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Blockchain

Layer 2 Base Network To Launch On August 9, Unveiling Onchain Summer

August 3, 2023 - Around 3 mins mins to read

Key Points:

  • Layer 2 Base network to launch on August 9, with an Ethereum bridge for token movement.
  • The network aims for lower fees, appealing to diverse users from regular to DeFi participants.
  • “Onchain Summer” festival celebrates its arrival with art, music, and developer grants.
Coinbase, the prominent cryptocurrency exchange, is set to make a significant stride in the crypto space with the full public release of its Base network on August 9. Additionally, the exchange has already taken the initiative to launch an Ethereum bridge ahead of the scheduled date.
Layer 2 Base Network To Launch On August 9, Unveiling Onchain Summer
Layer 2 Base Network To Launch On August 9, Unveiling Onchain Summer 3

The introduction of the official bridge is expected to facilitate the seamless movement of tokens between the Base network and Ethereum, enhancing user accessibility and overall functionality.

Base, which operates on the OP software stack, is a Layer 2 blockchain that aims to offer lower transaction fees compared to the Ethereum network. This strategic move positions the network as a compelling alternative for a wide range of users, catering not only to Coinbase’s regular clients but also to participants in the decentralized finance (DeFi) sphere.

Layer 2 Base Network To Launch On August 9, Unveiling Onchain Summer
Layer 2 Base Network To Launch On August 9, Unveiling Onchain Summer 4

This official release follows the successful deployment of Base’s developer-only mainnet on July 13, which was primarily accessible to developers during its initial phase.

However, ahead of the full public launch, numerous users took advantage of a portal proxy contract and unofficial bridges to bridge assets to the network. This allowed them to participate in trading new memecoins being launched on the platform. While the bridge was initially accessible to a limited audience, its upcoming public launch opens up vast opportunities for users to harness the potential of the network.

In anticipation of the significant event, Coinbase announced the initiation of “Onchain Summer,” a month-long on-chain festival that showcases art, music, gaming, advocacy, and more. This festival, spearheaded by 50 prominent builders, brands, products, artists, and creators, will provide a fun and engaging experience for onchain enthusiasts throughout August.

Coinbase is also encouraging developers and creators to join in the festivities, offering grants for projects developed and created on Base during the summer in collaboration with PropHouse. This initiative aims to foster innovation and creativity within the growing the ecosystem.

As the network opens its doors to the public on August 9, it is poised to revolutionize the crypto space by attracting a diverse audience of builders and users. With its commitment to lower transaction fees and seamless Ethereum integration, Base has the potential to carve a significant niche in the cryptocurrency landscape, empowering users to experience the full potential of blockchain technology.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

base

Coinbase

Layer 2

Onchain Summer

OP Stack

PropHouse

Avatar of Harold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Blockchain

Layer 2 Base Network To Launch On August 9, Unveiling Onchain Summer

Key Points:

  • Layer 2 Base network to launch on August 9, with an Ethereum bridge for token movement.
  • The network aims for lower fees, appealing to diverse users from regular to DeFi participants.
  • “Onchain Summer” festival celebrates its arrival with art, music, and developer grants.
Coinbase, the prominent cryptocurrency exchange, is set to make a significant stride in the crypto space with the full public release of its Base network on August 9. Additionally, the exchange has already taken the initiative to launch an Ethereum bridge ahead of the scheduled date.
Layer 2 Base Network To Launch On August 9, Unveiling Onchain Summer
Layer 2 Base Network To Launch On August 9, Unveiling Onchain Summer 7

The introduction of the official bridge is expected to facilitate the seamless movement of tokens between the Base network and Ethereum, enhancing user accessibility and overall functionality.

Base, which operates on the OP software stack, is a Layer 2 blockchain that aims to offer lower transaction fees compared to the Ethereum network. This strategic move positions the network as a compelling alternative for a wide range of users, catering not only to Coinbase’s regular clients but also to participants in the decentralized finance (DeFi) sphere.

Layer 2 Base Network To Launch On August 9, Unveiling Onchain Summer
Layer 2 Base Network To Launch On August 9, Unveiling Onchain Summer 8

This official release follows the successful deployment of Base’s developer-only mainnet on July 13, which was primarily accessible to developers during its initial phase.

However, ahead of the full public launch, numerous users took advantage of a portal proxy contract and unofficial bridges to bridge assets to the network. This allowed them to participate in trading new memecoins being launched on the platform. While the bridge was initially accessible to a limited audience, its upcoming public launch opens up vast opportunities for users to harness the potential of the network.

In anticipation of the significant event, Coinbase announced the initiation of “Onchain Summer,” a month-long on-chain festival that showcases art, music, gaming, advocacy, and more. This festival, spearheaded by 50 prominent builders, brands, products, artists, and creators, will provide a fun and engaging experience for onchain enthusiasts throughout August.

Coinbase is also encouraging developers and creators to join in the festivities, offering grants for projects developed and created on Base during the summer in collaboration with PropHouse. This initiative aims to foster innovation and creativity within the growing the ecosystem.

As the network opens its doors to the public on August 9, it is poised to revolutionize the crypto space by attracting a diverse audience of builders and users. With its commitment to lower transaction fees and seamless Ethereum integration, Base has the potential to carve a significant niche in the cryptocurrency landscape, empowering users to experience the full potential of blockchain technology.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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