On its Twitter, Coinbase posted a blog post about the new product “Base“, a Layer-2 solution on Ethereum developed based on Optimism technology.
Previously, the new product was somewhat revealed by Coinbase in a mysterious tweet on the evening of February 22.
Notably, Coinbase’s Base will be built based on the open source code of OP Stack – a toolkit to support superchain development previously introduced by Optimism.
Coinbase will integrate other products into Base, including its Coinbase trading platform and Coinbase Wallet, giving these projects access to the 100 million-plus users in the Coinbase ecosystem with $100 billion in assets. In addition, to accelerate the development of layer-2, Coinbase and Coinbase Ventures will launch a Base Ecosystem Fund to “incubate” Base solutions.
Coinbase will launch Base with an incredible group of builders from across the crypto ecosystem, such as Chainlink, Infura, Dune Analytics, Nansen, 0x Protocol, Aave, Magic Eden, Animoca Brands, Gelato, Pyth Network, Balancer, The Graph, Wormhole, LayerZero, SushiSwap, ETH Global,…
Besides, a part of revenue from transaction fees on Base will be deducted to send back to Optimism’s Treasury.
Regarding its Layer-2 solution, Coinbase posted it is the exchange’s on-chain home. At the same time, the network will be decentralized and use ETH to pay gas fees for activities in the ecosystem. Coinbase said there are no plans to issue a separate token for the new solution.