5 Takeaways From Coinbase's 'Base' Layer 2 Chain Launch

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 24 February 2023

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, NLW examines Coinbase's announcement of its new layer 2 chain, paying particular attention to: Exchanges moving from layer 1s to layer 2s No token Wall Street not getting it Developer competition On-chain know-your-customer (KYC)? Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Coinbase, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is produced and distributed by CoinDes.
0:20.4	What's going on, guys?
0:21.6	It is Thursday, February 23rd, and today we are talking about five takeaways from CoinBases,
0:27.2	layer to chain launch.
0:29.6	But before we get into that, if you are enjoying the breakdown, please go subscribe to it,
0:33.6	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:37.3	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.
0:40.8	ly slash breakdown pod.
0:43.6	All right, guys. Well, yesterday, Coinbase got the crypto industry quite a flutter when it tweeted
0:49.0	a cryptic video of a blue dot and the date to 2323, 23, which is, of course, today.
0:56.2	Speculation was rampant at first but started to consolidate pretty quickly when,
1:00.3	around half an hour after that initial tweet, the Twitter account for optimism, which is
1:04.8	an Ethereum layer two chain, tweeted an image of two wingsuiters. One had a red dot backpack,
1:10.2	which is optimism symbol,
1:12.2	while the other, the one who is diving off the cliff, had the same blue dot that Coinbase had
1:16.1	just shared. And so the speculation started to hone in on the idea that Coinbase was launching
1:21.2	something in conjunction with optimism. Still within that, there was a pretty broad band of expectations.
1:27.0	Gigabare, for example, represented
1:28.5	the prepare-to-be-underwhelmed perspective. They tweeted, watch the Coinbase thing be optimism
1:33.4	USDC support, or in other words, something fairly incremental. Now, on the far other end of the
	...

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