Coinbase Acquires Utopia Labs to Strengthen On-Chain Payments Infrastructure

The Utopia Labs team has announced that they will be releasing a new version of Coinbase Wallet.
In order to accelerate the construction of on-chain payments for the Wallet, the Base Network
Coinbase announced on the 13th (local time) that it has acquired Utopia Labs to strengthen its on-chain payment infrastructure.
The Utopia Labs team announced in a blog post that Coinbase has joined Base, Coinbase's Layer 2 (L2) expansion network, to
"This will help accelerate the roadmap for on-chain payments within the wallet," Coinbase said. "A natural virtuous cycle will occur. Base will build on-chain apps.
Support developers, their apps attract on-chain users, wallets onboard these users, and more users means more developers on-chain.
Coinbase's Base, launched in 2023, is currently the largest DeFiLlama platform by total deposited assets (TVL).
Base is positioned as the largest Ethereum Layer 2 (L2). According to data from DeFiLlama, in October Base’s TVL was 1.2 times higher than that of the previous L2 leader, Arbitr
Currently, the base TVL is at about $3.15 billion, with arbitrage at about $2.9 billion.