Coinbase Announces Base🔵, an Ethereum L2 Network Powered by Optimism
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Bankless
4.7 • 1.2K Ratings
🗓️ 23 February 2023
⏱️ 68 minutes
🧾️ Download transcript
Summary
Jesse Pollock, Senior Director of Engineering at Coinbase, joins us to unpack some of the hottest news in crypto since The Merge!
Coinbase announces the launch of “Base,” their own L2 built on the OP Stack. Tune in to hear everything you need to know about Base!
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Topics Covered
0:00 Intro
7:53 Coinbase’s New Chain?
8:45 What is Base?
9:36 How is Base Different?
11:16 How Open is Base?
13:05 Why Now?
17:00 ETH L2 Philosophy
20:00 2nd Mover Advantage & Success Metric
22:26 Total Coinbase Users
25:15 How Base Will be Used By Coinbase Users
29:35 $COIN
31:13 Could Base Canoblize Coinbase?
32:35 Regulation
35:30 Base Token?!
40:26 Validator Set
39:10 Sequencer Power
40:53 Timeline
42:55 Basechain Vision
48:55 Why OP Stack?
52:57 Jesse as a Badge Member
54:47 Gas-Free Percentage
56:22 Superchain Vision
58:46 KGZ Ceremony
1:00:41 What Does Successful Base Look Like?
1:06:13 Closing & Disclaimers
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Resources:
Jesse Pollak (jesse.xyz)
https://twitter.com/jessepollak
Coinbase
https://twitter.com/coinbase
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
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Transcript
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| 0:00.0 | We're bringing it on Jesse Pollock, who is the protocol specialist, protocol lead at |
| 0:27.9 | Coinbase, who I've titled him as the guy who's responsible for growing Coinbase's defi |
| 0:33.6 | mullet, which is getting a lot longer with this news. Coinbase launching its own specific |
| 0:39.9 | layer 2 for the Coinbase ecosystem. It is built on top of the OP stack and is going to be the place |
| 0:46.5 | that Coinbase deposits its millions and millions of users into the world of on-chain activity |
| 0:52.1 | without having to push them into the high gas fees low latency speed of the Ethereum layer 1. |
| 0:58.0 | I think this is Ryan, the biggest news I can think of since a long time. This is massive news. |
| 1:04.4 | Coinbase is building its own chain. Of course, Binance has Binance smart chain. Now Coinbase has |
| 1:10.6 | base. So what are the decision points that went into making this base chain? What's a Coinbase |
| 1:17.5 | really consider when they decided to do this? How long has this been in production? Why did they |
| 1:21.4 | choose to build on Optimism's OP stack? What is base going to look like? Is it going to be |
| 1:26.8 | permissioned? Is it going to be open? What are you going to be able to do there? There's so many |
| 1:31.4 | questions and we ask you to just see all of these questions in this coming episode. I want the |
| 1:36.3 | Banclist nation to realize the significance of this event because I feel like David for you and I, |
| 1:42.0 | the reason it's so exciting is because it validates a lot of the core bankless thesis. |
| 1:47.1 | This uses Ethereum as the settlement layer. A layer 2 means it settles to Ethereum. This is |
| 1:52.7 | something that we predicted. This is definitely the DeFi Mullet thesis. These crypto companies, |
| 1:58.2 | even crypto exchanges, will start to build on DeFi protocols that are credibly neutral rather than |
| 2:03.7 | cussing everything themselves. This is also the way out of all of the 2022 traps that we saw |
| 2:10.5 | with exchanges running away with people's money, SBF, and the block fives, and the Celsius, |
| 2:16.0 | none of these things. This is a completely auditable open transparent chain. I could go on, David, |
| 2:22.3 | but the protocol synch thesis. Didn't even mention that. It's all of the bankless thesis culminating. |
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