Paul Grewal mentioned that they are open to the idea of the Base Token, but their main priority right now is advancing the technology at Base.
Coinbase’s Base Network, a platform built on Ethereum for faster transactions, has been doing well since it started this year. In a recent interview, Coinbase’s legal head, Paul Grewal, mentioned the possibility of creating a digital token for the Base Network.
Grewal expressed excitement about how quickly the Base Network is being adopted. He believes there’s a lot of untapped potential for developers to explore.
Coinbase’s Layer 2 technology uses the OP Stack, developed by the Optimism network, which has its own native token called $OP.
When asked about the idea of a Base Token, given Coinbase’s current issues with the U.S. Securities and Exchange Commission (SEC), Grewal said it could be a possibility in the future, but right now, their main focus is on using technology for new developments.
Guiding Growth Through Coinbase Base
Coinbase’s Base Network has achieved significant growth, now ranking ninth in total value locked (TVL) ahead of Solana. DeFi protocols on Base have attracted deposits totaling $370.50 million, surpassing Solana’s $310.25 million.
This growth is mainly due to increased activity on the Web3 social media platform Friend.tech and the recent integration of popular DeFi applications onto the blockchain.
Coinbase promotes Base as a gateway for users to enter the cryptocurrency economy, offering a user-friendly experience with access to products on various blockchains. They are also focused on making Base compatible with other blockchains and supporting multiple chains across Coinbase products.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News