Coinbase Officially Launches Layer 2 Blockchain ‘Base’ to the Public

Jimmy Aki
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Coinbase has officially introduced its innovative Base blockchain. To mark this significant achievement, the crypto exchange initiated the first-ever Onchain Summer Festival on August 9.

Coinbase Empowering the Future of Web3

Coinbase has reached a significant milestone in the evolving world of Web3 development by officially unveiling its Base Network. This layer-2 blockchain is built with Optimism’s OP Stack. The platform is strategically designed to propel the adoption and progress of decentralized applications (dApps) and other Web3 technologies.

The introduction of the Base network follows a phase of exclusive access for builders. In its initial release, Coinbase introduced the beta version of Base on February 23, 2023.

The launch has stirred substantial speculation in the crypto community. This is due to its potential to attract a broader user demographic to Web3 protocols by utilizing Coinbase’s expansive user network.

Following the beta version release, the network rolled out its mainnet version on July 13, albeit with a warning that it was not yet suitable for regular users. However, the announcement on Wednesday, August 9, confirmed that the Base network is now open to the public for registrations.

This move underscores the growing importance of blockchain and decentralized technologies in reshaping the digital landscape and marks a crucial step towards a more open, transparent, and interconnected internet.

According to company executives, it could also lead to a more lucrative revenue stream from applications built on this blockchain.

Jesse Pollak, responsible for overseeing Base as Coinbase’s Head of Protocols, articulated the clear intention behind Base’s creation – to bring the next wave of builders and users into the blockchain ecosystem. He noted that this initiative aims to accelerate the global adoption of a decentralized financial system, ultimately enhancing economic freedom worldwide.

Pollak explained that historically, the possibilities offered by crypto have been somewhat limited, largely centered around speculation.

He added that for Coinbase, crypto, and their ongoing efforts to have the desired impact, they must transition from a realm of speculation to a realm where cryptocurrency is seamlessly integrated into everyday life.

Pollak also emphasized that the new network hosts 100 deployable or ready-to-go decentralized applications (dApps).

Several Web3 development applications have already declared their intention to create apps for the Base network. The Base network team has also outlined a series of upcoming events to celebrate the network’s launch.

Furthermore, Coinbase Wallet’s X account (formerly Twitter) indicated that funding ether on Base is already feasible, even before the network’s public launch.

Recent blockchain data from Dune revealed that over $132 million worth of ether was transferred to the network the preceding weekend.

Coinbase Kicks Off Onchain Summer to Celebrate Base Launch

The launch of Base Network is poised to drive innovation within the Web3 ecosystem. In addition, to mark the launch of the Base mainnet, Coinbase has kicked off the Onchain Summer festival on August 9.

Coinbase describes Onchain as the upcoming phase of the internet that aims to enhance global economic autonomy by restoring ownership to the general populace. The platform believes this groundbreaking concept is rapidly gaining momentum.

To engage in Onchain Summer, individuals only have to generate the “Base, Day One” NFT, a special digital collectible commemorating the Base mainnet launch.

This NFT serves as a tribute and an invitation to individuals worldwide to join Coinbase in its mission to usher the world onto the Onchain platform.

Onchain Summer spans multiple weeks and celebrates Onchain art, culture, music, gaming, and more, all rooted in the Base platform.

This program will involve major entities like Coca-Cola, Atari, OpenSea, and over 50 leading companies, artists, and creators collaborating with Coinbase to co-curate Onchain Summer.

This partnership involves hosting Onchain events designed to make cryptocurrency more accessible, enjoyable, and practical than ever.

Furthermore, people can actively participate in grants totaling over 100 ETH for those who are building and innovating on the Base platform during the summer in conjunction with PropHouse.

Additionally, they can participate in Superhack, a contest featuring prizes amounting to $175,000 in collaboration with ETH Global.

Aside from that, participating in Onchain activities through Coinbase Wallet’s quests will earn them tokens or NFTs. New users also have the opportunity to earn as much as $50 worth of cryptocurrency.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.