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Coinbase Launches Base Layer-2 Platform

Explore Coinbase's new Base layer-2 platform, its features, and upcoming events to enhance user experience in the crypto space.
Published on 2023-08-03

Coinbase Launches Base Layer-2 Platform

Coinbase, a prominent cryptocurrency exchange, is set to launch its Base layer-2 platform for public access on August 9. This development follows the introduction of an Ethereum bridge designed to facilitate seamless token transfers between Ethereum and the Base network.

Advantages of Base Layer-2

The Base platform offers users a cost-effective alternative to Ethereum, significantly reducing transaction costs. Catering to both typical Coinbase users and decentralized finance (DeFi) enthusiasts, the platform promises a versatile environment for cryptocurrency transactions.

Recent Developments and Challenges

The Base mainnet, initially launched on July 13 for developers, has already seen significant activity. Users have been leveraging portal proxy contracts and unofficial routes to bridge assets and trade new meme coins debuting on the platform. However, recent challenges have emerged, including a rug pull involving the BALD meme coin and a hack on Base's decentralized exchange, LeetSwap.

Onchain Summer and Future Plans

Coinbase is adopting a more structured approach as it enters a new phase with "Onchain Summer," a month-long event starting August 9. This initiative will feature collaborations with major industry players like Atari, OpenSea, and Optimism. As part of this event, the platform will integrate non-fungible token (NFT) functionalities and allow users to secure cb.id crypto usernames via the Coinbase Wallet.

These strategic developments mark Coinbase's commitment to enhancing the user experience and expanding its offerings in the evolving crypto landscape.

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