π΅ π΅ π΅
βοΈ These are blue dots.
But itβs what Coinbase used to give the crypto community blue balls last week. βΊοΈ
Coinbase built up anticipation for a big launch on February 23, by tweeting βπ΅β
π€£
Seriously tho, this cool new project is something Coinbase has been working on for over 5 years.
On February 23, Coinbase launched BASE, a layer-2 blockchain built on Ethereum.
Yes, Coinbase just removed the βCoinβ from its name and jumped into the blockchain wars.
But Base isnβt like most blockchains.
Here are some key differences:
π΄ Built on Optimism
Base is built on OP Stack, the development stack thatβs behind Optimism another Ethereum L2.
This βοΈ means 2 things:
- Base will use optimistic rollups as a scaling solution
- Base will compete directly against β Optimism and Arbitrum
Coinbase wanted to launch an L1 in 2018 and 2020 but decided to scrap it because the technology wasn’t quite right.
But then in 2021 β the Ethereum Merge made transactions cheaper + rollups became far more efficient as a scaling solution.
Thatβs why Brian Armstrong and Co. decided to say βF IT, letβs do itβ and went with an L2 on Ethereum over building its own chain.
π€ Completely interoperable
When exchanges launch chains, they keep it operable with the main exchange and not with other public blockchains.
Base ainβt like this. β
Despite being an L2, Base will be interoperable with:
1οΈβ£ The Ethereum L1
2οΈβ£ Other Ethereum L2s
3οΈβ£ Other alternative L1 blockchains
In the announcement blog, Coinbase explicitly said Base will be interoperable with Solana. π‘
Large exchanges (like Coinbase) already serve as an interoperable and token-swapping bridge between blockchains. But they do this in a CeFi sense.
Now, with Base, Coinbase can do this in a truly DeFi sense.
πͺ No TOKEN
Base will have no native token to pay for transactions.
It will use the native token of the Ethereum L1 β ETH.
Arbitrum, another Ethereum L2, operates in the same way by using ETH as the token to pay gas fees. Although, itβs rumoured to drop a token soon. π
But seriously tho, Coinbase probably didnβt go with a native token because:
- The SEC is watching them π
- Coinbase is a publicly traded company π²
If they launched a native token for their blockchain, Gary Gensler would come down on them harder than they came down on SBF when FTX blow up. OH WAIT!!
πͺ For Products
One of the cool things about Base (well apart from the dope name ofc) is that itβs a blockchain thatβs built for:
- devs, and
- consumers
Most blockchains are built keeping in mind the developers and buildings (because theyβre the first ones to use it)
Then it goes to the consumers.
And by this time, the:
- UI/UX is like a desktop from the 90s
- transactions are slow AF
- fees are soaring
But Base isnβt going to be like this.
And thatβs not just me talking, itβs from the guy that built it!
Jesse Pollock (no relation to Jackson Pollock the dude who makes whacky π¨ paintings) the senior director of engineering at Coinbase and the dude behind Base said that the blockchain will have βa suite of productsβ for devs and consumers.
This is HUGE for protocols building consumer-first applications on BASE.
Based or not?
We think Base is based af π
Coinbase didnβt go down the route of Binance, or OKX, or Crypto com by launching its own L1 blockchain.
Instead, it decided to β
β wait for Ethereum to be more usable and then deploy on a tested L2.
β said βF thisβ to a token and will use ETH as the native token
β build for consumers and developers
β use Coinbaseβs last 4 letters
Pretty cool ngl!
What do you think about Coinbase launching its own L2?
Other interesting reads in our blog:
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://blog.innmind.com/coinbase-launches-the-right-kinda-blockchain/
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