Optimism sidebar active token quotes soared almost 20% after Coinbase partnership announcement
The American cryptocurrency exchange Coinbase launches its own sidechain based on Optimism called Base. The exchange reported this in its official blog. It is expected that the novelty will become a cross-chain bridge through which users can connect to various Ethereum ecosystem sidecos.
Coinbase argues that the project will focus on decentralization, and the source code will be open for public access. Moreover, as it is in Coinbase that they plan to support project management, it is not specified. As part of the initiative, the exchange also entered into cooperation with Optimism as a key development blockhead. Details of cooperation are not disclosed.
Against the background of the news, token optimization ( OP ) soared 18% to $ 2.9, according to TradingView. Token market capitalization rose to $ 683 million.
You can connect to the test version of the Base sidechain through the blockchain providers QuickNode, Infura and Blockdaemon. The Base Exchange intends to present a detailed plan for the further development in mid-March.
It remains unclear whether Coinbase plans to produce their token for project management. For example, a Binance Ethereum fork called BNB Chain ( is. Binance Smart Chain ) has a BNB token. However, Coinbase did not make any statements about the native token for their sidechain. The exchange only hinted that they intend to share the commission income of Base with the team of developers Optimism.
Optimism — is a second-level solution ( L2 ) with open source code for the Ethereum blockchain. The objective of the – platform is to solve the problems of Ethereum scalability, due to which network users are faced with high commissions and transaction delays. The project is developed by the non-profit organization Optimism Foundation.
However, Optimism is far from the only L2 solution for Ethereum. There are a number of analogues on the market, including Loopring and Arbitrum. Earlier, BeInCrypto was aware of why Ethereum needed second-level solutions.