In a new development that has sparked debates in the crypto world, prominent crypto analyst Robert Leshner made an interesting prediction on Coinbase‘s Layer 2 (L2) solution called “Base” during the Unchained podcast.
Will Coinbase Change the Game?
Leshner believes that Coinbase’s entry into the L2 space could change the rules of the game and acknowledges that the crypto space has witnessed various Layer 2 solutions, but recognizes that the Coinbase brand carries a unique level of trust and credibility. Leshner suggests that this relationship could bring more users to the L2 ecosystem, accelerating its adoption and usage.
Leshner’s statement is as follows:
I think it takes a long time for any L2 worth a few hundred million dollars to gain any traction, and I think people are transitioning to Base in anticipation of Coinbase’s success and the expectation that it will attract developers and many new applications and use cases.
Haseeb Qureshi, Managing Partner at Dragonfly, points out that the rapid accumulation of value in Base, with approximately $230 million Total Value Locked (TVL), is an indication of strong early interest.
This promising start positions Base as the fifth-largest L2 solution based on TVL, highlighting a notable achievement considering the typically gradual growth of new blockchain solutions.
Increasing Address Count
Furthermore, Qureshi stated that the daily active addresses on Base have been increasing and have reached around 100,000. These metrics underline the rise achieved by Base in a relatively short period and indicate a growing user community.
The transactions per second (TPS) on Base have also impressed observers, with an average TPS of approximately seven. This places Base in an advantageous position among competing L2 solutions and showcases its technical capabilities.
However, the launch of Base did not escape controversies. Some individuals in the industry expressed concerns about the absence of evidence of fraud in Base’s design. This has sparked debates within the crypto community and emphasized the importance of robust security features in the rapidly evolving L2 landscape.
