Bitcoin Exchange Coinbase is Getting Ready to Launch “Base” Network!

• Cryptocurrency exchange Coinbase will release the Base network for full access on August 9th and has previously launched an Ethereum bridge.
• Base operates on the OP software stack and functions as a Layer 2 blockchain, aiming for lower transaction fees than Ethereum.
• After going public, Coinbase aims for a more structured phase and will include launch partners. The team will initiate a promotional event called “Onchain Summer” that will last for a month on the network.

Coinbase’s Base network, which was launched exclusively for developers on July 13th, will be publicly launched next week.

Coinbase to Launch Base Network Next Week

Cryptocurrency exchange Coinbase will release the Base network for full access on August 9th and has previously launched an Ethereum bridge. Coinbase protocol lead Jesse Pollak said, “Base’s bridging functionality has been activated today, and the main network will be accessible to everyone on August 9th.”

Releasing an official bridge provides users with a way to transfer tokens between the Base network and Ethereum. Base operates on the OP software stack and functions as a Layer 2 blockchain, aiming for lower transaction fees than Ethereum. It aims to cater to a wide audience, from Coinbase’s regular users to DeFi participants.

The main network of Base, which was initially exclusive to developers, went live on July 13th and was initially targeted at developers. However, prior to the official launch, several users transferred their assets to the network using the portal proxy contract and other unofficial bridges to trade newly launched memecoins on Base.

A notable event was related to the Bald memecoin launched by an unknown developer. Last week, the token’s value reached up to 85 million dollars. However, the developer suddenly withdrew liquidity from Bald’s main liquidity pool, causing the token’s value to almost drop to zero. This situation resembles a “rug-pull” – a deceptive strategy where main developers or owners withdraw liquidity, causing the token’s price to collapse. Following this sudden drop, a major security attack occurred on Base’s decentralized exchange, LeetSwap.

Onchain Summer Event

After going public, Coinbase aims for a more structured phase and will include launch partners. The team will initiate a promotional event called “Onchain Summer” that will last for a month on the network. This event will involve collaborations with many launch partners such as Coinbase, Atari, OpenSea, Showtime, Optimism, Rainbow Wallet, Manifold, Parallel, and Friends With Benefits.

In addition, the network will introduce NFT functionality starting from August 9th. Users will be able to create commemorative NFTs, participate in tasks to earn rewards, and reserve cb.id crypto usernames in the Coinbase Wallet.