Author: Bradley Keoun, CoinDesk; Translation: Songxue, LianGuai
US-based cryptocurrency exchange Coinbase (COIN) has announced that its new Base blockchain is now live, signaling the beginning of a new era for the publicly traded company to operate its own distributed network.
Executives stated that Coinbase, one of the most-watched cryptocurrency stocks, may eventually generate revenue by running its own blockchain and potentially earn more income from blockchain-based applications.
Coinbase CEO Brian Armstrong wrote in a 2016 “secret master plan” that the fourth phase of the company’s growth would come from “decentralized applications” or dapps, aiming to reach 1 billion people. The company went public on Nasdaq in April 2021.
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Jesse Pollak, the lead of the Coinbase protocol responsible for managing Base, said in an interview on Tuesday that 100 dapps have already been deployed or are ready to run on the new network.
“Historically, what people could do with cryptocurrencies was relatively limited, mostly speculation,” Pollak said. “To have the impact that Coinbase and cryptocurrencies and the work we’re doing want to have, we need to move from speculation to something that’s integrated into people’s daily lives.”
In conjunction with the release of Base blockchain, Coinbase announced plans to partner with companies including Coca-Cola (KO) for an “Onchain Summer” promotion to showcase the functionality of the new project.
Base L2 Rankings
Technically, the new Base network is built on top of the Ethereum blockchain as a “Layer 2” blockchain, using the popular Layer 2 network Optimism’s OP Stack software.
According to crypto analytics firm L2Beat, prior to its public debut, $139 million in deposits were already locked in applications and protocols on the new Base network.
The total locked value (TVL), a common metric for evaluating blockchains and protocols, is enough to make Base the fifth-largest Layer 2 blockchain. Arbitrum One ranks first with around $6 billion, followed by OP Mainnet ($2.9 billion), zkSync Era ($430 million), and dYdX ($336 million).
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