Coinbase (COIN), the largest publicly traded crypto exchange in the US, said that its new Base blockchain, a “layer 2 network,” has gone down. LIVE, heralding the start of a new era of public companies running their own distributed networks. The base is now live for testing by developers, and it becomes open to the public at noon ET on Wednesday. The move could ultimately allow Coinbase to earn fees from running its own blockchain, in addition to a potentially higher revenue stream from applications built on top of it, executives said. . Layer 2 networks are built on top of the bases, which relieve congestion in the underlying network. The base is built on the Ethereum blockchain.