Coinbase Launch ETH Layer-2 Network Based on Optimism, OP Token Pumps 6%

The largest US-based crypto exchange Coinbase unveiled its own Ethereum layer-2 network.

Dubbed “Base,” the new network is built on the MIT-licensed OP Stack in collaboration with Optimism.

• According to the official press release, Coinbase aims to lure millions of new crypto users in with Base, which boasts full EVM equivalence at a fraction of the cost.
• Base is also expected to host a myriad of Coinbase’s on-chain products, and the goal is to position the layer 2 network as an open ecosystem for millions of new decentralized apps.
• The main of designing Base is to provide easy, secure access to Ethereum L1, other L2s, as well as other L1 ecosystems similar to Solana, Coinbase said in the statement.

“We encourage them to start on Base, but go everywhere: we see Base as a “bridge” for users into the crypto-economy. It’s an easy-to-use default onchain experience with access to products on other chains.”

• The focus will be to make Base interoperable with other chains, and the company expects to continue supporting as many chains as possible across its products offering.
• Furthermore, Coinbase will be joining Optimism as a core dev on the open-source OP Stack. Shortly after the news went live, the OP token soared by 6%. The asset is up by over 20% on a daily scale and trades above $3 as of now.
• The company also confirmed that it does not have any plans to issue a new network token.