Coinbase announced the launch of Base which is an Ethereum layer-2 network. The company claimed that this new network will offer a low-cost, secure, developer-friendly environment for building decentralized apps on the blockchain.
According to Coinbase, Base is designed to be a bridge for users into the crypto economy, offering access to other L1 ecosystems like Solana and making it interoperable with other chains. It will also provide access to Coinbase’s products, users and tools as well as easy fiat on-ramps and powerful acquisition tools. The company said it has no plans to issue a new network token.
Base will be built on the OP Stack used by Optimism. It will start off highly centralized, though Coinbase has released a detailed plan regarding how the network will decentralize over time.
In its announcement, Coinbase said that Base will be fully open source and freely available. The company said it is joining the OP Stack core dev team to ensure it’s a public good available to everyone.
