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Coinbase Officially Launches ‘Base’ Blockchain in Major Milestone

by Consensus ProtocolAugust 10th, 2023

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Coinbase introduces 'Base' blockchain, marking the first such venture by a public company, with hopes to generate revenue from decentralized apps (dapps).

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Coinbase has announced the public launch of its new “Base” blockchain after months of testing. The company touts Base as the first blockchain unveiled by a publicly traded firm, representing a major push into decentralized network operations.

Built on Ethereum, Ranked Among Top L2s

Technically a layer-2 network built on Ethereum, Base leverages the Optimism “OP Stack” architecture used by other interoperability focused blockchains.

Even before going fully live, Base ranked 5th among all layer-2s in terms of value locked at $139 million. The network promises features like enhanced scalability and lower transaction costs.

Empowering Mainstream Adoption

For Coinbase, Base paves the way for new revenue streams including network fees and dApps built on top of it. The company already has 100 dApps ready for deployment.

Base also aligns with Coinbase’s goal of driving crypto mainstream. New integrations with brands like Coca-Cola aim to showcase real-world blockchain applications to everyday users.

An Increasingly Crowded Market

However, Base enters a crowded field of Ethereum scaling solutions. While it lacks a native token unlike some competitors, the network will need unique value propositions to stand apart.

Its success will ultimately depend on developer and user adoption. But as a high-profile public company-led project, Base begins life with advantages like brand recognition.

The Cutting Edge Often Cuts Both Ways

As crypto stretches into uncharted territories, progress comes with risk. But avoiding innovation means stagnation. While prudent oversight is key, fear must not breed inaction. For it is audacity blended with wisdom that changes the world.