Crypto exchange Coinbase has announced the launch date for its Base mainnet, a layer 2 blockchain built on Ethereum. The platform aims to enhance transaction speed and reduce costs compared to the underlying network. Starting today, users can bridge their ETH to Base, while decentralized applications (dapps) within the on-chain ecosystem are beginning to enable Base support.
The Base mainnet is set to go live on August 9, according to a blog post from the Base team. To celebrate the launch, Coinbase has organized “Onchain Summer,” a month-long festival featuring 50 creators and developers showcasing innovative on-chain projects. Participants in the festival will have the opportunity to receive grants totaling approximately 100 ETH from Coinbase. The grants will be distributed among participants in four different events: Onchain Summer, Build on Base, Stand With Crypto, and Base Accounts. Additionally, Coinbase will host a virtual hackathon called Superhack from August 4 to 18, with $125,000 in prizes up for grabs.
Base was initially introduced in February as a bridge for new crypto users to enter the crypto economy. In addition to Ethereum, the platform aims to provide interoperability with and access to products on other layer 1 and layer 2 networks, including Solana. Leveraging the Optimism (OP) stack, Base utilizes rollups, a method of batching transactions off-chain before settling them on-chain, to achieve cost-efficient transactions.
While other Ethereum scaling networks have introduced accompanying tokens, Coinbase has stated that it has no plans to release a token for Base. However, users who bridge their ETH to Base may receive both an ETH reward and a commemorative NFT. Various methods, including the Onchain Summer website, Coinbase’s app, and Base Bridge, can be used to participate in this process.
Base is compatible with multiple wallet apps, including Coinbase Wallet, Rainbow, Safe, Brave, Rabby, Frame, Exodus, Trust Wallet, rhino.fi, and Frontier, as stated by Base.
Coinbase’s Base mainnet launch signifies the exchange’s commitment to bringing more users into the on-chain future and fostering an open, global economy that promotes economic freedom and equality for all. With its focus on scalability, interoperability, and usability, Base aims to play a crucial role in the ongoing development of the crypto ecosystem.