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Blue Dot Surprise Revealed! Coinbase Launches OP-Based L2 "Base", No Coin Issuance, Gas Uses ETH

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Blue Dot Surprise Revealed! Coinbase Launches OP-Based L2 "Base", No Coin Issuance, Gas Uses ETH

On the early morning of the 23rd, Coinbase posted a six-second video with only a blue dot and the caption "2.23.23," leaving everyone guessing. The mystery was unveiled on February 23rd (US time) when Coinbase announced a major development: the L2 solution Base.

Base Mission: Online to Onchain Transformation

Coinbase stated that the development of Base is aimed at accelerating the fulfillment of Coinbase's mission and promoting the mainstream adoption of the crypto economy. Base will serve as the primary base for Coinbase's onchain products and will also be an open development ecosystem, aiming to bring in 1 billion users into the crypto economy.

"Turning online into onchain," Coinbase stated.

Coinbase stated that Base is an Ethereum layer 2 solution developed based on the OP open-source code Optimism Stack, which is secure, cost-effective, and developer-friendly. As of the deadline, OP has also risen by 5% as a result. 2/24 02:44

The high costs and limitations of Ethereum have prompted Coinbase to create an environment to accelerate the development of onchain products, making it easier to do so. Coinbase also aims to bring users into the crypto economy while providing a Coinbase-level secure onchain environment.

Base also aims to actively serve as a bridge, deeply connecting with Ethereum, other L2 solutions, and other L1 ecosystems.

Currently, Base has listed some ecosystem construction protocols project list compilation:

Airdrop Farmers May Be Disappointed: Base Will Not Issue Tokens

For airdrop enthusiasts, Coinbase's Base chain may be disappointing as Base will not have its own tokens and will continue to use ETH as gas fees.

This decision aligns with Coinbase's fundamental interests as it remains a primary validator node on Ethereum.

Issuing Base NFTs

Although not issuing tokens, Base has issued "Base, Introduced" NFTs, available for a limited time for free minting to celebrate the launch of the testnet.

Binance: Binance Chain, Coinbase: Base

During the bear market, Coinbase's financials are not looking good, with a loss of $300 million last year. The stock price has dropped by over 80% since going public, despite continued purchases of shares by Ark Investment, the rally is still far from the bullish market days.

The strong regulatory actions in the U.S. may once again put pressure on this long-standing U.S. compliant exchange. After launching Binance Chain two years ago, the exchange's user advantage makes it easier to flow into the DeFi environment. The platform coin BNB created more diverse use cases and expanded its product range; although Coinbase does not have the need for a platform coin transformation, opening up a wider and more efficient application ecosystem for ETH is undoubtedly very helpful for Coinbase, the main node of Ethereum.