• Coinbase officially released their Layer-2 protocol, Base, to the public after months of anticipation.
• To celebrate the launch, Coinbase has announced Onchain Summer, which includes daily NFT mints and a hackathon with over $175,000 up for grabs.
• Base promises cheaper fees and faster transactions than Ethereum’s mainnet and is linked with Coinbase’s product ecosystem.
Coinbase Launches ‚Base‘ Protocol
Coinbase has officially released its Layer-2 protocol, Base, to the public after months of anticipation. The network hosts popular decentralized applications (dApps) such as Aave, Compound, Sushiswap and Chainlink; and has attracted over $134 million in Total Value Locked (TVL).
Onchain Summer Events
To celebrate the launch of Base, Coinbase has announced „Onchain Summer,“ which includes multiple events spanning several weeks. These events include daily NFT mints and a hackathon with over $175,000 up for grabs; as well as Coca-Cola’s Masterpiece Campaign on August 13th.
Base promises cheaper fees and faster transactions than Ethereum’s mainnet. It is also heavily linked with Coinbase’s product ecosystem in order to onboard the “next million builders and billion users onchain.“ However it still needs to achieve decentralization but is taking steps toward it with a proposed protocol upgrade.
Television Lock Value
Since its testnet launch in February 2023, Base has attracted significant attention from the crypto community – evidenced by the memecoin frenzy before its eventual launch – leading to an increase in TVL by 14.2% to $153 million per data from L2Beat at the time of writing.
Base provides a range of benefits that make it an attractive Layer-1 protocol option for developers and users alike: cheaper fees; faster transactions; strong integration into Coinbase’s product ecosystem; potential decentralization following protocol upgrades; plus lots of exciting events lined up for Onchain Summer!