can contribute to, fork, and extend to help the crypto economy scale,” Coinbase’s blog post said.
Initially, Coinbase will have more control, but Base’s vision is to become fully permissionless over time. “Base will progress from a Stage 0 to Stage 1 rollup in 2023 and a Stage 2 rollup in 2024,” the announcement noted. Furthermore, the blog post stresses that Coinbase has ‘no plans to issue a new network token.’ While Base will be a separate network, it will be powered by Ethereum and leverage the underlying security of Ethereum.

Coinbase also announced the launch of a Base Ecosystem Fund to support early-stage projects working with Base, as long as they meet the company’s investment criteria. Like many L2 platforms, Base will offer lower fees than the cost to transact onchain with Ethereum. This week ETH fees are higher than usual, and the L2 protocol Arbitrum, which offers lower fees, outpaced Ethereum’s daily transaction count.
‘Base offers full EVM equivalence at a fraction of the cost and is committed to pushing forward the developer platform,’ the blog post describing the L2 Base explains. After the Coinbase announcement, the native token of the L2 scaling network Optimism, OP, rose 7.4% against the U.S. dollar. Optimism has recently revealed its plans to upgrade its network in March.
When Coinbase launched the Base testnet, people on social media complained about a bumpy start. Coinbase Web3 developer Roberto Bayardo explained that the issue was fixed and noted that a lot of people were bridging. ‘We’re submitting the contracts for verification now,’ Bayardo added.
What are your thoughts on Coinbase’s entry into the Ethereum L2 scaling space with the launch of Base? Let us know what you think about this subject in the comments section below.

Updates Tags:Bitcoin, BTC, Cryptocurrency, ETH

Post navigation

Previous Post: Spotify Runs Pilot for Token-Enabled Playlists with NFT Partners
Next Post: Crypto Policy: Kenyan Senate Ready to Engage Central Bank

Related Posts

  • MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST Updates
  • CoinShares’ Earnings Take Severe Hit Due to FTX Collapse: Q4 Report Updates
  • Tron’s USDD Regains Stability After Tapping an All-Time Low at $0.92 Updates
  • IMF Official: Regulating Crypto Assets Is High on the Agenda for India Updates
  • Why Crypto Mom is Against the SEC’s New Crypto Custody Rules Updates
  • LedgerX Raplaces Troubled Silvergate With Signature Bank (Report) Updates

Like Us On Facebook

Facebook Pagelike Widget

Like Us On Facebook

Facebook Pagelike Widget

Recent Posts

  • Japan’s Largest IT Service Provider Fujitsu Files Trademark Covering Crypto Trading Services
  • Core Scientific to Send $20M Worth of Mining Equipment to Settle Payment Dispute
  • Yellen Says US Could Back All Deposits at Smaller Banks if Needed to Prevent Contagion
  • Crypto.com Customer Whose Partner Mistakenly Received $10.5M Has Been Granted Bail
  • Sushi Seeks $3 Million USDT Defense Fund Following SEC Subpoena

Recent Comments

  • Sathya Shankar on Cryptocurrency Prices Today On June 21: Bitcoin, XRP, Binance Coin
  • binance bkstg angellist bitcoin on Cryptocurrency Prices Today On June 21: Bitcoin, XRP, Binance Coin

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • August 2021
  • July 2021
  • June 2021
  • May 2021

Categories

  • Currency
  • Press Release
  • Updates

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Like Us On Facebook

Facebook Pagelike Widget

News

  • SushiSwap to Create Legal Entities in Panama And Cayman Islands Updates
  • US Senator Introduces Bill Prohibiting Labor Department From Interfering With Crypto in Retirement Accounts Updates
  • Bank Holdups and Protests Continue to Rise in Lebanon as Depositors Demand Their Own Savings Updates
  • Cryptocurrency Exchange Kucoin Raises $150 Million in Pre-Series B Funding Round, Reaches $10 Billion Valuation Updates
  • Crypto Firm Taurus Completes $65 Million Funding Round Led by Credit Suisse, Deutsche Bank Updates
  • Ren Protocol Users Face Potential Losses During Post-Alameda Wind Down Updates
  • Ethereum Hashrate Taps an All-Time High Amid This Week’s Crypto Market Meltdown Updates
  • Thailand Approves Tax Relief Measures for Crypto Trading Updates

Copyright © 2023 Pyrupay.

Powered by Pyrumas