Coinbase to Launch ‘Base’ Network for Full Public Access, Introduces Ethereum Bridge

Coinbase to Launch ‘Base’ Network for Full Public Access, Introduces Ethereum Bridge

Greetings, crypto enthusiasts! Mubarak here, excited to share the latest developments in the world of cryptocurrencies. Today, we’re diving into the latest news from Coinbase, the renowned crypto exchange, as it prepares to release its Base network to the public.

On August 9, Coinbase will open up its Base network for full public access, offering users a new and efficient way to interact with cryptocurrencies. To facilitate seamless transactions, Coinbase has already launched an Ethereum bridge, allowing users to move tokens between the Base network and Ethereum.

Built on the OP software stack, Base operates as a Layer 2 blockchain, designed to provide lower transaction fees compared to Ethereum. This makes it an attractive alternative for a wide range of users, from Coinbase’s regular customers to participants in decentralized finance (DeFi) activities.

The network’s journey started on July 13 when it went live for developers in a developer-only mainnet phase. However, ahead of the official launch, users began bridging assets to the network, utilizing a portal proxy contract and unofficial bridges to trade newly launched memecoins on Base.

One notable incident involved the Bald memecoin, initiated by an anonymous developer. At its peak, the token held a valuation of $85 million but experienced a significant drop in value after the developer unexpectedly withdrew liquidity from Bald’s main liquidity pool, resembling a rug pull strategy. This incident was followed by a security hack at Base’s decentralized exchange LeetSwap.

With the upcoming public release, Coinbase is planning for a structured phase that includes launch partners. To mark the occasion, the team is launching “Onchain Summer,” a month-long promotional event featuring collaborations with various partners, such as Atari, OpenSea, Showtime, Optimism, Rainbow Wallet, Manifold, Parallel, and Friends With Benefits.

Starting from August 9, the Base network will also introduce NFT functionalities, allowing users to mint commemorative NFTs, participate in tasks to earn rewards, and reserve crypto usernames on the Coinbase Wallet.

As we await the full public access to Base, Coinbase continues to innovate and expand its offerings, bringing new opportunities and possibilities to the crypto community.

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