Coinbase’s Base Network Goes Live Pushing Web3 Development

Updated: 11 August 2023

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Top crypto exchange Coinbase has officially launched its Base network for everyone. The announcement came in after the Base network was in a “builders only” phase for quite a while, which has sparked interest and conversations regarding future possibilities on several crypto social media communities.

It’s Time for Onchain Summer – @BuildonBase

On Wednesday, August 9, the Base network announced its readiness to welcome new users and extend an invitation to the cryptocurrency community. This step had been highly anticipated for quite some time, evident from the active engagement on social media platforms, particularly the X.com (formerly known as Twitter) account of the Base network under the handle @BuildonBase, which has received attention since its inception in February.

Benefiting from the support of Coinbase, one of the top exchanges in the United States, the initiative obtained the necessary impetus for its launch. Impressively, Base has already successfully attracted the interest of developers, resulting in the integration of over 100 dapps and service providers within its ecosystem, fostering deep connections across various Coinbase products and within the Web3 realm.

I just bridged some ETH to Base. Try it – it's quite simple https://t.co/4KOiiU4Pps
(You can also do it from @CoinbaseWallet)

Layer 2 feels great – changes the usability of crypto.

Plus you get this sweet NFThttps://t.co/nvtkeCBjWu

— Brian Armstrong 🛡️ (@brian_armstrong) August 9, 2023

Coinbase initially introduced the beta version of Base on February 23. Subsequently, the network unveiled its mainnet version targeting developers on July 13, albeit with a caveat that it was not yet suitable for general users. The recent release marks a significant milestone, allowing regular users to participate in the burgeoning ecosystem actively. Even the CEO and founder of Coinbase, Brian Armstrong, took to X.com to show the ease in usability L2 could bring to the table, showcasing a bridging transaction he made and an NFT he received.

This maneuver by Coinbase can pave the way for the company to generate fees by overseeing its proprietary blockchain. As outlined by company executives, an intriguing prospect exists of even more substantial revenue derived from applications constructed atop this blockchain infrastructure. However, the company was quick to clear some likely expectations- one being that no plans were being made to issue a new network token shortly.

About the Base Network

The Base is Coinbase’s Ethereum Layer 2 (L2) chain, which fosters secure, budget-friendly, and developer-centric on-chain endeavors. In partnership with Optimism, Base is constructed upon the OP Stack, a testament to Coinbase’s drive for innovation while capitalizing on its extensive experience in crypto products. The present incubation of Base within Coinbase is accompanied by a gradual roadmap towards decentralization, albeit without any plans for introducing a new network token.

The Base introduces distinctive attributes to its profile. Leveraging the security and scalability of Ethereum, it establishes a robust foundation for crafting decentralized applications (dapps) with an assurance of reliability. With Base, by tapping into Coinbase’s prowess, developers can access streamlined product integration, user engagement, and convenient fiat onramps, unlocking a substantial user base and significant assets within the Coinbase ecosystem.

The L2 chain also stands out for its compatibility with the Ethereum Virtual Machine (EVM) and its economic and operational framework, rendering it an ideal space for fostering dapp innovation. Rooted in principles of openness, Base envisions its future as a decentralized and all-encompassing platform, aspiring to establish a standardized, adaptable Superchain devoid of rollup-specific biases under the aegis of Optimism crypto.

Coinbase’s Vision for Base

Coinbase has positioned Base as a significant stride in integrating its diverse range of products, users, and assets within the decentralized cryptocurrency landscape. The company’s approach ensures a decentralized trajectory by anchoring its operations on Ethereum, collaborating closely with Optimism, and utilizing the MIT-licensed open-source OP Stack.

The incubation of Base is also taking place within the confines of Coinbase, drawing upon the wealth of insights accumulated over the past decade in crafting crypto solutions. The development will ultimately mean more revenue for Coinbase and act as a better way for Coinbase to regulate and guide users within the decentralized space.

As part of a well-defined roadmap, Coinbase seems to envision a gradual decentralization process for the Base platform, reflecting the company’s steadfast commitment to cultivating an increasingly distributed and community-driven ecosystem over time.