Popular crypto exchange Coinbase has launched an Ethereum-powered Layer-2 blockchain network dubbed Base.
The firm defined Base as a bridge between its users and other blockchain-based projects like Ethereum and Solana.
- Base is expected to be home to Coinbase's on-chain products.
- The network was built using Optimism's open-source developer toolkit OP Stack.
- Coinbase has made the blockchain's testnet available for developers to check the bugs in the software before the final launch.
- The U.S.-based crypto trading platform said Base promises a secure and low-cost area for developers to build decentralized apps (dApps) on blockchains and Layer-2 networks.
- The company currently has no plan to release a native token for Base.
- Layer-2 networks remove transaction data from the Ethereum blockchain, compress it, and then re-post to the original chain to improve speed and reduce transaction fees.
- Binance, one of the most powerful rivals of Coinbase, also has its own blockchain network called BNB Smart Chain with its native BNB tokens.
