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By removing transfer fees, Coinbase seeks to encourage more frequent and cost-effective transactions, thus supporting the overall growth and utilization of Base.
Coinbase has recently taken a significant step in enhancing its crypto services by eliminating fees for transfers to its Layer 2 network Base. This move reflects Coinbase’s ongoing commitment to improving user experience and fostering greater adoption of its platform.
No-Fee Transfers and Wallet Enhancements
In a notable update, Coinbase has announced that transfers of assets from Coinbase to Base will now be free. This decision aims to make on-chain transactions more accessible and affordable for users, potentially increasing engagement with the Base network. By removing transfer fees, Coinbase seeks to encourage more frequent and cost-effective transactions, thus supporting the overall growth and utilization of Base.
Getting onchain is now free. Zero fees to transfer assets from Coinbase to Base in seconds. Money moves faster and cheaper onchain.https://t.co/7HZHHJYOvB pic.twitter.com/EjsPTL3O4b
— Coinbase 🛡️ (@coinbase) July 30, 2024
Alongside this fee waiver, Coinbase has also rolled out significant upgrades to its mobile and web wallet applications. The updated Coinbase wallet now offers enhanced features, including improved integration with on-chain perpetuals. Users will also notice the inclusion of new projects, such as Doodles, within the wallet app. These improvements are intended to provide a more seamless and user-friendly experience, making it easier for individuals to manage their crypto assets and engage with various projects.
Base Network’s Metrics and Future Plans
Despite being one of the newest blockchains, Base is advancing rapidly. The Base network has demonstrated impressive growth, with its Total Value Locked (TVL) reaching $1.71 billion, according to DefiLlama. The network’s stablecoin market capitalization stands at $3.192 billion, reflecting its strong presence in the stablecoin market.
On July 29, a prominent Base developer announced an increase in the network’s gas target to 10 million gas per second (10Mgas/s). Previously, Base raised its gas target from 8.75Mgas/s to 9.375Mgas/s. The upcoming increase is expected to support higher transaction volumes and better performance, with the goal of enhancing the overall user experience and attracting more developers to build on the network.
Base’s transactions per second (TPS) have already surpassed 50, marking a notable improvement. The upgrade is anticipated to further boost this metric and drive additional growth in the ecosystem.
Coinbase’s Expanding Horizons
Coinbase’s move to eliminate transfer fees and upgrade its wallet is part of a broader strategy to strengthen its position in the crypto space. The company is also exploring new opportunities in the tokenization of real-world assets, with plans to create a tokenized money-market fund.
This initiative aims to provide greater transparency and liquidity in the financial sector, aligning with the latest trends in crypto-powered finance. As regulatory pressure from the US Securities and Exchange Commission (SEC) eases, Coinbase is well-positioned to leverage recent advancements and capitalize on growth opportunities.
