Discriminating against Solana and pushing Base? Coinbase’s “selfishness” and prejudice
Written by Alex Liu, Foresight News
Coinbase is the only company listed on the U.S. stock market.cryptocurrencyexchange, and has an influence in the industry that cannot be underestimated.
However, despite its leading position in the industry, Coinbase has been criticized by many people in the industry for many controversial behaviors, such as its "selfishness" and bias in "supporting public chains." This "selfishness" and bias manifests itself in all aspects.
Discrimination against Solana
Thoughtful reminder
When you use the Solana network to sendcryptocurrencyAfter that, a "considerate" reminder will appear at the bottom of the page:
Send crypto for less
Use a faster and cheaper network for future sends
(cheaper to sendcryptocurrency: Use faster and cheaper networks to send in the future)
Abnormal deposit and withdrawal time
Users who often use Solana to send and receive cryptocurrencies know that Solana network can usually reach the account within a few seconds. And through the Solana network, the recharge and withdrawal of centralized exchanges such as USDC and other cryptocurrencies can also be done in a few minutes.Xiaobai NavigationWhen using Coinbase to withdraw USDC, we found that Coinbase would default to using the Ethereum mainnet, which takes about 3 minutes. In contrast, Coinbase’s own Ethereum Layer 2 Base only takes 17 seconds, while Solana takes about 1 hour.
This situation was confirmed by multiple Coinbase users on social media.
On-chain, but not Solana
Just on the chainwalletYou can earn income by holding USDC.
But the Solana network is not counted as “on-chain,” even though it may be more popular than other networks on the list.
Poor Solana support
Coinbase's support for the Solana network is extremely poor, with frequent network delays and performance degradation.
So much so that Placeholder partner and well-known VC Chris Burniske publicly called on Coinbase to increase its support for the Solana network.
What is the reason?
Coinbase is vigorously promoting its own Ethereum Layer 2 Base. In terms of comprehensive fees, application ecology, and number of users, Solana is the biggest competitor in the Base ecosystem. By providing Solana with extremely poor support, Coinbase "artificially" reduced the user experience of Solana.
Transfer assets to Base
According to Arbitrum co-founder Steven Goldfeder, Coinbase is suspected of transferring billions of corporate assets to Base to increase "TVL".
Does not support competitor network upgrades
On L1, the public chain Celo announced that it will transform into L2 After (upgrading through a hard fork), Coinbase said it would not support this upgrade. This will directly lead to L2 CELO TokenDelist from Coinbase.
This move was alsoCommunity视作 Coinbase 为 Base 打压 L2 竞争者，不支持以太坊的生态扩展的典型案例之一，受到Communitymembers were widely criticized.
Conclusion
As an industry-leading exchange, Coinbase should have taken on more industry responsibilities. Such "selfish" bias is really disappointing to users and practitioners. I hope they can realize the inappropriateness of their behavior, allow fair competition in the market, and allow the industry to develop healthily.
The article comes from the Internet:Discriminating against Solana and pushing Base? Coinbase’s “selfishness” and prejudice
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