Coinbase, a prominent cryptocurrency exchange, revealed plans to link up with Solana (SOL) in pursuit of swift transactions, aiming for speeds “under a second and a dime,” per CEO Brian Armstrong. The integration with Lightning is part of Coinbase’s wider agenda to embrace fast layer-1 networks, including Bitcoin and Solana, marking a shift towards prioritizing layer-2 solutions across its platform.
Contrary to prior speculations, Armstrong clarified that Coinbase doesn’t intend to introduce a token for its layer-2 network, Base. This contradicted an earlier suggestion by Coinbase’s Chief Legal Officer about potential token implementation. However, a Coinbase spokesperson confirmed the absence of any such plans for the Base network token.
Armstrong expressed contentment with Base network’s strides since its August launch, having become the third-largest tier-2 network, securing almost $500 million in total value locked (TVL) in a relatively short span.
The company is actively engaged in integrating Base with diverse applications, and developers are reportedly eager to collaborate with layer-2 technology. Armstrong has set an ambitious internal target: to achieve an average transaction time on Coinbase “under one second and one cent.” Meeting this goal will necessitate enhancements to Base and the establishment of layer-2 as the platform’s default mode.