Coinbase Layer 2 Blockchain Launch Powers Optimism ($OP) Token, Here’s Why

Coinbase Optimism Partnership: Cryptocurrency exchange Coinbase on Thursday unveiled Base — a testnet version of its newly developed Ethereum Layer 2 network. This marks Coinbase’s official entry into the layer 2 space, which offers faster and cheaper blockchain solution. The crypto exchange aims to make it easy for developers to build apps and link to Coinbase Global products. The Coinbase layer 2 Base runs on OP Stack, a layer 2 network solution developed by Optimism ($OP) network.

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The Coinbase layer 2 launch news led to significant rise in buying interest for Optimism ($OP) token. Coinbase will be a sequencer for Base transactions, but will eventually have a fully permission less validator set. As Coinbase’s native blockchain, Base will be hosting many of the exchange’s products.

Optimism ($OP) Rallies On Base Launch

A layer-two blockchain on Ethereum network, Optimism’s native token OP took a jump immediately after the official Base announcement. With a current market cap of $680 million, the Optimism token is ranked 75 among all cryptocurrencies based on market size. At $2.88, the Optimism token price is currently not too far away from its all time high of $3.11. Read More to know about other layer 2 blockchains..

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