Coinbase Utilizing Ethereum-Based Altcoin in New Layer-2 Scaling Platform

Top US crypto exchange Coinbase is now using price feeds from decentralized oracle network Chainlink (LINK) for its new Ethereum (ETH) layer-2 project called Base.

Base is Coinbase’s layer-2 network powered by blockchain scaling solution Optimism (OP), and its testnet was launched late last month.

Base is designed to be compatible with Ethereum, Ethereum layer-2s like Optimism and other alternative layer-1s like Solana (SOL).

According to Chainlink, its price feeds are now live on the Base testnet. Base is also participating in the Chainlink SCALE program, which is designed to provide Chainlink data and services available to developers at a cheaper cost.

Says Jesse Pollak, Base’s lead developer,

“We’re super excited to launch Base with collaborators such as Chainlink, and to join the Chainlink SCALE program to empower developers with the critical data and services they need to build their applications.”

Chainlink’s price feed mechanism provides the USD prices of various tokens, such as ETH, to other blockchains, using numerous independent oracle nodes and data sources to find and deliver the data. The data can then be used by applications and smart contracts to help settle trades, loans or other transactions.

Coinbase’s Pollak told TechCrunch that the goal of Base was to make it “dead easy” for developers to build decentralized applications (DApps) and for users to access those DApps through Coinbase products.

Says Pollak,

“We’ve made an effort to go out to everyone and bring them into this open ecosystem. What will be required of us to make this successful is to continue to double down on those values of decentralization, open source and having this be for everyone and a bridge that connects our users into the crypto economy and brings them to places they can go that aren’t controlled by Coibase but can offer them valuable experiences.”

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• Source: https://dailyhodl.com/2023/03/05/coinbase-utilizing-ethereum-based-altcoin-in-its-new-layer-2-scaling-platform/