Coinbase, the largest U.S. cryptocurrency exchange, officially launches its decentralized blockchain, Base, to the public on Thursday.
This marks the first time a publicly traded company has introduced its own blockchain network.
Base is designed to be user-friendly, cost-effective, and developer-friendly, making it an attractive option for both developers and users alike.
With Base, Coinbase aims to tap into the growing decentralized ecosystem and provide access to over 100 decentralized applications (Dapps).
This exciting development has already gained traction, with several decentralized exchanges announcing their integration with Base.
The network was accessible to developers from February to July as part of a test phase prior to this wide availability launch, according to a report. Base had over $134 million in deposits locked inside its apps and protocols before going public, making it the fifth-largest Layer 2 blockchain.
The launch of Base opens up a new realm of possibilities for the crypto industry and marks a significant milestone in the evolution of blockchain technology.
Coinbase stated that Base would be live on Wednesday, and that both current and future decentralized applications (dapps) would activate Base support.
“Since we announced Base, our mission has been clear and consistent: bring the next million builders and billion users on chain,” Coinbase wrote in the blog post.
According to a page in the Coinbase help center that presents the new offering, Base is built on the Ethereum blockchain and provides consumers enhanced scalability, increased transaction speeds, decreased gas prices, and consistent security measures.
Coinbase Broadening its Ecosystem: Expanding Web 3 and Crypto Space:
Beyond its cryptocurrency exchange, Coinbase wants to grow its ecosystem and that of the developers working in the Web3 and crypto industries.
During the company’s quarterly results call, Coinbase CEO Brian Armstrong stated, “As we look forward, we are expanding our focus towards crypto use cases beyond trading.”
“Trading was a major use case for cryptocurrencies in the beginning, but that is beginning to change. When more people interact with them, layer 2 solutions have the potential to become much, much better.”
Coinbase’s Highly Anticipated New Base Blockchain Sees $10M Inflows on Debut Day:
The first day after Coinbase’s (COIN) new Base blockchain’s formal launch, inflows were modest, falling short of some cryptocurrency traders’ predictions that huge quantities of money would pour in.
According to data in Dune Analytics, slightly over $10 million was bridged, or transferred, to the new blockchain in the last day, with just over 15,000 new users and 40% fewer transactions than Wednesday.
Of that sum, $5.6 million was in Ether (ETH), $2.3 million was in the form of USD coin (USDC)), and the remaining funds were distributed among other alternative cryptocurrencies.