Coinbase said that the launch of the Layer 2 platform Base platform will help them quickly onboard 1 billion people into the crypto economy.
Some of the top projects in the crypto space have signaled support for the Base platform.
On Thursday, February 23, crypto exchange Coinbase launched an Ethereum Layer-2 scalability network Base. Coinbase launched this project in partnership with Optimism.
The Base Layer 2 scaling platform for Ethereum will be built using Optimism’s OP Stack and will be compatible with other chains running on the same platform. With the launch of Layer 2 Base platform, Coinbase seeks to lower the ETH fees and integrate with other popular blockchain platforms such as Avalanche, Solana, and Polygon.
With the launch of the Layer-2 stability solution, Coinbase said that its goal with Base is to onboard more than 1 billion users into the crypto economy.
Soon after the launch, Coinbase made the “Base, Introduced” free NFT available through Zora, an NFT minting platform and startup focused on the Web3 creators tool. It’s an open edition NFT for anyone to claim one of the identical collectibles until the minting window ends this Sunday.
Since the launch of Base, more than 24,000 Ethereum NFTs were minted on the platform with crypto fans cumulatively spending $280,000 in transaction fees. sharing the announcement, Coinbase CEO Brian Armstrong wrote:
Base is a platform for developers to build the next generation of decentralized apps in the cryptoeconomy. It is designed as a secure, low-cost, developer-friendly platform that enables anyone, anywhere, to build.
Projects Supporting Coinbase’s Layer 2 Platform Base
As per the report from TechCrunch, Base will charge fees in the range of 10-15 cents in comparison to other leading Layer 2 scalability platforms on Ethereum such as Arbitrum and Optimism. The Base Layer 2 platform is still in the testnet phase.
Some of the key projects in the crypto market that have signaled support for the Base Layer 2 platform include Chainlink, Etherscan, Aave, Animoca Brands, Dune, Nansen, Magic Eden and Wormhole. This is big considering the fact that “Coinbase has no plans to issue a new network token”.
Coinbase stated that they would allow developers to directly integrate their product with Base and provide fiat onramps. Thus, they are targeting a massive user base of 110 million verified users and a total of $80 billion in assets. Will Robinson, vice president of engineering at Coinbase, told CoinDesk:
We encourage them to start on Base, but go everywhere: we see Base as a “bridge” for users into the cryptoeconomy. It’s an easy-to-use default onchain experience with access to products on other chains.
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Coinbase unveiled its Base free NFT via the Zora platform. But why didn’t the crypto exchange launch on the Coinbase NFT marketplace? Well, the Base NFTs appeared on the marketplace but through secondary listings posted by users who minted through Zora.
The Coinbase NFT marketplace has gained very little traction since its launch. The daily NFT trading volumes over the last week have been less than $10,000.
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