Crypto change Coinbase introduced and launched the testnet for its very personal Layer 2 blockchain known as Base earlier in February 2023. For the reason that launch, there have been speculations in regards to the change launching a token for the L2, which has now been clarified within the newly launched roadmap for Base.
Base Roadmap Mentions No Token
Following the launch of Base, crypto change Coinbase made it recognized that there have been no plans to truly launch a token for the Layer 2 blockchain. However, this didn’t cease the speculations, however with the release of its roadmap, the crew appears to have put an abrupt halt to all rumors concerning a token.
The roadmap which was revealed on Wednesday on the Coinbase web site clearly states that “Base has no plans to problem a community token.” As an alternative, it is going to proceed to function like most different Ethereum Layer 2 blockchains, utilizing ETH as a approach to perform transactions and pay for gasoline charges.
Because the L2 strikes nearer towards a mainnet launch, the crew is fairly specializing in builders on the chain. It is usually wanting towards upgrading Optimism’s Bedrock, in addition to all the opinions and audits whereas ensuring the testate stays secure.
“We’ve been constructing in the direction of Mainnet Genesis, step one of delivering a decentralized platform that scales Ethereum with quick, low-cost and safe transactions. As we put together to improve from testnet to mainnet, we need to construct within the open and maintain the neighborhood knowledgeable of our roadmap and standing,” the assertion mentioned.
COIN inventory buying and selling at $56 | Supply: COINUSD on TradingView.com
Coinbase Will Face Fierce Competitors In L2 Market
Whereas blockchain remains to be not as mainstream as business members would really like, they’re being developed quickly. As Coinbase enters the L2 house, it’s coming into fierce competitors with different L2s which might be already dwell on the mainnet.
The likes of Optimism and Arbitrum have seen an affordable degree of success since their launch, which alerts that Base could possibly be simply as profitable. Nevertheless, one factor the previous have are tokens which might be already buying and selling throughout main exchanges. As such, they could proceed to see probably the most curiosity from buyers who’re chasing positive factors from these tokens.
However, Base remains to be a extremely anticipated L2 anticipated to launch in mainnet someday in 2023. There is no such thing as a cause to doubt Coinbase’s stance in not making a token, however this might at all times change as Arbitrum operated for 2 years earlier than launching a token.
Arbitrum, Polygon, and Optimism stay the dominant L2s within the house with complete worth locked of $2.31 billion, $986.88 million, and $881.1 million respectively.