2023-03-01
Coinbase announced it going to develop
a blockchain on Optimism’s OP Stack software. Optimism is a layer-2 scaling
solution on Ethereum to solve slow transactions and high gas fees. It makes gas
fees on Ethereum 10x to 100x cheaper. There are many layer 2 coins such as Polygon,
Arbitrum, Scroll, and StarkNet. Optimism’s layer 2 technology called Optimistic
Rollup. OP tokens are Optimism’s native tokens. OP tokens have market cap value
$683 million; it ranks number 62 largest crypto by market cap.
Coinbase layer 2 solution is called
Base. It wants to use Optimism’s technology for Base. Base built on OP
Stack. It is an open-source development
stack. Op Stack enables other developers to use Optimism technology to develop
their own layer 2 scaling solution. By having its own layer 2 blockchain,
Coinbase can make money by collecting gas fees and it will also share gas fees with
Optimism.
Blockchains that built on OP Stack can
communicate and bridge with one another. Optimism called this Superchain, if Ethereum
is the internet of layer 1, OP Stack is the internet of layer 2. Base has a
positive effect on OP tokens. It makes Optimism ecosystem more popular and
expand the usage of the ecosystem. It is absolutely a good move for Coinbase
because Base can automatically get access to 110 million Coinbase users.
