- Base is live after months of anticipation.
- Coinbase is celebrating the network launch with multiple events spanning several weeks.
- Activity on Base has spiked following the network launch.
Since its testnet launch in February 2023, Coinbase’s Ethereum Layer-2 protocol built on Optimism, Base has attracted significant attention from the crypto community, as evidenced by the memecoin frenzy even before the network’s eventual launch.
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After months of anticipation, Coinbase has officially released the network to the public. Right out of the gate, Base hosts a flurry of the most popular decentralized applications. The firm has also announced a multi-week event to sustain the excitement around the project.
The Beginning of Onchain Summer
On Wednesday, August 9, Coinbase opened the Base mainnet to the public after nearly a month of developer access. The network has attracted over 100 dApps at launch, including popular projects like Aave, Compound, Sushiswap, and Chainlink.
Coinbase has dubbed the Base mainnet launch the beginning of “Onchain Summer,” outlining multiple events spanning several weeks to promote on-chain activity and partner projects. The events will include daily NFT mints and a hackathon with over $175,000 up for grabs. Among the headline events is Coca-Cola’s Masterpiece Campaign on August 13.
Despite refusing to launch a native token like other Ethereum Layer 2 networks, Base still managed to attract $134 million in TVL before launch, enough to rank as the fifth-largest Ethereum Layer-2 protocol. The TVL has now jumped 14.2% to $153 million per data from L2Beat at the time of writing.
Coinbase asserts that the goal of Base is to onboard the “next million builders and billion users onchain.” Like every other Ethereum Layer-2 network, Base promises cheaper fees and faster transactions. Coinbase also promises that the Layer-2 network will be heavily linked with its product ecosystem.
On the Flipside
- Base is yet to achieve decentralization but is taking steps toward it with a proposed Leadership Election.
- The surge in Base’s TVL can be linked to the memecoin frenzy in the weeks leading up to its launch.
Why This Matters
Base is likely to attract a lot of big brand partnerships that could open up the world of crypto and DeFi to millions of new users due to Coinbase’s business reputation and appeal. Base’s partnership with Coca-Cola is evidence of the possibilities that lie ahead.
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Read this to learn more about the memecoin frenzy on Base:
Memecoins Find New Base: BALD, BASED Shoot Up 300,000%+
Bitstamp is delisting several popular altcoins. See the bigger picture:
Bitstamp Caves to SEC Pressure with MATIC, SOL, NEAR, Delistings
