Base is built. This rapid adoption is a testament to the demand for a decentralized ecosystem that offers scalability and low fees. With Base, Coinbase has not only solidified its position as a leading crypto exchange, but has also shown its commitment to supporting the growth of decentralized finance (DeFi) and the broader blockchain industry.
Base: A Foundation for Decentralized Commerce
Base, Coinbase's Ethereum layer 2 network, has quickly become a foundational layer for decentralized commerce and activity. By leveraging Ethereum scaling solution Optimism, Base provides an on-chain ecosystem for not only Coinbase's own products, but also for millions of other people's decentralized applications (dApps). This means that developers are free to build on Base wherever they like, creating a diverse and vibrant ecosystem.
The launch of Base has redefined what it means to be a crypto exchange. Coinbase is no longer just a platform for buying and selling cryptocurrencies, but a key player in the development of decentralized applications and the facilitation of decentralized commerce. This shift in narrative has positioned Coinbase as more than just a centralized powerhouse, but as a company that is actively contributing to the growth and innovation of the blockchain industry.
Attractiveness to Third-Party Developers
Base's diversity and Coinbase's backing make it particularly attractive to third-party developers. With hundreds of apps already being used regularly that aren't built by Coinbase, Base has demonstrated its ability to attract a wide range of developers and users. This, combined with Coinbase's expertise in developer tooling and ecosystem building, creates a compelling proposition for those looking to build on a secure and scalable infrastructure.
Avichal Garg, co-founder of crypto venture firm Electric Capital, highlights Coinbase's expertise in working with developers and partners. With offerings such as custody, wallets, and Coinbase Cloud, Coinbase has the necessary tools and knowledge to support developers in building successful applications on Base. This positions Coinbase not only as a consumer company, but also as a key player in the developer tooling space.
Rapid Adoption and Growth
Since its launch in August, Base has seen impressive growth. With a total value locked (TVL) of $419 million, according to DeFi Llama, Base is already in the top 10 blockchain networks by size. Within weeks of its debut, Base surpassed the daily activity seen on Optimism, the underlying network it is built upon. This rapid adoption and usage showcase the demand for a scalable and low-fee ecosystem like Base.
In Conclusion
Base's launch has not only redefined Coinbase as a crypto exchange, but has also established it as a foundational layer for decentralized commerce and activity. By leveraging Ethereum scaling solution Optimism, Base provides a diverse and vibrant ecosystem for developers and users alike. With rapid adoption and impressive growth, Base has proven to be an attractive option for those looking to build on a secure and scalable infrastructure. Coinbase's expertise in developer tooling further strengthens its position as a key player in the blockchain industry. As Base continues to evolve and attract more users and developers, Coinbase's impact on the decentralized finance landscape will only continue to grow.
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