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

Crypto alternate Coinbase introduced and launched the testnet for its very personal Layer 2 blockchain referred to as Base earlier in February 2023. For the reason that launch, there have been speculations in regards to the alternate 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 alternate Coinbase made it identified that there have been no plans to really launch a token for the Layer 2 blockchain. Nonetheless, this didn’t cease the speculations, however with the discharge of its roadmap, the workforce appears to have put an abrupt halt to all rumors concerning a token.

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

Because the L2 strikes nearer towards a mainnet launch, the workforce is moderately specializing in builders on the chain. It’s also wanting towards upgrading Optimism’s Bedrock, in addition to all the critiques 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 need to construct within the open and hold the group 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 contributors 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 reside on the mainnet.

The likes of Optimism and Arbitrum have seen an inexpensive degree of success since their launch, which alerts that Base could possibly 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 probably the most curiosity from buyers who’re chasing positive factors from these tokens.

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

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

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