Coinbase Unleashes Base Layer-2 Network with $142 Million Locked
Coinbase has launched its Ethereum layer-2 network, Base, on mainnet as part of a month-long event called Onchain Summer. This move aims to encourage the creation of decentralized applications (dApps) and bring more users onto blockchain technology.
Base currently has over $142 million in total value locked in its ecosystem, generating significant excitement among developers and investors.
Jesse Pollak, senior director of engineering at Coinbase, notes that Base will not issue a native token, unlike other layer-2 networks. According to him, tokens 'distort' what's being done on a network.
This decision may be seen as an attempt by Coinbase to avoid regulatory troubles it is facing from the Securities and Exchange Commission (SEC), which has filed a lawsuit against the company for allegedly acting as an unregistered securities exchange.