Coinbase Launches New Base Blockchain

Key Insights

  • Coinbase’s new Base blockchain has officially launched
  • Coinbase to generate revenue through blockchain operation fees and dapp applications
  • The Base network, built as a layer 2 blockchain atop Ethereum, has already attracted significant attention with $139 million locked in deposits

Coinbase (COIN), the prominent U.S. crypto exchange traded publicly, has announced the official launch of its new Base blockchain. This milestone marks the dawn of a new era wherein public companies venture into operating their own distributed networks.

Base had previously been active for developer testing, and now, according to Coinbase officials, it is open to the general public as of 12 p.m. ET on Wednesday.

Coinbase Base Blockchain A New Avenue for Revenue

This move represents a strategic shift for Coinbase, a major player in the world of crypto stocks.

With the launch of Base, the company seeks not only to capture fees from operating its proprietary blockchain but also to tap into the potentially more lucrative realm of revenue generated by applications built on top of the network.

Company executives believe that this bold initiative aligns with Coinbase CEO Brian Armstrong’s 2016 vision, outlined in his “secret master plan,” which foresees the fourth phase of the company’s development involving “decentralized apps” (dapps) designed to reach a global audience of one billion people.

It is worth noting that Coinbase made its public market debut with a direct listing on Nasdaq in April 2021.

Related: What is Base Blockchain?

Base Headed by Coinbase’s Protocols Chief

Overseeing the implementation of Base is Jesse Pollak, Coinbase’s head of protocols. In a recent interview, Pollak revealed that the new network already boasts a portfolio of 100 dapps that are either deployed or ready to launch.

Pollak underscored the broader impact of this endeavor, emphasizing that expanding the possibilities beyond mere speculation is crucial for integrating cryptocurrency into the everyday lives of individuals.

Coinbase’s “Onchain Summer” Promotion

Simultaneous with the Base blockchain launch, Coinbase has unveiled plans for an exciting initiative called “Onchain Summer.” Collaborating with corporate partners, including Coca-Cola (KO), this program aims to showcase the impressive capabilities of the newly introduced project.

Base Network: A Layer 2 Innovation

Technically categorized as a “layer 2” blockchain, the Base network is constructed atop the Ethereum blockchain infrastructure.

Leveraging the OP Stack software from the well-regarded layer 2 network, Optimism, Base represents a sophisticated addition to the evolving blockchain landscape.

Early Success and Ranking

Even before its public debut, Base has garnered substantial attention and engagement.

Crypto analysis firm L2Beat reports that an impressive $139 million in deposits had already been locked into various apps and protocols on the Base network.

This noteworthy metric, commonly referred to as “total value locked” (TVL), positions Base as the fifth-largest layer-2 blockchain by this measure. In the realm of layer-2 blockchains, Base’s TVL stands behind leaders such as Arbitrum One with approximately $6 billion, OP Mainnet at $2.9 billion, zkSync Era with $430 million, and dYdX with $336 million.

This early success signifies the promising potential of Base as it enters the blockchain arena.

As Coinbase’s new Base blockchain strides confidently into the public domain, it holds the promise of reshaping the landscape of distributed networks and propelling the integration of cryptocurrencies into everyday life. The anticipation of its future impact, coupled with the early accomplishments seen in the TVL metric, positions Base as a notable player in the world of layer 2 blockchains.

Samson Ononeme

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