Does This Mean Token?
Unfortunately, Coinbase was quick to address that their new Layer 2 network does not have plans of launching a token: (but you never know?)
What is BASE?
Basically, if Ethereum as a blockchain is New York city, BASE is another sky scraper being built to help scale the population and provide more room for the underlying city to scale as a whole.
Layer 2's such as Arbitrum and Optimism have been around for some time now, all of which are helping relieve traffic congestion from Ethereum mainnet and provide cheap and fast transactions, all while retaining the security of the base layer (Ethereum).
Because these networks are built on top of Etheruem, they inherit its powerful security as well.
Why is this good news?
- Adding another 'highway' to Ethereum to better handle traffic.
- Coinbase has 100 million+ verified users already.
- Helping the scalability of the Ethereum blockchain, allowing for more users.
- The more Layer 2 networks, the better!
Want to read more? Check out the official announcement:
1/ 🔵 We’re excited to announce @BuildOnBase.
— Coinbase (@coinbase) February 23, 2023
Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps.
Our goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy. pic.twitter.com/RmwZFJzGGs
Happy HODL'ing!
