Recently, Coinbase‘s layer-2 blockchain network, Base, has been making waves in the crypto space. According to data from Dune Analytics, Base has reached a notable jump in users with more than 136,000 daily active engagements, just a day following its official launch. Along with its advent, around 30% were reportedly newcomers to the blockchain, a clear indicator of its rapidly expanding horizon.
Notably, Base now holds the 4th rank in daily transactions per second among layer-2 solutions, standing behind networks like zkSync Era, Arbitrum, and Optimism. This is a considerable accomplishment as Base was only officially launched on August 9, after a few weeks in an open for builders only phase.
Despite its brief history, Base has gathered attention as a promising conduit for more users into Web3 protocols, primarily due to Coinbase’s large user base. This optimism does not come without its share of skepticism, however. While the network is growing and currently allows users to launch several operations such as bridge Ether to Base, engage with a decentralized cryptocurrency exchange, make payments with a web-based app, register a “.base” username, or launch a decentralized autonomous organization, the team has also cautioned that it’s not entirely ready for users yet.
This highlights the fact that while the technological advancements of blockchain networks like Base are promising, they are also fraught with complexities and potential risks. Despite offering a multitude of accessible options for users, announcements of “readiness” might often be premature, posing risks to new adopters.
On another note, the Bank of Canada has presented a different perspective regarding the adoption of central bank-issued digital currencies (CBDC). According to their study, a whopping 98% of Canadian adults have a bank account, 87% have a credit card, and 90% of urban and rural households have access to high-quality internet. This raises the question — are digital currencies as indispensable as portrayed?
The report suggests that a weak incentive exists for Canadians to adopt a CBDC considering the accessibility of financial services. This presents an incredibly vital point regarding the perceived necessity of digital currencies. The high accessibility of financial services in developed regions might diminish the need for CBDCs, which is a stark contrast to the situation in underbanked sectors.
Evidently, the unfolding landscape of blockchain technology and digital currencies presents a keen dichotomy. On one hand, new networks like Base are attracting a significant influx of users due to advancements in blockchain technology. Conversely, the perceived necessity of digital currencies is put to question in regions with a strong banking infrastructure. It’s clear that the digital landscape is ever-evolving, and complexities are part of its growing identity.
Source: Cointelegraph
