Ethereum and Other Crypto Assets Move to Coinbase’s Layer-2 Solution
Hundreds of millions of dollars’ worth of Ethereum (ETH) and other crypto assets have been transferred to Coinbase’s new layer-2 scaling solution called Base. The bridge, powered by Optimism, saw a total of $163 million moved to the platform since its public launch. The breakdown of assets moved includes 72,724 ETH worth $135.8 million, $19.2 million worth of USD Coin (USDC), $5.7 million worth of Dai (DAI), and $3.1 million worth of Coinbase Wrapped Staked Ethereum (cbETH).
Increase in Daily Active Users and Transactions
The launch of Base has resulted in a significant increase in daily active users, with the number reaching 100,983 just one day after the announcement. Additionally, the number of daily transactions peaked at 607,000 in July when the platform opened to blockchain developers, and it reached over 380,000 on its public launch day.
On-Chain Summer Festival
Coinbase is celebrating the public launch of its layer-2 scaling solution by hosting the first-ever on-chain summer festival. The festival, called “Onchain Summer,” will showcase on-chain art, culture, music, gaming, and more. It features collaborations with 50 leading builders, brands, creators, and artists, offering daily mints and stories for users to explore.
Coinbase’s Goal for Crypto Adoption
Coinbase’s goal is to onboard over a billion users into the crypto sphere, as stated in July. However, there are currently no plans to launch a token associated with Base.
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