Coinbase announced the debut of its test net Base, which is Ethereum Layer 2 (L2) blockchain. Base’s goal is to make it easy for anybody to create decentralized applications (dApps) on the Ethereum blockchain in a safe, inexpensive, and developer-friendly manner.
Coinbase introduces Base
The crypto exchange wants to use Base to make “on-chain the next online” and bring more than a billion users to Web3, as stated in their blog post.
“We’re incubating Base inside of Coinbase, leveraging the last decade of our experience building crypto products, and plan to progressively decentralize the chain over time,” the blog stated.
Coinbase plans for Base to be the best place for developers to build on-chain, which brings several benefits. It is secured by Ethereum, empowered by Coinbase, offers a lot of features with tiny fees, and is completely open-source.
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In addition to supporting Ethereum, Base will offer safe and straightforward integration with other blockchain ecosystems like Solana and L2 networks like Optimism. Coinbase has actually joined Optimism as a core developer on the open-source OP Stack.
Improving of dApps
“To bring in billions of users to the crypto economy, dApps need to be easier, cheaper, and safer to interact with. For this to happen, we need to make it even easier for developers to build these dApps,” the blog explained.
That is why Coinbase has introduced Base, which is supposed to serve as a “bridge” for people to the crypto economy. Coinbase’s products, users, and assets are just the beginning of what Base hopes to become: a thriving open ecosystem.
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In addition, Coinbase has established the Base Ecosystem Fund, which will invest in and provide early-stage support for startups that are based on Base and meet certain investment requirements.
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