SushiSwap Launches Sushi on the Exclusive Ethereum-Based L2 of Coinbase

SushiSwap, a prominent decentralized exchange, has declared that its local token SUSHI has been launched on Base (a newly introduced Ethereum-based Layer 2 of Coinbase). On its Official Twitter channel, the company mentioned that it will roll out its complete DeFi-based stack on the respective L2.

SushiSwap Launches Its Native Token on ‘Base’ of Coinbase

The platform stated that the respective project is a developer-friendly and cost-effective Layer 2 based on Ethereum. As per SushiSwap, the L2 is structured to onboard another 1B consumers to the Web3 world. It added that to achieve this objective, the latest L2 will play the role of a home for the on-chain products of the crypto exchange Coinbase.

On February 23, Coinbase published a blog post describing the newly introduced L2 “Base”. The crypto exchange noted that the project is focused on providing a low-cost, secure, as well as developer-friendly way, letting every developer develop decentralized applications on-chain. The platform disclosed that the target of the unique L2 is to provide convenience to the builders in working on the on-chain products of Coinbase along with offering an open ecosystem.

While providing additional details, the crypto exchange revealed that Base is the result of a decade-long experience of the platform in terms of developing crypto products as well as enhancing decentralization with time. Nonetheless, the firm claimed that it does not have any strategy to release an exclusive network token.

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Coinbase elaborated on the unique project and labelled it as a platform comprising adequate scalability and security required by the decentralized applications to operate. The project benefits from Ethereum’s underlying security along with the fine practices done by Coinbase. It lets the developers matchlessly onramp on the L2 from Ethereum L1, Coinbase, as well as the rest of the interoperable chains.

The Base L2 is operated by Coinbase and the consumers can access the tools and products of Coinbase to develop decentralized applications. As per the platform, Base also provides complete EVM equivalence. It is determined to promote the developer platform.

Developers Can Utilize RPC Testnet to Begin Developing on Base

Being an open-source forum, Base is considered to be an open, permissionless, and decentralized platform with the target of establishing a rollup agnostic, modular, and standard Superchain to be driven by Optimism. Moreover, the platform added that the developers on Base can start developing on the L2 by utilizing the RPC testnet.