The crypto exchange Coinbase announces a new Ethereum L2 solution, BASE, which is cheaper, safer and more developer friendly. With its new launch, the platform aims to bring billions of users to the Web3 space. Developers can use the solution to build decentralised applications very easily. Coinbase plans to use BASE to present its on-chain services and products while allowing everyone to build on it.
About BASE
Coinbase’s new L2 solution has been designed considering the need for security and scalability for building onchain dapps. Being built on Ethereum, it already has all the security features of Ethereum, and Coinbase has also taken additional measures to enhance the same. Coinbase has also given direct access to their tools, products and users to developers who want to build on BASE.
The exchange says that it opens up developers to more than 100 million verified platform users and also accesses nearly $80 billion in assets under management. This can incentivise them to adopt BASE as their new development platform.
Another benefit of using BASE is the fee structure. It offers all mainstream features and even more at a much lesser charge to push developers to build more. There is also the option to set up gasless transactions for dapps built on BASE. Finally, the L2 solution will also be decentralised, permissionless and will be powered by optimism.
How can BASE help the crypto ecosystem?
The L2 solution introduced by Coinbase is not perfect and has been touted by a Reddit user as ‘a centralised mess.’ He said that Coinbase is controlling 4 out of the 6 multisig, and just 4 people will control all user funds. However, that doesn’t mean that it is all bad. Other users commented on the Reddit post explaining that the tech is quite young now, and at least it will get people involved. Once they learn enough, they will be able to make wiser decisions on what to interact with, in the space.
Another user even pointed out Ethereum’s founder Vitalk Buterin’s statement. He said there is still time until the training wheels are taken off, as the technologies in the market are still under development.
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