Cryptocurrency exchange Coinbase has recently announced the launch of “Base,” an Ethereum layer-2 network. Base aims to provide a low-cost, secure, and developer-friendly environment for creating decentralized applications (DApps) on the blockchain. Coinbase believes that this new network will serve as a bridge for users to enter the crypto economy and will facilitate access to other L1 ecosystems like Solana while also being interoperable with other chains.
Features of Base
According to Coinbase, Base will give users access to the company’s tools, products, and users, as well as easy fiat on-ramps and powerful acquisition tools. The network will be highly centralized at the start, built on the OP Stack used by Optimism. However, Coinbase has outlined a detailed plan for decentralization over time. The network will not issue a new network token, and it will be fully open source and freely available.
Coinbase’s Plan for Decentralization
In its announcement, Coinbase revealed its plan to work with Op Labs and the Optimism Collective to decentralize the Optimism ecosystem by creating a “Superchain” of connecting networks built on the OP Stack. The company has judged that the current version of Optimism is a “Stage 0 rollup,” as cited in Vitalik Buterin’s post on the decentralization of rollups. Coinbase plans to progress Base to “Stage 1” by the end of 2023.
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Base as a Bridge
Coinbase intends Base to be an easy-to-use network that will encourage users to familiarize themselves with using crypto. However, the company’s ultimate goal is for users to “start on Base but go everywhere.” Coinbase also plans to continue integrating with other networks as an exchange, and Base will be “a bridge, not an island.”
Coinbase’s launch of Base, an Ethereum layer-2 network, provides a low-cost, secure, and developer-friendly environment for building DApps on the blockchain. The network aims to be a bridge for users to enter the crypto economy and will provide access to other L1 ecosystems like Solana while also being interoperable with other chains. Coinbase has outlined a detailed plan for decentralization over time and intends for Base to be an easy-to-use network for its customers. By creating a “Superchain” of connecting networks built on the OP Stack, Coinbase plans to progress Base to “Stage 1” by the end of 2023.
