Coinbase CEO Declares Base as Top Layer 2 Solution with Highest Transaction Volume
- Base, a Layer-2 blockchain developed by Coinbase, is enhancing the scalability and efficiency of the Ethereum network. This solution aims to provide a secure, low-cost, and developer-friendly environment for building decentralized applications (dApps).
- Base uses rollups, specifically optimistic rollups, to bundle large batches of transactions off the main Ethereum chain for faster and cheaper execution. The batch’s compressed summary is then submitted back to the Ethereum mainnet for final settlement.
- By settling transactions back onto the Ethereum mainnet, Base inherits the robust security and decentralization properties of Ethereum.
- Base is built using Optimism’s OP Stack, an open-source toolkit for creating interoperable, cost-effective, and scalable rollups. This shared infrastructure envisions a future “superchain” of connected Layer-2 networks.
Base, Coinbase’s Layer-2 blockchain solution, is revolutionizing the Ethereum network by enhancing scalability, reducing transaction costs, and providing a developer-friendly environment for dApps.
Base’s Impact on Crypto Transactions
Base has significantly improved the efficiency of crypto transactions. Coinbase CEO Brian Armstrong highlighted these advancements during the company’s first-quarter earnings call, likening the evolution of blockchain through Layer 2 solutions to the internet’s leap from dial-up to broadband. Armstrong noted that these enhancements are crucial for Coinbase’s goal of processing average crypto transactions in under one second for less than one cent worldwide.
Increasing Developer Activity and Transaction Volume on Base
The first quarter of 2024 saw an eightfold increase in developer activity on Base, indicating growing confidence in its capabilities. In the past 30 days alone, Base has processed more ... Read the full article for FREE at COINOTAG!
