On February 23, Coinbase announced the launch of Base, a layer-2 network that was created using Ethereum. The company claims that Base will be usable by millions of new decentralized applications. As an open ecosystem for the company’s on-chain products, it will serve this purpose.
Base Rocky, a Layer-2 Network, is being Launched by Coinbase
Even though it was only made public today, a testnet for Base has been running since the beginning of the month, according to Jesse Pollak, director of engineering at the company.
“This is a bet that we can help enable the next million dapps, which are going to bring in the next billion users. We think that’s going to happen on a five- to 10-year horizon and this is our contribution to making that happen sooner rather than later. Our goal is to launch mainnet in the next few months.”
What is Coinbase?
The first publicly traded company to build a layer-2 blockchain network on top of the Ethereum blockchain is the company. It started trading on Nasdaq in April 2021 under the COIN ticker. Following the company’s Q4 results beat, COIN’s share price rose to a high of $67.17 before ending the day Wednesday down 1% at $61.18.
The Base will be “a rollup agnostic super chain powered by Optimistic,” according to a blog post by the company that was published on Wednesday.