Base, a layer 2 blockchain owned by Coinbase, has introduced a marketplace where users can speculate on the cost of transactions. Launched in August 2023, Base has generated over $14 million in the last month, outperforming its rivals. The network’s gas costs, which power transactions, can fluctuate dramatically, ranging from as low as 10 ETH to as high as 200 ETH in a single day. Alkimiya, a startup backed by Coinbase Ventures, allows users to bet on these fluctuations using smart contracts. These contracts track the total gas paid to the Base network, providing a transparent mechanism for price discovery. Unlike many blockchains, Base does not have its own token and has no plans to issue one.
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