The CEO of US-based cryptocurrency exchange Coinbase is optimistic that layer 2 scaling solutions will transform the crypto economy.
During Coinbase's Q1 earnings call, Brian Armstrong said he sees Layer 2 scaling solutions driving an explosion in cryptocurrency use cases with lower fees and faster transaction times. .
“As a reminder, Layer 2 solutions will help blockchain scale, just as the internet moved from dial-up to broadband. And we believe this scaling will help many in the crypto economy. We believe it will drive new use cases.”
The CEO goes on to spotlight Base, Coinbase's Ethereum (ETH) Layer 2, designed to onboard billions of users to Web3.
“Base helps us significantly reduce transaction fees and confirmation times, moving us closer to our goal of the average cryptocurrency transaction taking less than 1 second and costing less than $0.01 anywhere in the world. Ta.
Developer activity at Base increased 8x in Q1. In the past 30 days, Base has processed more than twice as many transactions as he did across the Ethereum network at Layer 1.
Protocol upgrades have reduced fees by approximately 80%, making Base faster and cheaper to use, with fees now often below $0.01. ”
When it comes to Bitcoin (BTC), Armstrong says that spot market ETFs are contributing to the revitalization of the overall cryptocurrency market.
“I think ETFs have gotten a lot of attention. But I think what we're seeing is that when you get attention to cryptocurrencies in general, it creates energy and interest in all kinds of products in the industry.”
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