Understanding the New 'On-Chain Score' Platform
Coinbase CEO, Brian Armstrong, has launched a significant innovation in the cryptocurrency landscape with the introduction of Onchainscore.xyz. This platform is designed to evaluate crypto wallets by measuring their 'onchain-nativeness' on a 1-100 scale. The score provides users with a detailed overview of a wallet’s activity, including token swaps, bridge transactions, and the number of transactions executed on both Ethereum (ETH) and Base, a layer-2 scaling solution.
What Is 'Onchain-nativeness'?
The term 'onchain-nativeness' refers to how actively a wallet participates in blockchain activities. A higher score indicates a wallet that frequently engages in activities like trading, swapping, and other decentralized finance (DeFi) operations, showcasing its importance in the crypto ecosystem.
Example of Scoring
To illustrate, Armstrong shared his own wallet's score, which was notably high at 83/100. This demonstrates an active involvement in crypto transactions and innovations, further quantified by a Talent Protocol Builder Score of 66.
Future Developments
Currently, Onchainscore.xyz requires users to input Ox addresses for evaluation. However, there is an exciting development on the horizon—the platform will soon support Ethereum Name Service (ENS) and Basenames, making it even more accessible and user-friendly.
The Role of Base in Enhancing Crypto Transactions
Brian Armstrong has been a strong advocate for layer-2 solutions like Base, which aim to revolutionize the crypto space by providing lower fees and faster transaction speeds. According to Armstrong, Base has significantly improved transaction fees and confirmation times, bringing the industry closer to the goal of near-instantaneous transactions at minimal costs.
In the first quarter alone, developer activity on Base increased eightfold, highlighting its growing significance. Over the past 30 days, Base has managed to process double the number of transactions compared to Ethereum's layer 1, showcasing its efficiency and scalability.
Conclusion
With these developments, Armstrong is not only enhancing transparency and performance insights for crypto wallets but is also paving the way for a more efficient and user-friendly blockchain environment.
