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 stock experienced a significant surge after a federal judge ruled in favor of Grayscale in their SEC dispute, leading to hopes of a potential Bitcoin ETF and increasing the value of COIN by over 15%.
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 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.
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 blockchain, Base, has quickly become a major player in the Ethereum-based layer-2 chain space, hosting numerous decentralized projects and seeing a high volume of transactions and new addresses, with the goal of bringing a billion users on-chain within this decade. The company aims to drive mainstream adoption by reducing costs, improving user experience, and developing better identity infrastructure, and believes that blockchain technology is moving from a speculative phase to one focused on utility for everyday people.
Decentralized social media platform Friend.tech, built on Coinbase's layer-2 protocol, has experienced significant growth in revenue and total value locked, proving critics wrong who predicted its failure.
