February 28, 2023<\/p>\n\n\n\n
By Sharan Kaur Phillora<\/p>\n\n\n\n
The cryptocurrency exchange Coinbase has announced<\/u><\/a> the deployment of Base, an Ethereum layer two (L2) scaling network after developers launched the Base testnet on Thursday. The company said it is incubating its Base within Coinbase and that the L2 chain will progressively decentralize over time.<\/p>\n\n\n\n Here\u2019s what we know: <\/strong><\/p>\n\n\n\n Coinbase is joining the competition of Ethereum L2 scaling projects, such as Polygon, Arbitrum, Optimism, Loopring, Starknet, and others, by launching an L2 called Base. The company announced<\/u><\/a> the launch of the Base testnet on Thursday and advised the public to stay tuned for the upcoming mainnet launch.<\/p>\n\n\n\n Coinbase shared a Tweet<\/u><\/a>: “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 on-chain the next online and onboard 1B+ users into the crypto economy.\u201d<\/p>\n\n\n\n Base\u2019s vision is to become fully permissionless<\/u><\/a> over time. \u201cBase will progress from a Stage 0 to Stage 1 rollup in 2023 and a Stage 2 rollup in 2024,\u201d the announcement noted. Furthermore, the blog post stresses that Coinbase has \u2018no plans to issue a new network token.\u2019 <\/p>\n\n\n\n While Base will be a separate network, it will be powered by Ethereum and leverage the underlying security of Ethereum.<\/p>\n\n\n\n Coinbase also announced the launch of a Base Ecosystem Fund to support early-stage projects working with Base as long as they meet the company\u2019s investment criteria. <\/p>\n\n\n\n Like many L2 platforms, Base will offer lower fees than the cost to transact on-chain with Ethereum. <\/p>\n\n\n\n When Coinbase launched the Base testnet, users on social media complained<\/u><\/a> about a bumpy start. Coinbase Web3 developer Roberto Bayardo explained<\/u><\/a> that the issue was fixed and noted that a lot of people were bridging. \u2018We\u2019re submitting the contracts for verification now,\u2019 Bayardo added<\/u><\/a>.<\/p>\n\n\n\n About the author<\/strong><\/strong><\/p>\n\n\n\n Sharan Kaur Phillora\u2019s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology \u2013 two emerging technologies that will change how we interact with each other in the future. When she isn\u2019t exploring a new idea or concept, she enjoys reading literary masterpieces.<\/p>\n","protected":false},"excerpt":{"rendered":" February 28, 2023 By Sharan Kaur Phillora The cryptocurrency exchange Coinbase has announced the deployment of Base, an Ethereum layer two (L2) scaling network after developers launched the Base testnet on […]<\/p>\n","protected":false},"author":1,"featured_media":2919,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/2914"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=2914"}],"version-history":[{"count":1,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/2914\/revisions"}],"predecessor-version":[{"id":2920,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/2914\/revisions\/2920"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/2919"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=2914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=2914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=2914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}