1/ Spent the day researching Coinbase's @BuildOnBase Layer-2 build atop the @optimismFND OP Stack.
@coinbase considered creating a chain in 2018 and 2020 but decided not to.
So why now? And what's a #Superchain?
Peep the thread to learn 🧵
@coinbase considered creating a chain in 2018 and 2020 but decided not to.
So why now? And what's a #Superchain?
Peep the thread to learn 🧵
2/ Coinbase is primarily a Web2 company, but it has released several #Web3 products over the past couple years.
Coinbase Wallet, $cbETH, and now Base.
Historically Coinbase struggled to pick a chain for their Web3 products.
Ethereum? Ethereum Layer-2? EVM-compatible?
Coinbase Wallet, $cbETH, and now Base.
Historically Coinbase struggled to pick a chain for their Web3 products.
Ethereum? Ethereum Layer-2? EVM-compatible?
3/ During the creation of @BuildOnBase, Coinbase concluded three things:
1. #EVM is their primary development environment.
2. Ethereum is for their large-scale business products.
3. Ethereum Layer-2s are for highly-scalable dApps that will onboard 1 billion crypto users.
1. #EVM is their primary development environment.
2. Ethereum is for their large-scale business products.
3. Ethereum Layer-2s are for highly-scalable dApps that will onboard 1 billion crypto users.
4/ So what's all this about a #superchain??
AND
What if Optimism is a "losing" Layer-2?
Coinbase believes that Layer-2s will increase interoperability over time to form a Superchain that jointly scales Ethereum. With this thesis, they comfortably chose to build with Optimism.
AND
What if Optimism is a "losing" Layer-2?
Coinbase believes that Layer-2s will increase interoperability over time to form a Superchain that jointly scales Ethereum. With this thesis, they comfortably chose to build with Optimism.
5/ The Optimism Superchain will be a #network of easy-to-create Layer-2 blockchains that:
1. Share Ethereum's security.
2. Are #interoperable through shared communication layers and sequencing transactions together.
3. Share common development technology through the OP Stack.
1. Share Ethereum's security.
2. Are #interoperable through shared communication layers and sequencing transactions together.
3. Share common development technology through the OP Stack.
6/ Why build #Base instead of building Coinbase #dApps on Optimism?
Well, they now have 100% certainty on where to build. This increases efficiency and will accrue value to the company.
Base will be an easy on-ramp for customers to get on-chain and bridge to other networks.
Well, they now have 100% certainty on where to build. This increases efficiency and will accrue value to the company.
Base will be an easy on-ramp for customers to get on-chain and bridge to other networks.
7/ How does value accrue to Coinbase and Optimism?
@BuildOnBase dApps will help drive activity on the Superchain, increasing sequencer (transaction) fees paid.
These fees will largely be distributed to Coinbase, with a percentage allocated to the Optimism Collective.
@BuildOnBase dApps will help drive activity on the Superchain, increasing sequencer (transaction) fees paid.
These fees will largely be distributed to Coinbase, with a percentage allocated to the Optimism Collective.
8/ Through this collaboration, Coinbase and OP Labs will pool resources to:
1. Develop #protocols, such as for identity solutions.
2. Foster interoperability through new technology.
3. #Decentralize decision-making and control of the Superchain over the next few years.
1. Develop #protocols, such as for identity solutions.
2. Foster interoperability through new technology.
3. #Decentralize decision-making and control of the Superchain over the next few years.
9/ The crypto space always talks about adoption. How to onboard 1 billion users.
A launch like @BuildOnBase provides an easy-to-use tool that helps push this goal forward.
It allows to people learn about #crypto and become more comfortable with it.
A launch like @BuildOnBase provides an easy-to-use tool that helps push this goal forward.
It allows to people learn about #crypto and become more comfortable with it.
10/ This research excited me for @BuildOnBase (hopefully) launching on #mainnet later this year!
It's great to see large companies build Web3 ideas and products that help introduce people to crypto uses. As always, I love what @coinbase is doing!
Keep doing your thing.
It's great to see large companies build Web3 ideas and products that help introduce people to crypto uses. As always, I love what @coinbase is doing!
Keep doing your thing.
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