Coinbase unveils new Ethereum L2 network powered by Optimism

ambcrypto.com:

Coinbase, a leading US-based crypto exchange, announced the testnet launch of a new Ethereum layer-2 network – Base. The L2 network is powered by Optimism, another well-known Ethereum L2 blockchain. The L2 network will offer “a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps or “dapps” onchain”.

Moreover, the crypto exchange clearly stated that it has no plans to offer a new token for the layer-2 network. The L2 network would deploy ETH as its native gas token.

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In a blog post, the crypto exchange said,

Base aims to be decentralized, permissionless, and open to anyone with the vision of creating a standard, modular, rollup agnostic Superchain powered by Optimism. We’re joining Optimism as a Core Dev on the open source OP Stack, and working to create a thriving community of other developers.

Notably, Coinbase stated that Base network would be interoperable with other blockchains like Solana. Moreover, the network would be decentralized, open-source, and built on MIT-license OP Stack.

Optimises rises on Coinbase’s new launch

The announcement has given a boost to Optimism’s (OP) price in the market. According to CoinMarketCap, Optimism was trading at $2.96 at press time and had registered a rise of over 4% in the past hour. Additionally, OP has seen an uptrend of over 20% in the past 24 hours and had a market cap of over $696 million. Notably, while the announcement has given a boost to OP’s price, it seems to have little to no effect on Coinbase (COIN)’s price.

In a separate blog post, Optimism stated that Base would be giving a portion of its transaction fee revenue to Optimism Collective treasury. Coinbase would also be