Base Network Rakes in the Fees Riding Crypto's Favorite Memes - Decrypt
Coinbase's layer-2 solution, Base, has become the fastest network to reach 1 million addresses, attracting big brands and generating $3.3 million in profit since its launch.
Topics
Posted 9/2/2023, 10:01:02 AM
decrypt.co
Relevant topic timeline:
The main topic is the launch of Coinbase's layer-2 blockchain Base's mainnet to the public on August 9. Key points include:
- Base has been operating on the testnet since late February and launched its "builder only phase" in mid-July.
- Users can start bridging their funds onchain to mint NFTs and experience Base.
- Base will kick off its Onchain Summer initiative, partnering with consumer brands like Coca-Cola and Atari.
- Base has seen over $68 million worth of ether bridged to the network and over $200 million in trading volume and transactions.
- The blockchain is partnering with Prop House to offer grants to builders building on Base.
- Onchain activity is growing quickly.
Coinbase's new Base blockchain, which operates as a layer-2 network atop Ethereum, has gained significant traction with its application Friend.tech attracting over 100,000 users and generating $25 million in fees, pushing its total value locked past $200 million and its transactions per second above Ethereum and rival layer-2 projects Arbitrum and Optimism.
Base, the Layer 2 scaling solution from Coinbase, has experienced a significant increase in transactions per second (TPS) due to the trend called Friend.tech, according to CEO Brian Armstrong. Base's TPS has exceeded that of Ethereum, with a TPS value up by over 75% in the past week, making it a major L2 protocol to watch out for.
Coinbase's layer-2 solution, Base, experienced four security incidents shortly after its launch, resulting in the loss of $15.8 million in cryptocurrencies in August.
Coinbase's Ethereum layer-2 network Base experienced its first major outage, lasting for 43 minutes, due to a delay in block production, highlighting the potential risks of using layer-2 networks compared to Ethereum's mainnet.
Coinbase's layer 2 blockchain, Base, has experienced a surge in daily transactions, reaching an all-time high, with the increase mainly driven by a decentralized social network platform called Friend.tech.
Coinbase's layer-2 scaling solution Base set a new daily transaction record with over 1.8 million transactions, surpassing the combined total of its rivals Arbitrum and Optimism.