Coinbase Launches Ethereum Layer 2 Blockchain Base, Announces Festival and Hackathon
Crypto exchange Coinbase has announced the launch date for its Ethereum layer 2 blockchain, Base. Starting today, users can bridge ETH to Base, with dapps in the on-chain ecosystem starting to enable Base support.
Key Points:
– Base mainnet will go live for everyone on August 9, aiming to bring more users into the crypto economy.
– To celebrate the launch, Coinbase is hosting a month-long festival called “Onchain Summer” featuring 50 creators and developers showcasing novel things that can be done on-chain.
– Participants in the festival have the chance to receive grants and prizes totaling ~100 ETH and $125,000.
– Base is built on the Optimism stack and allows interoperability with other L1 and L2 networks like Solana.
– Unlike other scaling networks, Coinbase has no plans to release a token for Base. However, users who bridge their ETH to Base may receive ETH rewards and commemorative NFTs.
Hot Take:
Coinbase’s launch of Base and the accompanying events demonstrate their commitment to bringing more users into the crypto space. By providing a faster and cheaper layer 2 solution, Base aims to enhance the overall user experience. The festival and hackathon create opportunities for developers and creators to showcase the potential of on-chain solutions. While Base does not have its own token, users can still benefit from rewards and NFTs. Overall, Coinbase’s focus on accessibility and innovation is a positive step for the crypto industry.
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