Base, Coinbase’s Ethereum layer 2 scaling product, is based on Optimism’s technology.
The Nasdaq-listed exchange Coinbase (COIN) announced Thursday that it will leverage layer 2 network Optimism’s technology to scale Ethereum.
In the past 24 hours, Coingecko data indicates Velodrome Finance’s native token has increased by 21%. Velodrome is the ninth-largest decentralized exchange in the world, accounting for 2.5% of the total market volume. The token has more than doubled in the past seven days.
The SONNE token of optimism-based lending protocol Sonne Finance has jumped 82% over the last seven days, taking the seven-day total to over 300%.
Perpetual Protocol’s PERP token has seen a 42% increase in its market value, while OPX, the governance and utility token of OPX Finance, has soared 144%. Additionally, lesser-known names such as THALE, HND, RING and PICKLE have posted double-digit gains recently.
CoinDesk data show that optimism’s OP token has jumped over 10%, reaching a two-week high of $3.10.
Base, Coinbase’s new Ethereum layer 2 scaling product, has launched on the testnet, announcing it will be interoperable with other chains such as Solana but will not have a native token.
Based on Optimism, Base aims to create a standard, modular, rollup agnostic Superchain powered by decentralization, permissionlessness, and openness. Our goal is to build an active community of developers by joining Optimism as a Core Developer on the open-source OP Stack.”
Crypto Twitter speculates that Coinbase is making a KYC-based DeFi portal with Optimism that will open the door to institutional participation in democratized finance.
A year ago, Coinbase launched a non-fungible tokens marketplace. Per Analytics Insight, Coinbase Ventures is one of the most active venture capital firms in crypto, investing in over 240 companies.
As a result, observers are optimistic that Base will become the go-to place for decentralized applications in the future.
The collaboration aims to upgrade Optimism Mainnet, Base, and other L2s to an initial superchain, according to pseudonymous analyst Route2FI. “The hope is that the superchain can grow into a sprawling network that maximizes interoperability, shares decentralized protocols and standardizes its core primitives.”