CandleFocus Coinbase Layer-2 Success Shows Power of Marketing Over Cutting-Edge Tech
2024-09-10
Author: Content Editor
Coinbase's layer-2 blockchain, Base, has quickly risen to the No. 2 spot on the L2Beat leaderboard, surpassing competing projects such as Polygon and Optimism. Base uses code borrowed from Optimism's OP Stack framework. The rise of Base can be attributed to marketing efforts by Coinbase, including its "Onchain Summer" event, which attracted over 2 million unique wallets. However, there are questions about the sustainability of Base's growth and whether the user activity on the platform is genuine or driven by one-time promotions. Despite this, Base has been successful in competing with other layer-2 blockchains, particularly in decentralized finance (DeFi) applications like memecoin-linked trading pools. The ease of moving tokens from Coinbase to Base has also contributed to its success. The combination of Coinbase's brand and Optimism's expertise has positioned Base well in the market.
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