Cryptocurrency exchange Coinbase has recently launched Base, a layer 2 network created with the help of Optimism’s OP Stack and developed as an effort to draw millions of new crypto users in the ensuing years. The crypto exchange released the testnet for Base on Thursday.
Coinbase will be collaborating with Optimism as a core developer on the open-source developer toolkit, OP Stack. Base will offer an easy and safe access to layer 2 networks like Optimist as well as other blockchain ecosystems like Solana, which ensures that it is not limited to Ethereum alone.
According to the blog, Base is designed as a hub for Coinbase’s onchain products and provides an open ecosystem for developers to build on.
Our goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy. In pursuit of this goal, Base will serve as both a home for Coinbase’s onchain products and an open ecosystem where anyone can build.
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
Will Robinson, Vice President of Engineering at Coinbase
Since a new token will not be released, Base will use ether as its native asset, requiring users to pay for gas in ETH. But, as per protocol lead Jesse Pollak, there are plans to eventually integrate USDC into the network.
Coinbase intends to operate its own sequencer for Base in its first launch, with future plans to decentralise the sequencer and enable simultaneous sequencing of multiple chains.
