Coinbase launches the testnet of the second layer blockchain based on Ethereum

The Base network is designed to develop decentralized applications

24.02.2023 - 07:15

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2 min

What’s new? Coinbase, a US crypto exchange, has announced the launch of the testnet of the Base blockchain. It is an Ethereum-based Layer 2 (L2) solution developed using the OP Stack architecture from the Optimism network. Base is designed to create decentralized applications (DApps) and aims to involve a billion new users in the crypto economy, according to the exchange’s blog. Base will not have a native token, using ETH to pay fees. A roadmap for the launch of the mainnet will be unveiled in the coming weeks.

Coinbase Blog

What else is known about Base? The network makes it easy to create DApps by providing access to Coinbase products, users, and tools. The exchange’s seamless product integration allows developers to serve more than 110 million verified users and access $80 billion in assets in the Coinbase ecosystem. In addition, Base will be the bridge that connects different networks and layer one and layer two ecosystems, including Bitcoin and Solana. Base will gradually move to full decentralization.

The Base blockchain is open source and is built on an operating stack licensed from the Massachusetts Institute of Technology (MIT), in collaboration with Optimism.

Coinbase has also announced the creation of the Base Ecosystem Fund, which will support early-stage projects based on the solution that meet investment criteria.

In honor of the testnet launch, each user can mint one non-fungible token (NFT) called “Base, Introduced” on the ZORA platform until February 27, 05:00 UTC.

Earlier, in a conversation with investors, Coinbase CEO Brian Armstrong said he wanted to increase the global cryptocurrency user base to one billion.

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