- Coinbase launches Ethereum Layer 2 network, Base, for global decentralized finance.
- Base witnesses over $160M total value bridged, 31M NFTs minted, and 133K holders.
- Onchain Summer festival celebrates Base’s mainnet launch with art, music, gaming.
Coinbase, the largest cryptocurrency exchange in the United States, has announced the official launch of its highly anticipated Ethereum Layer 2 (L2) network, Base mainnet. In a Twitter post, Coinbase CEO Brian Armstrong announces, “Today is an important day for accelerating a global, decentralized financial system and increasing economic freedom in the world.”
Since its initial testnet launch in February, followed by the developer launch in July, Base has witnessed the flourishing of a dynamic ecosystem as part of its mission to onboard millions of builders and billion users onchain.
The enthusiasm surrounding Base’s launch has been palpable. Data from Dune Analytics reveals that the ecosystem has facilitated over $160 million in total value bridged, while Basescan’s data indicates that over 133,300 holders have already minted nearly 31 million NFTs.
Base is celebrating the launch of mainnet with Onchain Summer for a multi-week onchain festival, featuring daily mints from August 9 to August 31. This festive occasion showcases the convergence of art, culture, music, and gaming within the onchain realm.
Notably, the launch introduces a robust ecosystem of over 100 decentralized apps (dApps) and service providers, coupled with seamless integration within the Coinbase product lineup. The platform’s emphasis on low gas fees, rapid transaction speeds, and enhanced security positions it as a catalyst for the global adoption of onchain technology. In the words of the team:
We built Base because we believe that onchain has the potential to update our financial system and transform the future of the internet.
Onchain’s growing prominence is undeniable, with a user base exceeding 240 million Ethereum addresses worldwide. Layer 2 (L2) transactions are surpassing the traditional Layer 1 (L1) transactions, marking a shift toward more efficient and scalable solutions.
Distinguishing itself from other layer-2 networks like Arbitrum and Optimism, Coinbase has opted against introducing any native tokens to Base. This approach may also be a strategic move to navigate potential regulatory challenges, particularly considering the ongoing SEC lawsuits.
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