Last Updated: August 13, 2023
• Coinbase has officially released their Ethereum Layer-2 protocol, Base, to the public after months of anticipation.
• Coinbase is celebrating the network launch with multiple events spanning several weeks dubbed “Onchain Summer”.
• Since its testnet launch in February 2023, Base has attracted significant attention from the crypto community and over $153 million in TVL at the time of writing.
Coinbase Launches Public Release of Ethereum Layer-2 Protocol, Base
Coinbase has officially released their Ethereum Layer-2 protocol, Base, to the public after months of anticipation. The network has attracted over 100 dApps at launch including popular projects like Aave, Compound, Sushiswap and Chainlink. Activity on Base has spiked following the network launch and since its testnet launch in February 2023, it has attracted significant attention from the crypto community with over $153 million in TVL at the time of writing.
Celebrating Network Launch with ‘Onchain Summer’
To celebrate this milestone event for their project, Coinbase is hosting multiple events spanning several weeks dubbed “Onchain Summer” which 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 13th.
Base is yet to achieve decentralization but is taking steps toward it with a proposed staking model which will enable users to stake ETH tokens as collateral for transaction fees while also earning rewards through participation in consensus mechanisms like voting or validations tasks.
Promoting On-Chain Activity
The goal of this Onchain Summer event series is to provide incentives for users to push further adoption rates by promoting on-chain activity such as decentralized applications (dApps). It will be interesting to watch if these initiatives result in sustainable growth within their project ecosystem or if it merely serves as a temporary boost before dissipating into nothingness once all of these events have concluded.
It remains to be seen what impact Base will have on the crypto space but one thing that we can safely assume is that Coinbase’s layer-two solution should prove beneficial for those looking to transact quickly and cheaply within an Ethereum environment without worrying about congested networks or high transaction fees.