Coinbase Releases Progress on Layer 2 Network- 55000 Smart Contract Deployments and 485000 Foundations for the Base on the First Week

03/17/2023 00:34 • Blockchain Buzz • 153 views

According to reports, Coinbase released progress on the Layer 2 network base, with over 18000 developers releasing 55000 smart contract deployments on the base testing network in the first week; The number of Foundations for the Base, Introduced NFT released in collaboration with Zora reached 485000 in the first week.

Coinbase: L2 network Base testing 55000 smart contracts deployed online

Analysis based on this information:

Coinbase, a leading cryptocurrency exchange, announced its progress on the Layer 2 network base last week. According to reports, the platform saw massive adoption with over 18000 developers testing the network base in its first week. In that week, 55,000 smart contract deployments were made on the platform, which points to an impressive level of usage on the network.

The Layer 2 network is a technology that enables faster payment settlements and lower transaction fees than the Ethereum base layer. Coinbase invested in the network in a bid to enhance transaction speeds while also reducing the gas fees associated with Ethereum. Such improved transaction speeds had been promised on multiple occasions in the crypto industry, but they had not yet been achieved with ease.

The announcement by Coinbase is a piece of good news for the crypto industry because such technology could improve transaction speeds, reduce the fees for the usage of the network, and potentially enhance the adoption of cryptocurrencies. It is also noteworthy that Coinbase’s announcement comes shortly after Ethereum’s implementation of the London Hardfork, which aimed to improve the network’s scalability and transaction fees.

Coinbase’s collaboration with Zora to introduce NFTs to the platform is another notable development. Zora’s technology creates sustainable markets for digital assets, offering a transparent way for NFTs to be traded. The partnership allows creators to launch their own NFTs that are not linked to any centralized platform. As a result, the creators have the independence to set their prices and ensure that the value of the NFT corresponds with the value of the underlying asset.

In conclusion, Coinbase’s progress with the Layer 2 network suggests an improvement in transaction speeds and a reduction in fees. This could lead to increased adoption of cryptocurrencies globally. Furthermore, the collaboration with Zora and the introduction of NFTs on the platform create opportunities for creators and increase adoption of the technology. These advancements indicate that Coinbase’s influence will continue to grow in the global crypto industry, with more investors set to adopt the technology in the future.

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