Coinbase's Layer 2 network, Base, has launched a new marketplace that allows users to speculate on gas prices, reminiscent of traditional energy markets. The startup Alkimiya, supported by various venture capital firms including Coinbase Ventures, enables users to bet on the price fluctuations of blockspace, which reflects transaction costs on the Base network. Alkimiya's smart contracts let users take long or short positions on cumulative gas fees that can vary significantly within a single day. These developments come as Base continues to attract higher activity, leading to increased volatility in gas costs, similar to how airlines hedge against fuel prices. Unlike most blockchains, Base has no native token, focusing instead on providing a transparent platform for trading gas costs, utilizing oracles and smart contracts for tracking and management. This innovation aims to establish better price discovery for blockspace access, positioning it alongside traditional energy commodities.

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