Coinbase has launched a test net for Ethereum Layer 2, Base
The platform’s goal is to onboard more than 1 billion users into the cryptoeconomy and make onchain the next online.
Base will be initially incubated inside Coinbase to leverage the exchange’s experience and will progressively decentralize the chain over time.
Base will serve as both a home for Coinbase’s onchain products and an open ecosystem where anyone can build.
The Base Ecosystem Fund has been launched to invest in and support early-stage projects building on Base that meet its investment criteria.
One of the largest cryptocurrency exchanges in the world, Coinbase, announced the launch of test net, Ethereum Layer 2, Base today. Base is designed to offer a secure, low-cost and developer-friendly way for anyone to build on decentralised apps or “dapps” onchain.According to their press release today, the platform’s goal is to make onchain the next online and onboard 1 billion+ users into the cryptoeconomy.
Base is initially being incubated inside Coinbase, to leverage the exchange’s decade of experience building crypto products, and will progressively decentralize the chain over time.
According to Coinbase, Base will serve as both a home for its onchain products and an open ecosystem where anyone can build. The company has no plans to issue a new network token. The $COIN token saw a 9% increase today when the news was announced.
Base aims to make it easy for developers to build decentralized apps by providing access to Coinbase’s products, users, and tools. Seamless Coinbase product integrations, easy fiat onramps, and powerful acquisition tools should enable developers to serve the 110M+ verified users and to access $80B assets on the platform in the Coinbase ecosystem.
The Base ecosystem is being designed as a bridge for users into the crypto-economy, providing easy, secure access to Ethereum L1, other L2s, and other L1 ecosystems like Solana. Coinbase encourages developers to start on Base but go everywhere, seeing Base as an easy-to-use default onchain experience with access to products on other chains.
Decentralization is essential for the crypto-economy to remain open, global, and accessible to everyone. While Base is currently incubated inside Coinbase, the company is committed to progressing towards full decentralization over the years ahead. Coinbase is also announcing the Base Ecosystem Fund, which invests in and supports early-stage projects building on Base that meet its investment criteria.
Coinbase’s testnet launch of Base could be a significant step towards bringing in billions of users to the cryptoeconomy. By offering a secure, low-cost, and developer-friendly way for anyone to build decentralized apps onchain, Base could make onchain the next online and bring the benefits of the cryptoeconomy to a much broader audience.