According to Decrypt, Brian Armstrong, the CEO of Coinbase, has confirmed that the cryptocurrency exchange has no plans to introduce a token for its layer-2 network, Base. This statement contradicted earlier comments made by Paul Grewal, Coinbase's Chief Legal Officer, who had suggested the possibility of a Base token in the future.
Armstrong expressed satisfaction with the progress of Base since its launch in August. Within a short span of time, Base has emerged as the third-largest layer-2 network in terms of total value locked (TVL), boasting around $500 million in TVL and over one million wallets interacting with the network.
While Base operates on Ethereum's Optimism stack, Armstrong stressed the aim of fostering a more inclusive community effort rather than keeping it exclusive to Coinbase. He underscored the importance of interoperability with the wider crypto community and reiterated Coinbase's commitment to supporting and ensuring stability for Base.
While Armstrong welcomed other exchanges exploring their own layer-2 networks, he questioned the necessity for each application to have its own network. He suggested that consolidating around one or two layer-2 networks could be more advantageous for the industry as a whole.
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