The Launch of Coinbase’s Base Blockchain
Coinbase, the largest U.S. crypto exchange, has announced that its new Base blockchain is now live. This marks the first time a publicly traded company has launched its own distributed network, presenting a new revenue opportunity for Coinbase. The Base blockchain was previously available for testing by developers and is now open to the public.
Main Breakdowns:
- Coinbase aims to generate fees from running its own blockchain, in addition to revenue from applications built on top of it.
- The company plans to reach one billion people through decentralized apps (dapps) as part of its long-term strategy.
- Jesse Pollak, Coinbase’s head of protocols, stated that 100 dapps are already deployed or ready to launch on the new network.
- Coinbase has partnered with companies like Coca-Cola for an “Onchain Summer” promotion to showcase the capabilities of the Base blockchain.
- The Base network is a layer 2 blockchain built on top of Ethereum, using software from Optimism’s OP Stack.
According to L2Beat, the Base network already has $139 million in deposits locked into apps and protocols, making it the fifth-largest layer-2 blockchain by total value locked (TVL).
Hot Take:
Coinbase’s launch of the Base blockchain represents a significant milestone in the crypto industry. By running its own distributed network, Coinbase opens up new revenue streams and the potential for widespread adoption of decentralized applications. This move aligns with Coinbase’s long-term vision of integrating crypto into everyday life and reaching a global audience. With partnerships and a growing ecosystem of dapps, Coinbase is well-positioned to capitalize on the expanding crypto market.
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