The layer-2 blockchain Base, developed by Coinbase, is at the center of a debate on centralization in the world of cryptocurrencies and memecoins.
The creator of Base, Jesse Pollak, recently addressed the criticisms, using as an example the controversial meme coin BALD, which sparked discussions about the protocol’s ability to be truly decentralized.
Pollak also emphasized how Base is not just a platform for memecoin, but a rapidly growing ecosystem, highlighted by the significant increase in stablecoin emissions.
The memecoin BALD: a test for the decentralization of Base
BALD is a memecoin created on the Base network, which pokes fun at the CEO of Coinbase, Brian Armstrong, known for his distinctive bald head. This token has become a symbol of discussion about the decentralization of the layer-2 network. Pollak stated that the mere fact that BALD can be launched and traded on the network demonstrates that Coinbase does not have direct control or the ability to shut down the protocol.
“If someone can create a token like BALD, which targets the CEO of our own company, this is a clear sign that we neither control nor censor the network”,
stated Pollak in a recent interview.
This aspect represents a clear response to those who claim that Base is too centralized because it is linked to Coinbase, one of the most regulated cryptocurrency platforms in the world.
Despite BALD and other memecoin having attracted attention, Pollak emphasizes that the goal of Base is much more ambitious. In recent months, the protocol has recorded a significant growth in the adoption of stablecoin, demonstrating its potential beyond the realm of speculative cryptocurrencies.
Stablecoins are fundamental for the economy of criptovalute because they provide a stable medium of exchange, often pegged to fiat currencies like the dollar. Base has facilitated the issuance and use of these digital coins, making it an increasingly relevant platform for decentralized transactions and more complex financial applications.
Centralization vs decentralization: the debate on Base
The Base network is built using OP Stack, an open-source technology developed by Optimism, another very popular layer-2 network. This approach allows Base to combine efficiency and scalability, but many critics argue that the close connection with Coinbase compromises the decentralization of the protocol.
Pollak has rejected these accusations, stating that the Base infrastructure is designed to operate independently from Coinbase. The ability for anyone to launch memecoin, like BALD, demonstrates that the network is not subject to centralized controls.
Furthermore, Base has shown a commitment to progressive decentralization, a concept that involves the gradual transfer of control to the network’s users through decentralized governance and active community participation.
Memecoins are often criticized for being highly speculative instruments, with little intrinsic value. However, Pollak argues that these cryptocurrencies play an important role for the Base ecosystem.
On one hand, they attract attention and traffic to the network, contributing to the increase in the adoption of the protocol. On the other hand, they demonstrate that Base can be used completely independently from Coinbase.
The example of BALD, with its provocative nature, highlights that anyone can leverage the network to create and distribute tokens, without the need for centralized permissions. This represents a concrete proof of decentralization, even though Pollak admits that the network is still evolving.
The future of Base: towards greater adoption
The growth of stablecoin and the interest sparked by memecoin are positive signals for Base. Pollak stated that the Coinbase team is committed to improving the network’s infrastructure and promoting innovative use cases for the layer-2 blockchain.
The goal of Base is to become a versatile platform for developers and users, going beyond the phenomenon of meme coins. With the increase in decentralized transactions and the integration of new applications, Base is positioning itself as a key player in the cryptocurrency ecosystem.
In summary, Jesse Pollak sees in BALD a test of decentralization and in the rapid increase of stablecoin a signal of Base’s strength as a blockchain infrastructure. Although criticisms about centralization remain, the successes achieved by the network demonstrate its potential to transform the cryptocurrency landscape.