In this episode, NLW examines Coinbase's announcement of its new layer 2 chain, paying particular attention to:

• Exchanges moving from layer 1s to layer 2s

• No token 

• Wall Street not getting it 

• Developer competition

• On-chain know-your-customer (KYC)?

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“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Coinbase, modified by CoinDesk. 

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