Base, the original L2 network for Ethereum led by major US cryptocurrency exchange Coinbase, has announced four areas of focus for development in its “Requests to Developers” initiative.

Base’s vision is to bring the next billion users to the blockchain by providing a secure, inexpensive, and developer-friendly network. Already under active development on the testnet, more than 55,000 smart contracts were deployed by over 18,000 developers in its first week, according to Coinbase.

What is Layer 2?

A “second layer” blockchain, Layer 2 reduces the load on the main chain and improves processing speed by writing some transaction history in off-chain or side-chain.

Four Areas of Inquiry

Base’s development will focus on designing decentralized stablecoins, building trust on-chain, designing a decentralized limit order board exchange, and building systems, protocols, and tools to securely store funds on the blockchain.

Base aims to design inflation-tracking stablecoins called “Flatcoins” to stabilize the purchasing power of users and address economic uncertainties caused by traditional finance. Base is also looking for a team researching protocols for evaluating trust on the blockchain and how these systems can maintain user privacy and autonomy.

In addition, Base will focus on designing a decentralized limit order board exchange that allows for professional traders and institutional investors to trade spot, limit orders, options, and perpetual. Lastly, Base is looking for developers who are building systems to securely store funds on the blockchain.

Base’s launch in February utilized Optimism’s roll-up mechanism to operate. For the time being, Coinbase will use its experience to develop the network, with plans to gradually decentralize the network using ETH to pay for gas, and no plans to issue Base’s own token.

Stay tuned to CoinTopper for more updates on this exciting development!