On Friday, Coinbase’s Chief Legal Officer, Paul Grewal hinted at a possible $BASE token for Base Layer2. This network uses Optimistic Rollup technology for Ethereum transactions and has launched decentralized applications (dApps) like FriendTech and BaseSwap. According to InvestingPro data, Coinbase has a market cap of $17.7 billion and a P/E ratio of -13.41. Despite the declining trend in earnings per share and the analysts’ anticipation that the company will not be profitable this year, the stock has had a 110.85% return year to date as of 2023.
Matter Labs’ zkSync, which uses zero-knowledge proofs via Zero-Knowledge Rollup (ZK-rollup) technology, has also hinted at a potential token and airdrop. The network has garnered significant attention, amassing $458 million in funding, and partnering with OpenZeppelin.
StarkNet, another Layer 2 network that utilizes ZK-rollup technology to build protocols such as dYdX DEX and Immutable X, has however cautioned users against rumors of native tokens.
Lastly, Aztec Network, backed by venture capital firms including a16z and Paradigm, facilitates private Ethereum transactions. The firm recently introduced the Aztec Sandbox developer testnet but has not made any official announcements regarding potential tokens or airdrops.
These developments reflect the growing interest and investment in Layer 2 networks as they continue to provide solutions for scaling Ethereum transactions. As per InvestingPro Tips, it’s worth noting that Coinbase’s stock generally trades with high price volatility and its price movements are quite volatile, which might be a point of consideration for potential investors. For more tips and real-time metrics, consider checking out InvestingPro, which offers additional tips and insights.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Source: Cryptocurrency - investing.com
