Crypto alternate Coinbase introduced and launched the testnet for its very personal Layer 2 blockchain known as Base earlier in February 2023. Because the 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 recognized 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 launch of its roadmap, the group appears to have put an abrupt halt to all rumors relating to a token.

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

Because the L2 strikes nearer towards a mainnet launch, the group is slightly specializing in builders on the chain. Additionally it is wanting towards upgrading Optimism’s Bedrock, in addition to all the opinions and audits whereas ensuring the testate stays steady.

“We’ve been constructing in the 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 group knowledgeable of our roadmap and standing,” the assertion stated.

Coinbase stock price chart from (Base)

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

Coinbase Will Face Fierce Competitors In L2 Market

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

The likes of Optimism and Arbitrum have seen an inexpensive stage of success since their launch, which indicators that Base may very well be simply as profitable. Nevertheless, one factor the previous have are tokens which are already buying and selling throughout main exchanges. As such, they might proceed to see essentially the most curiosity from traders who’re chasing beneficial properties from these tokens.

Nonetheless, Base continues to be a extremely anticipated L2 anticipated to launch in mainnet someday in 2023. There isn’t a cause 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 house with complete worth locked of $2.31 billion, $986.88 million, and $881.1 million respectively.

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