Coinbase’s Layer 2 initiative seems to be progressing steadily toward a mainnet release. In February of 2023, developers released a testnet version of the Ethereum Layer 2 network.
Base was released as a platform that simplifies integration between third-party applications and the Coinbase ecosystem. In their most recent post, the developers mentioned giving some updates about the Base mainnet.
Threat to Other Layer-2 Blockchains
A Coinbase official also recently revealed when the platform may release its mainnet for Base. The team’s major focus is on getting the mainnet up and running as soon as feasible, therefore they’ve set a target date of 2023 end.
The actual release dates, however, have not yet been determined. The lead of the Base project, Jesse Pollak, has said that bringing together blockchain developers and consumers is the ultimate goal. Given Ethereum’s widespread use, its layer 2 blockchain might pose a threat to other layer 2 blockchains.
Moreover, Pollak has said that the launch is now his company’s top priority.
“It’s coming soon, we are working hard on it. It’s our number one priority alongside decentralization goals and the rest of the year is really about making sure we get there as quickly as possible.”
The project leader said that the ultimate goal is to merge Base and Coinbase in order to get “million developers and billions of users on chain.” Moreover, due to the SEC’s lack of regulatory clarity, the largest cryptocurrency exchange in the United States, Coinbase, is apparently looking to relocate its operations offshore.