Coinbase’s Base Network Gains Traction, Potential for a Digital Token
Coinbase’s Ethereum-based Layer-2 scalability platform, Base Network, has seen significant growth since its launch. In a recent interview, Coinbase’s legal chief, Paul Grewal, discussed the possibility of introducing a digital token for the Base Network.
Grewal expressed excitement about the early adoption of the Base Network and emphasized that there is much more potential for developers to explore in the future.
Potential for a Base Token
When asked about the possibility of a Base Token given Coinbase’s ongoing conflict with the SEC, Grewal stated that it could be viable at some point down the line. However, their current focus with Coinbase Base is on promoting technological development rather than token creation.
Grewal also mentioned that Coinbase is optimistic about working with the SEC to bring clarity to the crypto landscape and shape regulations. In line with this goal, Coinbase has launched an advocacy campaign supporting a US crypto bill.
Steering Growth with Coinbase Base
Base Network has achieved significant success, surpassing Solana in terms of total value locked (TVL) and securing the ninth position. DeFi protocols on Base have attracted deposits totaling $370.50 million, surpassing Solana’s $310.25 million, according to DeFiLlama data.
This growth can be attributed to increased activity on Friend.tech, a Web3 social media platform, and the integration of reputable DeFi applications into the blockchain. Coinbase positions Base as a bridge for users into the cryptoeconomy and aims to provide a user-friendly on-chain experience while enabling access to products on various chains.
In addition to enhancing interoperability with other chains, Coinbase remains committed to supporting multiple chains across its products.
Hot Take: Coinbase Base Network Expanding and Considering a Digital Token
Coinbase’s Base Network has gained momentum, attracting significant deposits and surpassing other platforms in TVL rankings. While a Base Token is not ruled out entirely, Coinbase’s immediate focus is on driving technological development. The company remains optimistic about collaborating with the SEC to bring clarity to the crypto industry. As Coinbase continues to advocate for a US crypto bill, it positions Base as a bridge into the cryptoeconomy and emphasizes interoperability with various chains. Overall, Coinbase’s Base Network shows promise and potential for further growth.
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