Coinbase Launches Base Main Network for Bridging ETH
Coinbase, the largest publicly-traded US crypto exchange, has announced the official launch of Base, its layer-2 blockchain, on August 9. Base, built with Optimism’s OP Stack, was previously only available for developers to test applications. Now, users will be able to bridge their ether (ETH) to Base. The launch coincides with Coinbase’s second-quarter earnings report and the start of “Onchain Summer,” a series of events for creators and developers. Notable participants include Coca-Cola, Atari, and OpenSea. Coinbase Wallet’s Twitter account also highlighted that it’s possible to fund ETH on Base before its public launch. Andreessen Horowitz is also utilizing the OP Stack for its own layer 2 rollup, Magi.
Key Points:
- Coinbase’s Base, a layer-2 blockchain, will be open to the public on Aug. 9.
- Users will be able to bridge their ETH to Base starting on Thursday.
- “Onchain Summer” has been launched, allowing creators and developers to build applications on Base.
- Over $68 million worth of ether has already been bridged to the network.
- Venture capital firm Andreessen Horowitz is developing its own layer 2 rollup, Magi.
Hot Take:
The launch of Coinbase’s Base main network signifies a major step towards bringing more users and builders into the crypto space. With the ability to bridge ETH to Base, users will have access to a faster and more scalable blockchain solution. The participation of notable companies like Coca-Cola and Atari in the “Onchain Summer” events showcases the growing interest and adoption of blockchain technology. As more layer-2 solutions like Magi are developed, the crypto industry is poised for further growth and innovation.
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