• Coinbase has officially launched its Ethereum Layer-2 protocol Base, with over 100 dApps at launch.
• The firm is celebrating the network launch with events spanning several weeks, including daily NFT mints and a hackathon with over $175,000 up for grabs.
• Base already attracted $134 million in TVL before launch and now ranks as the fifth-largest Ethereum Layer-2 protocol.
Coinbase Launches Layer-2 Protocol ‚Base‘
Coinbase has officially released their Ethereum Layer-2 protocol “Base” to the public, after months of anticipation. At launch, Base hosts over 100 dApps, including popular projects like Aave, Compound, Sushiswap and Chainlink. In addition to this, Coinbase is celebrating the network launch with multiple events spanning several weeks to promote on-chain activity and partner projects.
Onchain Summer Events
The multi-week event dubbed “Onchain Summer” includes 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. Meanwhile Base has already attracted $134 million in Total Value Locked (TVL) before launch and currently ranks as the fifth largest Ethereum Layer-2 protocol according to data from L2Beat.
Coinbase states that their goal with Base is to onboard the “next million builders and billion users onchain“. Like other Ethereum Layer 2 networks it promises cheaper fees and faster transactions than what can be achieved on mainnet. Furthermore they also point out that there will be heavy integration between their product ecosystem and the layer 2 protocol itself.
Although Base hasn’t yet achieved decentralization they are taking steps towards it by proposing an incentivized staking program where users can stake coins to support operations of validators involved in block production while earning rewards in return for their contributions. This staking system will help bring more security to its network while also helping it reach its full potential as an open financial system for all users across the globe .
Overall Coinbase’s new Layer 2 protocol „Base“ looks very promising so far despite not launching a native token like other similar protocols have done so far this year . With Onchain Summer providing exciting opportunities ,decentralization initiatives being worked on ,and future integrations into Coinbase’s product ecosystem this could make for some interesting developments going forward .