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Coinbase Base

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

Best Owie by Best Owie
1 week ago
in Altcoin
Reading Time: 3 mins read

Crypto exchange Coinbase announced and launched the testnet for its very own Layer 2 blockchain called Base earlier in February 2023. Since the launch, there have been speculations about the exchange launching a token for the L2, which has now been clarified in the newly released roadmap for Base.

Base Roadmap Mentions No Token

Following the launch of Base, crypto exchange Coinbase made it known that there were no plans to actually launch a token for the Layer 2 blockchain. Nevertheless, this did not stop the speculations, but with the release of its roadmap, the team seems to have put an abrupt halt to all rumors regarding a token.

Related Reading: Elon Musk Reveals Reason Behind Dogecoin Investment, But Why Is DOGE Down?

The roadmap which was published on Wednesday on the Coinbase website clearly states that “Base has no plans to issue a network token.” Instead, it will continue to operate like most other Ethereum Layer 2 blockchains, using ETH as a way to carry out transactions and pay for gas fees.

As the L2 moves closer toward a mainnet launch, the team is rather focusing on builders on the chain. It is also looking toward upgrading Optimism’s Bedrock, as well as all of the reviews and audits while making sure the testate remains stable.

“We’ve been building towards Mainnet Genesis, the first step of delivering a decentralized platform that scales Ethereum with fast, low-cost and secure transactions. As we prepare to upgrade from testnet to mainnet, we want to build in the open and keep the community informed of our roadmap and status,” the statement said.

Coinbase stock price chart from TradingView.com (Base)

COIN stock trading at $56 | Source: COINUSD on TradingView.com

Coinbase Will Face Fierce Competition In L2 Market

While blockchain is still not as mainstream as industry participants would like, they are being developed rapidly. As Coinbase enters the L2 space, it is coming into fierce competition with other L2s that are already live on the mainnet.

The likes of Optimism and Arbitrum have seen a reasonable level of success since their launch, which signals that Base could be just as successful. However, one thing the former have are tokens that are already trading across major exchanges. As such, they may continue to see the most interest from investors who are chasing gains from these tokens.

Related Reading: Data Suggests Small Holders Will Drive Next Cardano (ADA) Rally

Nevertheless, Base is still a highly anticipated L2 expected to launch in mainnet sometime in 2023. There is no reason to doubt Coinbase’s stance in not creating a token, but this could always change as Arbitrum operated for two years before launching a token.

Arbitrum, Polygon, and Optimism remain the dominant L2s in the space with total value locked of $2.31 billion, $986.88 million, and $881.1 million respectively.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Finbold, chart from TradingView.com
Tags: Baseblockchaincoinbasecrypto exchangeEthereum Layer 2
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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