Is Coinbase's New Layer 2 Network Base A Rising Star Or Just Hype?
Portfolio Pulse from Anusuya Lahiri
Coinbase has launched its Layer 2 network, Base, built on Ethereum, which has gained 100,000 users and hosts over $200 million in assets. Needham analyst John Todaro initiated a Buy rating on Coinbase with a price target of $120, citing Base's user-friendly design and innovative projects. However, transitioning between Ethereum and Base can be challenging, and it may take time for it to resonate with the average Coinbase user. Assets linked to Base have crossed the $230 million mark. If Base maintains its current trajectory, Coinbase could earn more than $60 million in annual revenue.
August 17, 2023 | 8:03 pm
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Coinbase's new Layer 2 network, Base, has gained significant traction and could potentially increase Coinbase's annual revenue by over $60 million if it maintains its current trajectory.
The launch of Base, Coinbase's Layer 2 network, has been successful with 100,000 users and over $200 million in assets. This has led to a Buy rating from Needham analyst John Todaro with a price target of $120. If Base continues to grow at its current rate, it could significantly increase Coinbase's annual revenue, which would likely have a positive impact on its stock price.
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