Coinbase’s Base Launches Marketplace for Gas Revenue Speculation
Base, an Ethereum overlay blockchain owned by Coinbase, has launched a market for speculating on transaction costs tied to gas fees. This initiative allows users to bet on fluctuations in blockspace costs, which represent the storage and computational capacity of the network.
Key points include:
- Alkimiya, backed by Coinbase Ventures, offers a platform for trading blockspace pricing.
- The market is modeled after traditional energy trading, enabling long or short positions on transaction costs.
- Base generated over $14 million in fees last month, with daily gas usage varying from 10 ETH to 200 ETH.
- Base does not have a native token and does not plan to issue one.
- Alkimiya uses smart contracts and oracles for tracking gas consumption transparently.
This framework provides users with a mechanism for better price discovery regarding blockspace, similar to how airlines hedge against fuel prices.