Coinbase launches its own Ethereum Layer 2 network for building decentralized apps

On Feb 23, crypto exchange Coinbase announced the launch of Base — an Ethereum Layer 2 (L2) network. The company claimed this new network will offer a low-cost, secure, and developer-friendly environment for building decentralized apps (dApps) on the blockchain.

According to Coinbase, Base is designed to be a bridge for users into the crypto economy, offering access to other L1 ecosystems like Solana and making it interoperable with other chains. It will also provide access to Coinbase's products, users, and tools, as well as easy fiat onramps and powerful acquisition tools. The company plans to progressively decentralize the chain over time, and has no plans to issue a new network token.

This is a developing story, and will be updated as more information becomes available