Bitcoin

Base

Light

BASE

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<ul> 
 <li>Armstrong expressed being “very pleased” with how Base has progressed since its launch in August.</li> 
 <li>Armstrong stated, “Now, we are working hard to integrate it with various applications,” mentioning that developers are “extremely excited” about dealing with layer-2.</li> 
 <li>As part of Coinbase’s bold internal goal to make the average transaction “under one second and one cent,” Armstrong said that Base and other layer-2 solutions are involved.</li> 
</ul> 
<p><strong>Coinbase’s CEO Brian Armstrong responded to questions about whether the exchange has any plans to launch a token for its layer-2 network Base.</strong></p> 
<h2 id="strong-is-coinbase-considering-launching-base-token-strong"><strong>Is Coinbase Considering Launching BASE Token?</strong></h2> 
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-127443" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/coinbase-coin-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="coinbase-coin" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/coinbase-coin-1.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/coinbase-coin-1.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/coinbase-coin-1.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/coinbase-coin-1.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/coinbase-coin-1.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/coinbase-coin-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/coinbase-coin-1.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p> 
<p>According to Coinbase CEO Brian Armstrong, the exchange does not have plans to create a token for the layer-2 network Base. Armstrong, during an exclusive interview with COINOTAG, stated, “We are not planning to make any token for Base.”</p> 
<p>This statement seems to contradict the earlier statement by Coinbase Chief Legal Officer Paul Grewal, who, in a statement to COINOTAG in September, said, “I think a token could be appropriate at some point in the future,” adding, “We’re not ruling that out entirely.”</p> 
<p>A Coinbase spokesperson confirmed that there is no plan for Coinbase to launch a token for the Base network. Armstrong mentioned that they are “very pleased” with how Base has progressed since its launch in August. Describing Base as the third-largest layer-2 in terms of total value locked (TVL) within a few months of its launch, he said, “That’s really good,” and added that there were approximately one million wallets interacting with the chain at the time of launch.</p> 
<p>Armstrong stated, “Now, we are working hard to integrate it with various applications,” mentioning that developers are “extremely excited” about dealing with layer-2. Layer-2 is a type of cryptocurrency network built on top of existing networks, like Ethereum. These scaling networks, called second layers, have the ability to handle transactions much faster and at a much lower fee than the base layer. Some of these networks have their own native tokens and compete for market share in the crypto space. Base quickly became a favorite among users.</p> 
<h2 id="strong-one-second-one-cent-strong"><strong>One Second, One Cent</strong></h2> 
<p>Armstrong said that the company’s goal of making the average transaction “under one second and one cent” is a bold internal goal, and Base and other layer-2 solutions are part of this. This would mean improvements needed in Base, but it also means making layer-2 “the default on our platform, not something where people occasionally bridge to layer-2 and do something,” he said.</p> 
<p>Armstrong added, “This is not just with Base,” stating, “This is doing things like integrating Lightning Network on Bitcoin, integrating other layer-1s that are very fast like Solana.” He revealed that they set internal goals to “ramp that number up a lot” since around 7% of transactions on Coinbase use layer-2. He said this is part of a “multi-year effort.”</p> 
<p>Comparing the transition to Layer-2 to the shift from dial-up to broadband on the internet, Armstrong said, “I think it’s incredibly important in terms of bringing new applications online.”</p> 
<p>Armstrong expressed his “delight” in seeing other crypto exchanges progressing towards launching their own layer-2 networks while suggesting that the industry needs to converge around one or two layer-2 networks. In early November, it was reported that Kraken, a Coinbase competitor based in San Francisco, was considering launching its own layer-2 network, possibly in collaboration with Polygon. A week later, crypto exchange OKX announced X1, built on Polygon technology.</p> 
<p>Armstrong told COINOTAG, “It probably would have been a mistake for every application to have its own L2, so I’m thinking a bit about whether there should be some consolidation around one or two L2s. I welcome others to figure this out, and generally, every app needs to get onto some kind of L2, probably.”</p> 
<p>The post <a rel="nofollow" href="https://en.coinotag.com/bitcoin-exchange-coinbase-ceo-answers-questions-about-the-launch-of-base-token/">Bitcoin Exchange Coinbase CEO Answers Questions About the Launch of BASE Token!</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p> 
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Bitcoin Exchange Coinbase CEO Answers Questions About the Launch of BASE Token!

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