{"id":179846,"date":"2023-08-09T17:39:08","date_gmt":"2023-08-09T17:39:08","guid":{"rendered":"https:\/\/precoinnews.com\/?p=179846"},"modified":"2023-08-09T17:39:08","modified_gmt":"2023-08-09T17:39:08","slug":"coinbase-rolls-out-decentralized-l2-network-base","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/blockchain\/coinbase-rolls-out-decentralized-l2-network-base\/","title":{"rendered":"Coinbase Rolls Out Decentralized L2 Network Base"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/05\/Coinbase-Shutters-Bitcoin-Backed-Loans-Starting-May-10-770x433.jpg\"><img alt='Naga' src='https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/12\/cropped-IMG-6187-1-50x50.jpg\"><\/p>\n<ul>\n<li>Coinbase becomes the first American publicly traded company to launch a decentralized network. <\/li>\n<li>The layer 2 blockchain Base is now open to the public with over 100 dapps and on-chain service providers like Chainlink available at launch. <\/li>\n<li>Base is an L2 network built as an alternative to Ethereum using Optimism&#8217;s OP stack. <\/li>\n<li>Coinbase&#8217;s blockchain recently made crypto media headlines after a rug pull involving the BALD memecoin.<\/li>\n<\/ul>\n<p>Base, the L2 Ethereum network backed and built by crypto exchange Coinbase, is officially open for public access. <\/p>\n<p>100 decentralized apps and crypto service providers like Chainlink are available on the blockchain at launch. Moreover, Base features an official bridge to Ethereum&#8217;s mainnet allowing users to freely move ETH between both networks.<\/p>\n<p>The launch of Base also coincides with the company&#8217;s &#8220;Onchain Summer&#8221; week-long event featuring commemorative NFTs and rewards for users. <\/p>\n<p>Coinbase is the first-ever publicly traded entity in the U.S. to launch its own decentralized network. The company does not plan to launch a token for its Base L2 blockchain. <\/p>\n<h2>Coinbase&#8217;s Secret Plan<\/h2>\n<p>The decentralized network developed using Optimism&#8217;s OP stack is part of &#8220;The Coinbase Secret Master Plan&#8221;, said CEO Brian Armstrong when Base was announced back in February. <\/p>\n<p>By mid July, would-be early users trooped into Base despite the network being only accessible to developers at the time. Several &#8220;degens&#8221; bridged their Ether (ETH) tokens to the network through a portal proxy contract, a one-way door from Ethereum&#8217;s ecosystem to Base. The gateway allowed these users to make millions overnight aping into risky memecoins like BALD.<\/p>\n<p>BALD holders however soon found themselves rekt after the token&#8217;s developer withdrew liquidity in what turned out to be a rug pull. A number of other memecoins on Base also turned out to be scams as well. At the time, Base users only had access to a one-way bridge, leaving liquidity trapped in the budding ecosystem. <\/p>\n<p>Source: <a href=\"https:\/\/en.ethereumworldnews.com\/coinbase-decentralized-l2-network-base\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":179845,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase Rolls Out Decentralized L2 Network Base - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/blockchain\/coinbase-rolls-out-decentralized-l2-network-base\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase Rolls Out Decentralized L2 Network Base - 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