Coinbase CEO Envisions Layer-2 Solutions Revolutionizing Cryptocurrency
The CEO of US-based crypto exchange Coinbase is optimistic that layer-2 scaling solutions will transform the crypto economy.
Brian Armstrong’s Optimism
- Armstrong believes layer-2 scaling solutions will enable the proliferation of crypto use cases with lower fees and faster transaction times.
- Comparing layer-2 solutions to the transition from dial-up to broadband internet, Armstrong foresees a significant boost in the crypto economy.
Base: Coinbase’s Ethereum Layer-2
- Armstrong highlights Base, Coinbase’s Ethereum (ETH) layer-2 platform, as a key player in onboarding billions of users into the web3 space.
- Base has drastically reduced transaction fees and confirmation times, aiming for average crypto transactions to take less than a second and cost under $0.01 globally.
- Developer activity on Base surged in Q1, with transaction volume surpassing that of the entire Ethereum network on layer 1 in the last 30 days.
- Through protocol upgrades, Base’s usage has become faster and cheaper, with fees often dipping below $0.01.
Bitcoin Boosted by ETFs
- Armstrong acknowledges the impact of spot market exchange-traded funds (ETFs) in revitalizing the crypto market.
- The attention garnered by ETFs generates interest and activity across various crypto products, energizing the industry as a whole.
Hot Take: Looking Towards a Layer-2 Future
The post Coinbase CEO Brian Armstrong Says Layer-2 Solutions Will Drive Many Use Cases in Crypto Economy appeared first on The Daily Hodl.
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