Coinbase’s Ethereum Layer-2 network, Base, has only been active for a month, but it has already piqued the interest of several projects.
Among these is Masa Finance, which will introduce soulbound tokens to Base, a new type of token on Ethereum that could revolutionize how users interact with blockchains. Coinbase, the world’s largest centralized cryptocurrency exchange, will soon have soulbound tokens integrated into its Base network.
The Soulbound Token Protocol will be implemented on Base by Masa Finance, and the company plans to launch its Base SBT Developer Toolkit for developers and Base Camp soulbound identity for users. Soulbound tokens are non-transferrable tokens linked to a particular user or account, and they can represent various things, such as credentials, credit scores, life histories, career accomplishments, medical records, and personal characteristics.
Some experts believe that they are the future of blockchain interaction. According to Masa, its protocol can be used for several applications, including human-readable domain names, membership badges, loyalty programs, achievement badges, decentralized captcha bots, and more. Bringing soulbound token technology to an Ethereum Layer-2 network such as Base is a significant step forward in increasing the adoption of soulbound tokens in the future.