With the announcement of the ETH L2 network BASE by Coinbase “to onboard >1b users to web3” today, a lot of eyes are on our space once again.
BASE is being built on Optimisms OP Stack “with the vision of creating a standard, modular, rollup agnostic Superchain powered by Optimism”. The native token is ETH. With the launch of BASE, Coinbase wants to accelerate the development of Coinbase´s onchain products, bring Coinbase´s customers into the cryptoeconomy and increase it’s own investment in the core crypto infrastructure.
Coinbase itself has currently 110M+ verified users, 4500+ employees and a quarterly traded volume of $145b. Coinbase is publicly traded on the NASDAQ (COIN) and had an annual revenue of $3.1b in 2022. One of the benchmark products is the integrated Coinbase wallet, a self custody wallet strongly integrated into the Coinbase ecosystem.
With the decision to launching it’s own L2 a strong capital flow into the ecosystem is expected, supported by the “Base Ecosystem Fund”, which is supposed to invest in and support early stage projects building on Base.
With this proposal I like to bring up the discussion to deploy GMX on Coinbase´s L2 Base. The high TVL of GLP on Arbitrum has already proven to offer a base layer for the Arbitrum DeFi ecosystem, enabling several other protocols building on top of it. Due to expected high capital inflow to BASE it is expected to offer a beneficial ecosystem both for a GLP type product, as well as as GMX synths. The strong incorporation of BASE into the Coinbase ecosystem (including Coinbase wallet) is expected to be beneficial to attract capital for GLP as well as facilitate usage of the GMX leverage trading platform. Since GMX is already an established brandname and made very good experiences with being an early adopter of an uprising ecosystem, an early mover advantage is not to be underestimated, especially, to attracting sufficient liquidity for the GLP / synth vaults.
I am massively in favour of an early deployment on $BASE, we want to have first mover advantage and access to the large amount of liquidity and onboarding of Americans (who dont have much access to perp protocols) as early as possible
Support, base as a new public chain, early deployment, has a first-mover advantage.
Definitely think there is an opportunity here since I posted a thread on this as well. I would assume this would need to be done after Syns?
Yes, getting GMX V2 safely launched is the number one priority at the moment. Afterwards, will be the right time to discuss additional chain deployments.
采用DAO来决定是否进行。
Support, base as a new public chain, early deployment, has a first-mover advantage.
Good idea。Coinbase does not have derivative trading, and derivatives on Base meet the needs of users, which will attract a lot of capital. Investment funds can also choose GLP to adopt a neutral strategy to obtain returns far exceeding those of the currency market.
I’m in support but I’d rather deploy on Optimism after V2 release first. However I’m open to a quick subsequent deployment onto Base.
New here, but 10/10 agree
The team is anonymous, I wonder if the BASE requires KYC review and if it will be accepted?
yes, just waiting for synthetics then gmx can explore going Base, BNBChain, Polygon or other chains… =)
I am in strong support of prioritizing. Coinbase doesn’t have perps, so being a first mover here (in advance of the likely closest competitor SNX/Kwenta) would make a huge difference.
I hear the team’s desire to get synths shipped, but to the extent that will take longer than anticipated it may make sense to strike the iron while the fire’s hot in this case and consider accelerating deployment on Base.
Totally agree, would like to see GMX on Base as soon as possible.
I think too much is as yet unknown about Base. And i can imagine even Coinbase itself is unsure how to design or prioritise it.
See also;
Agree GMX be the first mover to Base.
I am also in really good favor or this idea
I would highly encourage revisiting this.
I think there has been significantly more clarity around Base and timelines for launch. Mainnet has just been open for developers and this is a good opportunity to enter Base.
Strongly believe that Coinbase will be driving a significant volume of liquidity into the new chain esp with their ability to onboard “fiat to crypto” via this new chain at a very low fee.
lets gooo. these new L2 chains will see solid volume.
If you came across any good reading or resources on Base, don’t hesitate to link them in this discussion thread. It’s been off my radar to be honest, and I’m probably not alone.
Would love seeing the conversation come back here.