Coinbase’s Layer 2 solution, Base, has surpassed $2 billion in Total Value Locked (TVL), marking a 43.61% surge over the past week.
This milestone reflects the growing traction and interest in this network, particularly focusing on meme coins and airdrops.
Coinbase’s Base Network on the Rise
Base, engineered on the Optimism tech stack, has been pivotal in scaling Ethereum by enhancing transaction speed and reducing costs, all while maintaining the robust security of the Ethereum mainnet. The success of Base can largely be attributed to its parent company, Coinbase.
This is a behemoth cryptocurrency exchange with a valuation surpassing $60 billion. Coinbase’s strategic positioning as the custodian for 90% of US spot Bitcoin exchange-traded funds (ETFs) and its alliance with giants like Blackrock and Circle have significantly contributed to Base’s momentum.
Indeed, Jesse Pollak, the architect behind Base, highlighted that a substantial portion of Coinbase’s revenue is funneled into Base’s development.
“We are ramping up gas grants to let builders get started building for free and build gasless experiences, [as well as] builder grants to reward folks who make a positive impact on base and give them resources to build the next thing. Gas grants will be upfront, with path to scaling. Builder grants will be primarily retroactive because we’ve observed that creates aligned incentives and a strong builder culture,” Pollak said.
This strategic move reflects Coinbase’s vision of leveraging Base as a gateway for over 110 million users into the crypto market. The platform’s integration with Coinbase’s expansive user base provides a fertile ground for user acquisition, a common challenge for new blockchains.
Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?
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Author: Bary Rahma
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