When Is A Token Coming For Coinbase’s Base L2? Right here’s What The Roadmap Says

When Is A Token Coming For Coinbase’s Base L2? Right here’s What The Roadmap Says

Crypto trade Coinbase introduced and launched the testnet for its very personal Layer 2 blockchain referred to as Base earlier in February 2023. Because the launch, there have been speculations in regards to the trade launching a token for the L2, which has now been clarified within the newly launched roadmap for Base.

Base Roadmap Mentions No Token

Following the launch of Base, crypto trade Coinbase made it recognized that there have been no plans to truly launch a token for the Layer 2 blockchain. However, this didn’t cease the speculations, however with the launch of its roadmap, the workforce appears to have put an abrupt halt to all rumors relating to a token.

The roadmap which was revealed on Wednesday on the Coinbase web site clearly states that “Base has no plans to difficulty a community token.” As an alternative, it is going to proceed to function like most different Ethereum Layer 2 blockchains, utilizing ETH as a strategy to perform transactions and pay for gasoline charges.

Because the L2 strikes nearer towards a mainnet launch, the workforce is relatively specializing in builders on the chain. It’s also trying towards upgrading Optimism’s Bedrock, in addition to the entire evaluations and audits whereas ensuring the testate stays secure.

“We’ve been constructing in direction of Mainnet Genesis, step one of delivering a decentralized platform that scales Ethereum with quick, low-cost and safe transactions. As we put together to improve from testnet to mainnet, we wish to construct within the open and preserve the neighborhood knowledgeable of our roadmap and standing,” the assertion stated.

COIN inventory buying and selling at $56 | Supply: COINUSD on TradingView.com

Coinbase Will Face Fierce Competitors In L2 Market

Whereas blockchain continues to be not as mainstream as trade members would really like, they’re being developed quickly. As Coinbase enters the L2 area, it’s coming into fierce competitors with different L2s which can be already stay on the mainnet.

The likes of Optimism and Arbitrum have seen an affordable stage of success since their launch, which indicators that Base might be simply as profitable. Nonetheless, one factor the previous have are tokens which can be already buying and selling throughout main exchanges. As such, they might proceed to see essentially the most curiosity from buyers who’re chasing good points from these tokens.

However, Base continues to be a extremely anticipated L2 anticipated to launch in mainnet someday in 2023. There isn’t a purpose to doubt Coinbase’s stance in not making a token, however this might at all times change as Arbitrum operated for 2 years earlier than launching a token.

Arbitrum, Polygon, and Optimism stay the dominant L2s within the area with complete worth locked of $2.31 billion, $986.88 million, and $881.1 million respectively.

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