Ethereum News

Coinbase CEO Brian Armstrong Says Layer-2 Solutions Will Drive Many Use Cases in Crypto Economy

Most Dogecoin Holders Are in Profit While Majority of Shiba Inu Owners Remain Underwater: IntoTheBlock

The CEO of US-based crypto exchange Coinbase is optimistic that layer-2 scaling solutions will transform the crypto economy.

Speaking at Coinbase’s first-quarter earnings call, Brian Armstrong says he sees layer-2 scaling solutions facilitating the explosion of crypto use cases with lower fees and faster transaction times.

“As a reminder, layer 2 solutions help blockchains scale, similar to when the Internet moved from dial-up to broadband. And we believe this scaling will drive many new use cases in the crypto economy.”

The CEO goes on to put the spotlight on Base, Coinbase’s Ethereum (ETH) layer-2 designed to onboard billions of users into web3.

“Base has helped dramatically reduce transaction fees and confirmation times, getting us closer to our goal of having the average crypto transaction take less than one second and cost less than $0.01 anywhere in the world.

Developer activity on Base increased eightfold in Q1. In the last 30 days, Base has processed over 2x as many transactions as the entire Ethereum network on layer 1. 

We’ve made Base faster and cheaper to use with fee reduction by about 80% through protocol upgrades, and our fees are now often below $0.01.”

As for Bitcoin (BTC), Armstrong says the spot market exchange-traded funds have helped re-energize the entire crypto market.

“I think the ETFs got a lot of attention. But what we’re seeing is that when there’s attention on crypto in general, I think it creates energy and interest across all kinds of products in the industry.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at…

Click Here to Read the Full Original Article at Ethereum News – The Daily Hodl…