The exchange continues to deepen its ties to Layer 2 blockchain optimism
Coinbase takes a page from Optimism’s playbook.
The United States’ largest crypto exchange on Thursday announced stimuli modeled and named after Optimism’s Quests program, which pushed activity on the Layer 2 blockchain to an all-time high earlier this year.
Coinbase wallet users who complete certain tasks will be rewarded in crypto, the exchange announced. The first iteration of the program, dubbed Quests on Wallet, will encourage users to trade, delegate, and stake tokens on Optimism, the second largest Ethereum rollup. And it will reward users with Optimism’s $5 governance token OP.
Coinbase shares and OP are down 16% and 22%, respectively, over the past week amid a broader crypto market sell-off sparked by a lawsuit by the New York Attorney General calling ether a security.
OP Price + COIN Price, Source: The Defiant Terminal
The move is part of a push to get crypto-novices “on-chain” — to encourage them to move from the more familiar world of banks and centralized exchanges like Coinbase to decentralized applications.
Alex Treece, head of product at Coinbase Wallet, noted in a Twitter space Thursday that the exchange has more than 100 million verified users.
“It’s newbies, like your parents and grandparents, who might have a Coinbase account, and also very experienced people,” he said. “We want to bring these people into the chain.”
The first iteration of the program, dubbed Quests on Wallet, will encourage users to trade, delegate, and stake tokens on Optimism, the second largest Ethereum rollup.
It is the latest example of a deepening relationship between sharing and optimism.
Last month, Coinbase announced that it was creating its own rollup, Base, using Optimism code known as the “OP Stack.”
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As part of that announcement, Coinbase said it would make a contribution to the OP Stack and donate a percentage of Base transaction fees to a grants program run by Optimism that funds developers working on public goods like upgrades to Ethereum.
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