- Coinbase pioneers a public company-launched decentralized blockchain, Base.
- It aims for diverse revenue streams through blockchain operations and dApps.
Coinbase, the leading US-based cryptocurrency exchange, has stridden in the crypto world by officially launching its decentralized blockchain, Base. It became the first publicly traded company to introduce its proprietary blockchain.
The journey began earlier this year with the introduction of Base’s testnet in February, followed by a developer release in July. Now, with the commencement of the “on-chain summer” celebration, encompassing on-chain art, gaming, and more, the network’s mainnet has been unleashed.
Brian Armstrong, the founder of Coinbase tweeted, “Base mainnet is now live, with 100+ apps and services… with low gas fees, fast speeds, and secure transactions settled on Ethereum”.
What is the Aim Behind “Base” ?
The community considers the launch of Base isn’t just a technological advancement but also a strategic business move for Coinbase. The company, already renowned for its closely tracked crypto stocks. I envisions generating revenue not only from its blockchain operations but also from the array of applications built on top of them.
Meanwhile, Coinbase stepped into decentralized applications (dApps), and the goal of reaching one billion people was envisioned by CEO Brian Armstrong in 2016. Noteworthy is that Coinbase also headlined its Nasdaq listing in April 2021.
Technically, Base functions as a “layer 2” blockchain, built upon Ethereum‘s foundation, utilizing OP Stack software from Optimism. Even prior to its public debut, Base attracted a substantial $139 million in deposits within its apps and protocols. This vaults Base to the fifth-largest layer-2 blockchain, following notable contenders like Arbitrum One and OP Mainnet.
The Coinbase community celebrates the launch by saying, “Bold move, but remember – every revolution faced its doubters. Welcome to the front lines of the next financial era.”