Base
Coinbase's layer-2 blockchain on Ethereum. Average borrow and lend balances on Base reached $1.49 billion in Q2 2026, up from $199 million a year earlier.
The numbers
What it is
Base is a layer-2 blockchain built on Ethereum that Coinbase runs and earns sequencer fees from. The Base App bundles a wallet, onchain trading, payments, social and messaging. Base reached Stage 1 decentralization in April 2025. In February 2026 it said it would move from Optimism's OP Stack to a Base-managed codebase while staying compatible with OP Stack standards.
Why it matters to the stock. Base is the long-term bet to own more onchain activity and the fees it generates. Traders track Base lending balances and agentic stablecoin volume as leading indicators of onchain growth.
News
Coinbase invites developers to build on Base ahead of its August 9 public mainnet date
Base, Coinbase's Ethereum layer-2 network, opened a developer call for projects in tokenization, stablecoins, credit, prediction markets, institutional markets and agentic commerce.
Base sets 2026 plan around tokenized markets, stablecoin payments and developers
Base laid out a 2026 strategy built on three areas: markets, payments and developers.
Base steps back from Optimism's OP Stack to control its own code
Coinbase's Base network said it will take more control over its own code and infrastructure and step back from relying on Optimism's OP Stack.