The base is an ETH layer 2 network, and it is associated with Optimism. This network is MIT licensed.
Following this news, the cost of Optimism’s tokens, alongside its other token, have reached their all-time high.
Coinbase Introduces L2 Solution for More Web3 Users
On Thursday, Coinbase, a digital currency exchange platform, revealed the news of Base’s initiative.
The base is a scaling solution that is layered by ETH. This will be helpful for creators to create apps that are decentralized, etc.
Through this, Coinbase’s aim is to introduce the crypto world to approximately 1 billion people.
They openly revealed their happiness and enthusiasm for Base’s launch. This network’s comparatively cheaper than the rest and user-friendly.
It can be used by anyone and wherever they want for the construction of apps that are decentralized, etc.
The exchange said that the Base will be a public ecosystem for everyone to construct there. Their on-chain products will be on it.
On top of it, Coinbase will be incorporating Base within it for the growth of the chain.
This coming from one of the biggest crypto exchange platforms in the United States is quite a huge deal.
Layer 1 is responsible for the physical aspects of transmitting data. Whereas, Layer 2 is responsible for organizing and addressing data on the network.
Basically, Base will be over ETH. This, in turn, will improve the speed and decrease the prices of the proceedings. It is good news for crypto users.
Also, Base being over ETH will be advantageous because the former will benefit from the latter’s safety.
Moreover, the crypto exchange revealed that with the help of L2 crypto users will have permission to use Coinbase’s tools, products, etc.
Through this, new and existing users will have access to expensive commodities, as well as take help from the developers on the platform.
In addition to it, Base will work with the help of a complete ETH Virtual Machine. This is the system that manages ETH’s contract apps for very little cost.
The exchange – Coinbase – announced that creators will be able to use Base for their application proceedings.
The users will also benefit from safety because they will be able to construct applications with the help of convenient bridges.
They said that the goal of Base is to be an ecosystem open to the entire public where they can utilize Coinbase’s users, commodities, etc.
By working with people all around the globe, they want to increase the popularity and usage of this chain.
They are pleased with their users and hope to bring onboard new users as well who can add to the platform in positive ways.
OP Token Jumps with Coinbase Onboard as Core Dev
The base will be constructed by the technology of Optimism. Coinbase announced that their project will be associated with Optimism. They will be using the OP Stack, which provides energy to Optimism as per their site.
Because of this latest news, the cost of Optimism’s local token, OP, alongside other Optimism currencies has increased by a huge number.
According to research, OP was able to profit about 9% or more during the past few days. Also, during this week it has profited about 16% or more.
The price hike is evidence of Optimism benefiting from the association. To add to it, VELO is another local token of Optimism, and it has benefited from this as well.
Evidently, VELO gained around 25% or more during these past few days, and during this week it has profited more than 117%.
Adding to the list of examples is the SONNE token, which is another one of Optimism’s local tokens.
This was able to gain about 80% during the past few days. As mentioned by Coinbase, the exchange has not decided to issue tokens for Base as yet.
This is due to the Security and Exchange Commission wanting to reduce the number of crypto firms.
The authoritative figures lately prosecuted Kraken for breaking the US law for staking.