Coinbase: L2 network Base testing 55000 smart contracts deployed online
According to reports, Coinbase released progress on the Layer 2 network base, with over 18000 developers releasing 55000 smart contract deployments on the base testing network in the first week; The number of Foundations for the Base, Introduced NFT released in collaboration with Zora reached 485000 in the first week.
Interpretation of this information:
Cryptocurrency exchange, Coinbase, has made significant strides in its Layer 2 network base. According to reports, Coinbase released progress on the base and revealed that more than 18,000 developers have released 55,000 smart contract deployments on the base testing network in the first week. This development shows the growing interest and adoption of blockchain technology in the crypto space.
A Layer 2 network base is a scalability solution designed to improve the efficiency of the blockchain network. It is an off-chain solution built on top of the main blockchain network, providing users with faster, cheaper and more scalable transactions. The Layer 2 network base reduces the load on the main blockchain network and enhances its throughput.
The progress made by Coinbase on this project is significant as it shows the increasing adoption of blockchain technology. The release of the Layer 2 network base would enable users to conduct transactions quickly and securely, and this would further drive adoption of cryptocurrency. The reduction in transaction fees would also make investing in cryptocurrency more accessible to a broader range of users, including those in underbanked areas.
Coinbase also introduced NFTs in collaboration with Zora, and the NFTs have been well-received. The number of Foundations for the Base reached 485,000 in the first week, this highlights the company’s effort to make the technology more accessible to the masses.
In conclusion, the progress made by Coinbase in the development of its Layer 2 network base is a significant step in the adoption of blockchain technology. It shows that the crypto industry is advancing and that blockchain technology is maturing. The use of NFTs in the project is another sign that proprietors require more than basic features to remain competitive. These two factors combined, will prompt the development of more advanced and creative blockchain use cases in the near future.
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