UPDATED: March 27, 2024, 4:14 a.m. EDT
Coinbase plans to store more enterprise and customer USDC balances on Base, the Ethereum 2 layer it incubated, which is built on the open source OP stack.
“This allows us to manage and secure customer funds with lower fees and faster settlement times, without impacting the Coinbase user experience,” Max Branzburg, Coinbase Vice President and Head of Consumer Products . sharing on X.
“We are excited to continue growing our on-chain business and hope other companies will follow our lead,” he added.
The move was widely seen as a positive one, with Base contributor Jesse Pollak saying. answer that it is “based” and that they are “excited to continue supporting Coinbase on-chain.”
Base TVL increases
The base itself saw an increase in total value locked. User deposits exceeded $1 billion per year data of Llama Challenge. L2’s TVL is now more than double what it was at the start of the month, when $470 million was recorded on-chain.
As The Block reported yesterday, decentralized exchange Aerodrome accounts for the lion’s share of Base’s TVL after increasing since early February.
The number of transactions on Base increased more significantly than on other bullish rollups, although Arbitrum also saw a significant increase. Meanwhile, OP Mainnet’s daily transaction count saw a more moderate increase.
Disclaimer: The Block is an independent media outlet providing news, research and data. Since November 2023, Foresight Ventures has been a majority investor in The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to provide objective, impactful and current information about the crypto industry. Here is our current financial information.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.