Summary:
Coinbase’s Layer 2 solution, Base, has seen over $100 million in value bridged over from Ethereum. Coinbase plans to widen mainnet access with the release of an official bridge, allowing users to move tokens between Base and Ethereum. Base’s roll-out is part of Coinbase’s “Onchain Summer” initiative, which involves collaborations with brands like Coca-Cola and OpenSea. The release of Base led to a surge in profits, with earnings increasing from $13,000 to over $430,000 in just one day. Coinbase sees Base as an investment in blockchain infrastructure that will drive down transaction costs and increase transaction speed.
Key Points:
- Over $100 million in value has been bridged over to Coinbase’s Layer 2 solution, Base.
- Coinbase plans to release an official bridge, allowing users to move tokens between Base and Ethereum.
- The release of Base led to a surge in profits, with earnings increasing from $13,000 to over $430,000 in one day.
- Base is part of Coinbase’s “Onchain Summer” initiative, involving collaborations with brands like Coca-Cola and OpenSea.
- Coinbase sees Base as an investment in blockchain infrastructure that will drive down transaction costs and increase transaction speed.
Hot Take:
Coinbase’s Base has quickly gained traction, with a significant amount of value bridged over to the Layer 2 solution. The release of an official bridge between Base and Ethereum will further enhance its usability. The surge in profits generated by Base demonstrates the potential of Layer 2 solutions to drive financial gains. Coinbase’s focus on expanding beyond trading by investing in blockchain infrastructure shows its commitment to unlocking new use cases and advancing the crypto industry as a whole.
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