Coinbase progresses with Layer 2 network base; 18000 developers and 55000 deployments in the first week
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.
Coinbase: L2 network Base testing 55000 smart contracts deployed online
Analysis based on this information:
Coinbase, one of the most popular cryptocurrency exchanges, has reported impressive progress on its Layer 2 network base, which has caught everyone’s attention. In the first week of its release, over 18000 developers joined the platform and deployed a whopping 55000 smart contracts on the network’s testing base. The numbers are undeniably massive, testifying cryptocurrency’s industry’s increasing popularity and its growing significance in the global economy.
Although Coinbase’s Layer 2 has been just released, the number of smart contract deployments indicates a shift towards decentralized finance (DeFi) applications. DeFi refers to financial applications built on blockchain technology that aims to provide financial solutions outside the mainstream finance industry. Smart contracts are computer programs that can automatically execute specific functions when specific conditions are met, reducing the need for traditional financial intermediaries. DeFi applications, therefore, can function on a trustless system.
Coinbase’s Layer 2 network base’s progress has also been significant regarding the recent introduction of non-fungible tokens (NFTs) in collaboration with Zora. During the first week, 485000 foundations for the base have been created, showcasing high demand for NFT-related content. NFTs are digital assets that represent ownership or authenticity of a piece of digital art or media, providing a unique form of verification that the item is genuine. The rise in NFT’s popularity is not only because of ownership verification but also the potential for artists to earn high payments for their digital artwork.
The impressive numbers signify the potential for cryptocurrencies to change the way people value and exchange online assets. NFTs bring up creative solutions outside the traditional forms of payment and financing; Coinbase’s Layer 2 network base provides a robust platform for developers to test and explore these possibilities. The increasing number of smart contract deployments and the creation of foundations for the base highlights a growing demand for decentralized systems, providing an impetus for further improvements in blockchain network-based development.
In conclusion, the progress made by Coinbase on its Layer 2 network base in a week is highly impressive. The sheer number of developers joining the platform, smart contracts deployed and foundation created for NFTs signifies an acceptance of growing interest for decentralized systems. The ease of creation and verification provided by blockchain-based networks play a crucial role in building trustless systems that avoid intermediaries while providing an alternative for value transfer and ownership verification.
Overall, Coinbase’s progress is a testament to the future of blockchain technology and cryptocurrencies as it matures for mass adoption in the coming years.
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