Coinbase, one of the world’s leading crypto exchanges, recently launched a new Ethereum Layer 2 scaling network called Base. This new network is designed to significantly improve scalability and transaction speeds for users on the Ethereum blockchain. Thus allowing them to process more transactions faster and at a lower cost.
The launch of Base is a major step forward in Coinbase’s mission to make Ethereum more accessible and efficient for users. With Base, Coinbase customers will be able to take advantage of faster transaction times and lower fees than what was previously possible with Ethereum’s first layer.
Additionally, Base provides a secure and reliable platform for developers to create applications on top of Ethereum. By bringing together the best of both worlds – scalability, and security – Coinbase has created an innovative solution that will improve the user experience for everyone who uses Ethereum.
The Coinbase L2 Scaling Platform aims to help the crypto economy grow
Coinbase’s latest scaling platform referred to as “L2” is designed to help facilitate the growth of the crypto economy. However, it intends to provide a secure and reliable solution for businesses and individuals that are looking to take advantage of the growing digital economy. The platform facilitates faster and more secure transactions, allowing for increased speed and scalability.
Coinbase is joining the crowded field of Ethereum Layer 2 (L2) scaling projects, such as Polygon, Arbitrum, Optimism, Loopring, and Starknet. Above all others by launching its own L2 platform called Base. On Thursday, Coinbase announced the launch of its Base testnet with a promise to soon follow up with its main net launch.
The base is Coinbase’s attempt to make it easier for developers to build decentralized applications on Ethereum without sacrificing security and making it more cost-effective than ever.
The company has set an ambitious goal of onboarding 1 billion users into the crypto economy using Base. A tweet from Coinbase reads: “Our goal with Base is to make on-chain the next online and onboard 1B+ users into the crypto economy.”
Additionally, it also allows users to access a range of advanced features, such as smart contracts and decentralized applications. Making it easier for businesses to engage in complex transactions, while also providing individual users with greater control over their assets. By making these services available, Coinbase is helping to open up opportunities for those looking to get in the crypto economy.
