cryptonews: Coinbase has announced plans for a new Ethereum Layer 2 network it hopes will be a bridge attracting one billion new users into the crypto economy. 💪
Coinbase has announced plans for a new Ethereum Layer 2 network it hopes will be a bridge attracting one billion new users into the crypto economy.
Nor is it intended to be a profit center for Coinbase — at least not directly, as the largest U.S. crypto exchange repeatedly pointed out in its Feb. 23 blog post that it "has no plans to issue a new network token." "Seamless Coinbase product integrations, easy fiat onramps, and powerful acquisition tools [that will] enable developers to serve the 110 million-plus verified users and to access $80 billion [in] assets on platform in the Coinbase ecosystem."While it's still a testnet, as a Layer 2 built on top of Ethereum, Base aims to provide fast, one-cent Ethereum transactions as well as access to other blockchains like Solana and Avalanche, and other L2s like Polygon.
Benefits for developers, Coinbase promised, will include full Ethereum Virtual Machine equivalence for a far lower cost, the ability to set up gasless transactions, and the capability to support multichain DApps with easy-to-use cross-chain bridges.
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