Brian Armstrong, CEO of Coinbase, expressed optimism during the company’s Q1 earnings call, emphasizing the potential of layer-2 scaling solutions in revolutionizing the crypto economy. Armstrong highlighted their role in transforming the sector, much like broadband improved internet connectivity. He pointed to faster transaction times and lower fees as pivotal in expanding crypto adoption, mentioning the company’s layer-2 solution, Base, which aims to onboard billions into web3.

Armstrong outlined how Base has dramatically improved transaction speed and reduced fees, enabling transactions to take less than a second and often costing less than $0.01. Developer activity on Base surged eightfold in Q1, and the solution processed double the transactions of Ethereum’s layer-1 network in the past 30 days. Upgrades have also reduced fees by around 80%, making Base a more efficient platform.

He further attributed the re-energization of the crypto market to Bitcoin spot market ETFs, which have sparked renewed interest and activity across the entire industry.

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