Coinbase Utilizing Ethereum-Based Altcoin in New Layer-2 Scaling Platform

One of the top US cryptocurrency exchange, Coinbase, is now using price feeds from the decentralized oracle network Chainlink (LINK) for a new Ethereum (ETH) Layer 2 project called Base.

Jesse Pollak, lead developer of Base and head of protocols at Coinbase told TechCrunch:

We are very excited about launching Base with collaborators such as Chainlink and joining the Chainlink SCALE program to enable developers to provide the critical data and services they need to build their applications. I am excited.”

Base is designed to be compatible with Ethereum, Ethereum Layer 2 like Optimism, and other alternative Layer 1 like Solana (SOL). Base is Coinbase’s Layer 2 network powered by the blockchain scaling solution Optimism (OP), whose testnet launched at the end of last month.

According to Chainlink, its price feed is now live on the Base testnet. Chainlink’s price feed mechanism provides USD prices of various tokens such as ETH to other blockchains, using a multitude of independent oracle nodes and data sources to find and distribute the data. The data is then used by applications and smart contracts to help settle deals, loans, and other transactions.

https://twitter.com/chainlink/status/1631701570222948356?cxt=HHwWiICwidv7-6QtAAAA

Base also participates in the Chainlink SCALE program. The program is designed to make Chainlink data and services available to developers at a lower cost.

Coinbase pollack Said

The goal of Base is to allow developers to build decentralized applications (DApps) and allow users to access those DApps through the Coinbase product.

Featured image: Shutterstock/fran_kie