• Coinbase has officially released its Ethereum Layer-2 protocol, Base, to the public.
• The network has attracted over 100 dApps at launch and is celebrating with multiple events during “Onchain Summer”
• Base promises cheaper fees and faster transactions, as well as more integration with Coinbase’s product ecosystem.
Coinbase Launches Ethereum Layer-2 Protocol: Base
Coinbase has officially released its Ethereum Layer-2 protocol, Base, to the public. This marks months of anticipation from the crypto community since its testnet launch in February 2023. Over 100 decentralized applications have already been attracted to the network.
Celebrating Onchain Summer
In celebration of the mainnet launch, Coinbase has announced a multi-week event known as „Onchain Summer“. This event will include daily NFT mints and a hackathon with over $175,000 up for grabs. Additionally Coca-Cola’s Masterpiece Campaign on August 13th will be part of this summer event.
Base Statistics & Benefits
Despite not launching a native token like other Ethereum Layer 2 networks, Base still managed to attract $134 million in total value locked (TVL). At the time of writing this value had jumped 14.2% to $153 million per data from L2Beat. The biggest benefit users can expect from using Base is that it promises cheaper fees and faster transactions than on Ethereum’s mainnet alone. Furthermore it will also be heavily integrated into Coinbase’s product ecosystem for an even smoother experience for users looking to use both services together.
Progress Towards Decentralization
Base is currently taking steps towards decentralization by proposing a mechanism called the Gas Optimizer which would enable users to pay variable gas fees depending on the state of usage within their shards and across all shards in general. This would allow them to optimize their costs when using dApps on Base while also helping maintain stability in terms of transaction throughput over time even when usage surges or drops suddenly within any given shard or across all shards in general.
Conclusion
Coinbase’s Layer-2 protocol, Base is now live after months of anticipation from the crypto community since its testnet launch in February 2023. Not only does it promise cheaper fees and faster transactions than those available on Ethereum’s mainnet alone but it is also being heavily integrated into Coinbase’s product ecosystem meaning an even smoother experience for users looking to use both services together. With Onchain Summer kicking off with multiple events spanning several weeks this could be just what was needed for mass adoption by cryptocurrency users worldwide!