What Happened on Feb. 24th | Coinbase chain and Optimism

Coinbase launches its own blockchain, Base, which will operate as a permissionless L2. This blockchain has been built using Optimism’s modular and open-source blueprint, OP Stack, which enables the creation of scalable and interoperable blockchains.

Base is set to launch to mainnet in around two months, with Coinbase initially serving as the sole sequencer for the chain. However, Base is planned to become a fully permissionless validator set by the end of 2023.

Part of the transaction fees for Base will be contributed to the Optimism Collective, funding public goods on Optimism, while Coinbase will also launch a Base-native ecosystem fund.

While the whole market is excited about the news, Bankless gives some neutral comments:

"Coinbase’s user base is considerably less degen, given the absence of perps and other high-leverage trading solutions. With Coinbase customers serving as Base’s likeliest users, it is unlikely that we will see similar fervor for leverage. Borrowing for leverage facilitates yield generation, which attracts TVL."

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