{"id":555848,"date":"2023-02-24T05:33:16","date_gmt":"2023-02-24T02:33:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinbase-new-blockchain-seen-as-massive-confidence-vote-for-ethereum\/"},"modified":"2023-02-24T05:33:16","modified_gmt":"2023-02-24T02:33:16","slug":"coinbase-new-blockchain-seen-as-massive-confidence-vote-for-ethereum","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinbase-new-blockchain-seen-as-massive-confidence-vote-for-ethereum\/","title":{"rendered":"# Coinbase new blockchain seen as &#8216;massive confidence vote&#8217; for Ethereum"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27396d7d288\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27396d7d288\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/coinbase-new-blockchain-seen-as-massive-confidence-vote-for-ethereum\/#%E2%80%9D_Coinbase_new_blockchain_seen_as_%E2%80%98massive_confidence_vote_for_Ethereum_%E2%80%9C\" >&#8221; Coinbase new blockchain seen as &#8216;massive confidence vote&#8217; for Ethereum &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Coinbase_new_blockchain_seen_as_%E2%80%98massive_confidence_vote_for_Ethereum_%E2%80%9C\"><\/span>&#8221; Coinbase new blockchain seen as &#8216;massive confidence vote&#8217; for Ethereum &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvMWU3NjdjN2MtN2EyMS00ZjAxLTkxNzEtNzdiOGFmOGFjNGNmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The Ethereum community <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to have taken a bullish view of Coinbase\u2019s newly announced layer-2 network, Base, which has been described as a \u201cmassive confidence vote\u201d and a \u201cwatershed moment\u201d for the blockchain network.\u00a0<\/p>\n<p>Secured on Ethereum and powered by layer-2 network Optimism, Base aims to eventually become a network for building decentralized applications (DApps) on the blockchain. The layer-2 network is currently in its testnet phase, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/github.com\/ethereum-lists\/chains\/pull\/2318\">according<\/a> to Coinbase CEO Brian Armstrong. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">0\/  Hello world. <\/p>\n<p>Meet Base, an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps. <\/p>\n<p>Our goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Znuu3o3pJw\">https:\/\/t.co\/Znuu3o3pJw<\/a><\/p>\n<p>\u2014 Base (@BuildOnBase) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BuildOnBase\/status\/1628759581353549825?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Members of the crypto community, such as Ryan Sean Adams, host of the Bankless Show, believe the move \u201cis a massive vote of confidence for Ethereum\u201d which could set a precedent for cryptocurrency companies and financial institutions to use Ethereum as the settlement layer of choice.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">2\/ This sets precedent that other crypto companies will follow, then Fintechs, then banks. Eventually the world will use Ethereum as a settlement and property rights system.<\/p>\n<p>\u2014 RYAN S\u039eAN ADAMS &#8211; rsa.eth  (@RyanSAdams) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RyanSAdams\/status\/1628808653938589697?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinbase.com\/about\">Coinbase<\/a> has approximately 110 million verified users and has partnered with 245,000 companies in over 100 countries since it was founded in 2012. Its cryptocurrency exchange is the second largest in terms of trading volume behind Binance, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinmarketcap.com\/rankings\/exchanges\/\">according<\/a> to CoinGecko.<\/p>\n<p>\u201cIf Coinbase converts 20% of its 110m verified users to Layer 2 users in the coming years, this alone will 10x the total number of crypto native users,\u201d Adams added.<\/p>\n<p>Adam also commended Coinbase for opting to open-source Base and believes the new layer-2 network will bring about even more block space demand on Ethereum.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Coinbase just announced that they are launching a layer 2, named Base, on Ethereum and powered by Optimism.<\/p>\n<p>Ethereum is becoming the world&#8217;s settlement layer.<\/p>\n<p>\u2014 sassal.eth  (@sassal0x) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/sassal0x\/status\/1628757360650096640?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile, Sebastien Guillemot, co-founder of blockchain infrastructure firm dcSpark, suggested that Coinbase made a wise decision to go with a layer 2 as opposed to an independent sidechain, noting that \u201calmost all\u201d cryptocurrency transactions and value locked on Ethereum resides on layer 2s these days. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Coinbase announced Base, a new L2 (based on the Optimism L2)<\/p>\n<p>L2s continue to dominate the industry<\/p>\n<p>&#8211; Almost all txs in crypto are on L2s<br \/>&#8211; Almost all TVL in crypto are on L2s<br \/>&#8211; More devs working on L2s than basically every L1<\/p>\n<p>Sidechains (which aren&#8217;t L2s) are a waste of time<\/p>\n<p>\u2014 Sebastien Guillemot (@SebastienGllmt) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SebastienGllmt\/status\/1628762209357828097?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Ryan Watkins, the co-founder of crypto-focused hedge fund Syncracy Capital described the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> as a \u201cwatershed moment\u201d in the Ethereum rollup ecosystem, in a Feb. 23 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RyanWatkins_\/status\/1628778702061412352\">post <\/a>before opining that there was &#8220;likely no one better&#8221; positioned than Coinbase to onboard the next ten million users and institutions to Ethereum.<\/p>\n<p>Not everyone was bullish though.<\/p>\n<p>Gabriel Shapiro, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> counsel of investment firm Delphi Labs <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/lex_node\/status\/1628785703042547712\">explained<\/a> in a Feb. 23 Twitter post that launching a centralized layer-2 network \u201copens the door\u201d to unwanted SEC scrutiny. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Coinbase beats Q4 earnings estimates amid falling transaction volume <\/em><\/strong><\/p>\n<p>\u201cA centralized L2 that trades lots of tokens any number of which could be alleged securities, or does lots of DeFi transactions that arguably might alleged to be regulated (securities swaps etc), opens the door to the SEC making new kinds of secondary market claims,\u201d explained Shapiro, adding: <\/p>\n<blockquote><p>\u201cimo, this will accelerate the SEC&#8217;s &#8220;secondary market&#8221; agenda re: blockchain securities issues, because they can&#8217;t let an SEC registrant &#8220;get away with&#8221; potential violations &amp; build up a legal arbitrage strategy right under the SEC&#8217;s nose.\u201d<\/p><\/blockquote>\n<p>Shapiro&#8217;s concerns come as the SEC has recently upped its enforcement efforts against several stablecoin issuers and staking service providers of late. <\/p>\n<p>In regards to the launch of Base, the lawyer opined that could be a \u201cbad step for them\u201d and could inflict \u201ccollateral damage\u201d on the rest of the ecosystem, particularly in the event that the SEC finds a vulnerability to expose:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">overall, if indeed Coinbase&#8217;s motives are regulatory in nature, it&#8217;s not only a bad step for them, but could threaten dangerous collateral damage to the rest of the ecosystem <\/p>\n<p>if their motives are regulatory, they should&#8217;ve waited till all  the infra can be really decentralized<\/p>\n<p>\u2014 _gabrielShapir0 (@lex_node) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/lex_node\/status\/1628785716267212801?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/coinbase-new-blockchain-seen-as-massive-confidence-vote-for-ethereum\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Coinbase new blockchain seen as &#8216;massive confidence vote&#8217; for Ethereum &#8220; The Ethereum community appears to have taken a bullish view of Coinbase\u2019s newly announced layer-2 network, Base, which has been described as a \u201cmassive confidence vote\u201d and a \u201cwatershed moment\u201d for the blockchain network.\u00a0 Secured on Ethereum and powered by layer-2 network Optimism,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":555849,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/1e767c7c-7a21-4f01-9171-77b8af8ac4cf.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74957,74956,74891,95119,76341,74898,74355,117],"class_list":["post-555848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-brian-armstrong","tag-coinbase","tag-ethereum","tag-layer2","tag-scalability","tag-sec","tag-adoption","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=555848"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555848\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/555849"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=555848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=555848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=555848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}