Coinbase has announced its intention to enhance the storage of corporate and customer USDC balances on Base, an Ethereum Layer 2 solution incubated by Coinbase and built on the open-source OP Stack. This strategic move aims to capitalize on lower fees and faster settlement times offered by Base, without compromising the user experience on the Coinbase platform. Max Branzburg, Vice President and Head of Consumer Products at Coinbase, expressed enthusiasm about transitioning more of their operations on-chain and encouraged other companies to follow suit.
The decision has been well-received, with Base contributor Jesse Pollak expressing approval and stating that they are excited to support Coinbase’s transition to on-chain operations.
In parallel with this development, Base has experienced a substantial surge in Total Value Locked (TVL), reaching over $1 billion. This significant milestone represents more than double the TVL recorded at the beginning of the month, according to data from Defi Llama. Notably, the decentralized exchange Aerodrome contributes the majority of Base’s TVL, witnessing remarkable growth since early February.
Transaction counts on Base have surged, outpacing other optimistic rollups, with Arbitrum also experiencing notable growth. In contrast, OP Mainnet’s daily transaction count has seen a more moderate increase.
Coinbase’s decision to leverage Base for storing USDC balances aligns with the broader trend of increasing adoption of Layer 2 solutions in the Ethereum ecosystem. As Base continues to gain traction and demonstrate its scalability and efficiency, it is poised to play a significant role in facilitating faster and more cost-effective transactions for Coinbase and its customers.
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