Defi and Exchanges

Coinbase to launch its own Ethereum Layer 2 backbone in 2023

Coinbase, one of the world’s largest crypto exchanges, has announced plans to launch its own Ethereum Layer 2 backbone in 2023. Several major players in the ecosystem, including Aave and Chainlink, plan to build on the U.S. giant’s l2 Ethereum.

The move is aimed at solving the persistent issues of scalability and high fees on the Ethereum network, which have become a major obstacle for users and businesses.

In a recent interview with Techcrunch, Jesse Pollak, Coinbase’s head of Base and protocols, made it known that the Base mainnet is expected to be released in 2023.

It’s coming soon, we’re working hard on it. It’s our number one priority alongside the decentralization goals,” the executive said.

Last February, Coinbase unveiled Base, a layer2 blockchain network for Ethereum, and launched a first test network (testnet). With Base, the crypto-exchange pioneer wants to facilitate the development of decentralized applications.

Base’s vision is to bring a million builders and a billion users to the blockchain with easy-to-use products,” Pollak explained.

Ethereum layer 2 coinbase, Source : Leeway Hertz

Coinbase has been a strong supporter of Layer 2 solutions for some time now, and this move is an important step toward its goal of making cryptos more accessible to everyone. The exchange has also promised to share more details about the launch of its mainnet in the coming months.

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Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

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