Coinbase Utilized Optimism’s Assistance In The Development Of Their Layer-2 Basic Solution

Key Points:

• The open source code of OP Stack, which is a toolkit to facilitate the building of superchains and was initially presented by Optimism, will be used as the foundation upon which Coinbase’s Base will be constructed.
• It has been decided that Optimism’s Treasury would get a portion of the income that is generated by the transaction fees on Base.

After a great deal of speculation, Coinbase has officially provided details on a brand-new product that they are calling Base. Base is a Layer-2 solution for Ethereum.

A blog post titled “Base,” which describes Coinbase‘s newest product, was published on the company’s Twitter page. Base is a Layer-2 solution on Ethereum that was designed using the technology of optimism.

“We are thrilled to finally be able to present you to Base. To help the process of developing decentralized apps, Base is a solution for Ethereum’s Layer 2 that is high in security, low in cost, and user-friendly for developers.

Earlier, on the evening of February 22, Coinbase sent a puzzling tweet that may or may not have provided some clues about the new product. It is important to note that Coinbase’s Base will be constructed on top of the open source code of OP Stack, which is a toolkit to facilitate the building of superchains that was initially presented by Optimism. In addition, Optimism’s Treasury will get a portion of the money that is generated from the transaction fees that are charged on Base.

Coinbase claims that its Layer-2 solution is the on-chain home of the exchange when speaking about the solution. At the same time, the network will be decentralized, and Ethereum will be used as the unit of payment for gas prices associated with activities inside the ecosystem. According to a statement made by Coinbase, the company does not intend to release a separate coin for the new solution.

With the dissemination of the news of the launch of Base, the price of Optimism’s OP token skyrocketed by 24% almost immediately and broke through the $3 barrier that had been established at the start of February 2023.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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