Coinbase Working on Base Blockchain Protocol for On-Chain dApp Development – BitcoinKE

by Arthur · April 29, 2023

Coinbase, one of the world’s leading cryptocurrency exchanges, recently revealed plans underway to introduce an Ethereum Layer 2 blockchain platform called “Base”.

The chain is currently in the testnet phase and does not have a specific mainnet launch date, but Coinbase expects this to happen in Q2 2023.

We recently launched @BuildonBase testnet, a new L2 blockchain incubated by Coinbase that offers a secure, affordable, developer-friendly way to build decentralized apps, or “dapps”. So how is it going so far? 🧵 pic.twitter.com/G878AkMCwP

— Coinbase 🛡️ (@coinbase) March 16, 2023

According to Jesse Pollak, Lead for Base and Head of Protocols at Coinbase, Base is seen as a means to expand into the developer space and make it easier for developers to build dApps. In addition, the platform aims to provide users with easy access to these dApps through Coinbase products with the ultimate goal of bringing one billion users into the cryptocurrency economy as part of Coinbase’s fourth phase of its master plan.

L2 is said to be a secure and cost-effective chain that aims to provide a developer-friendly environment for creating dApps on the blockchain, according to the company’s statement. Base is developed on the OP Stack, licensed by MIT, and in collaboration with Optimism, a layer-2 blockchain also focused on the Ethereum protocol.

A number of crypto businesses, platforms, marketplaces and infrastructure firms have reportedly already committed to building on Base. These include:

BlockDaemon
Chain link
EtherScan
Quicknode
Aave
Animoca brands
Dune
Nansen
Magical Eden
Pyth
Rainbow wallet
Ribbon Finance
The graph
Wormhole
Gelato

“We’ve made an effort to reach out to everyone and bring them into this open ecosystem,” Pollack said.

“What will be required of us to make this successful is to continue to double down on the values of decentralization, open source and having this for everyone and a bridge that connects our users into the crypto economy and brings them to places they can go that don’t is controlled by Coinbase, but can offer them valuable experiences.”

Coinbase also plans to integrate the L2 chain across its exchange, wallet, NFT marketplace and developer products, with the intention of making it interoperable with other blockchains in the ecosystem outside of Ethereum, according to Pollak. In this regard, Base has already had discussions with teams working on Solana, Avalanche, Polygon and other blockchains.

Coinbase’s goal with Base is also to lay the groundwork for developers and users to enable people coming in, Pollak said.

“It’s going to require us to make Base as cheap as possible, as secure as possible and as decentralized as possible because that decentralization is a key aspect of enabling the openness of the ecosystem.”