OP Labs, the optimistic builder of the Ethereum Overlay protocol, said it was only a matter of time until every cryptocurrency exchange and fintech company runs its own blockchain.
Sam Mcingvale, product manager at OP Labs, said the logic is simple, very simple. Coinbase’s Layer 2 (L2) network foundation Since it First debut in 2023.
First, the base has accumulated an incredible ecosystem of users and developers to support the exchange, McIngvale said. But the biggest effort is how systems like the basics combine Coinbase’s Bitcoin-backed loansHe added that dormant crypto assets are allowed to be escrowded in custody.
BASE is built using an optimistic OP stack, a software product that helps users develop Layer 2 Blockchain This is used with Ethereum but offers faster and cheaper transactions. McKinwell said the success of the base, it was The largest 2nd floor Through many indicators, including total value locking, is an illustration of how the industry may develop.
“I want every cryptocurrency exchange and every fintech company to run its own blockchain for the next five years,” McKinwell said in an interview. “If you own bitcoin on Coinbase, take it that bitcoin, move it to the base, and borrow it from it. Now you can do whatever you want with USDC.”
Both Optimism and competitor arbitration Assume that the transaction is valid and therefore “optimistic” and potential fraud is detected through permissionless proof of failure. Optimistic summary reduces the computational load by processing transactions after transactions, thereby enhancing the throughput of Ethereum grassroots by publishing transaction results on the underlying or layer 1 blockchain. Another approach is to use zero-knowledge proofs to create a summary to publish cryptographic proofs of chain transaction validity.
McIndvale, who established a custody business at Coinbase, has put forward a further view that it is relatively expensive to place cryptocurrencies only in a cold storage on the platform.
“Traditionally, there are a lot of cryptocurrencies for all security implications,” McKinwell said. “Unlike the holding stocks you really pay for, these stocks have been loaned out and things have happened under the hood. Cryptocurrencies are still a little more reborn, but it’s moving in that direction.”
There is obviously some basic jealousy happening on the cryptocurrency land. Global exchange Kraken launches inkalso uses optimistic 2-layer blockchain bybit,,,,, bite and OKX. Fintech companies Like Ronid, For example, we are also exploring our own L2 related to Ethereum.
McIngvale said optimism’s modular vision for interoperable “superchains” ideally, when users move from one website to another, users can move from one blockchain to another.
“Early adopted cryptocurrencies are more willing to endure the UX of the crotch,” McKinville said. “People would wait 12 seconds to confirm and pay $50 because it’s the new technology they’re exploring, which might be similar to the mid-90s going online. Like, it’s painful.”
