Coinbase has today unveiled Base, its own Ethereum layer-2 network. The company says Base will be the new home for the Coinbase’s on-chain products and—it hopes—an open ecosystem for millions of new decentralized apps.

Though only publicly announced today, a testnet for Base has actually been live since the start of the month. That makes Coinbase, which has traded on Nasdaq under the COIN ticker since April 2021, the first publicly traded company to launch a layer-2 blockchain network on top of Ethereum. On Wednesday, COIN ended the day trading at $61.18 per share, down 1% for the day, after trading as high as $67.17 in the wake of beating analyst predictions on its Q4 earnings.

Layer-2 networks help make transactions faster and cheaper than an underlying blockchain, in this case Ethereum, by processing batches of transactions on a separate chain and then sending receipts back to the mainnet. Base will be “a rollup agnostic superchain powered by Optimism,” according to a blog post that Coinbase shared with Decrypt ahead of its Thursday announcement.