Introduction
Coinbase has launched Base, its Ethereum layer-2 network, as part of its efforts to promote the development of decentralized apps. The launch event called Onchain Summer has generated significant enthusiasm, with over $142 million in total value locked in the ecosystem.
Main Breakdowns
- Base launch: Coinbase has officially launched Base, its Ethereum layer-2 network, after months of development.
- Onchain Summer: The launch event, Onchain Summer, aims to bring millions of new users on-chain and showcase the possibilities of the technology beyond cryptocurrencies.
- Diverse decentralized apps: Over 100 decentralized apps will be available with Base’s launch, demonstrating the potential of the network. Some of these apps were created by developers who had early access to the blockchain.
- No native tokens: Unlike other layer-2 networks, Coinbase has no plans to introduce native tokens to Base. The focus is on incubating developers and avoiding token-related regulatory complications.
- Legal challenges: Coinbase is currently facing a lawsuit from the Securities and Exchange Commission (SEC) for allegedly operating as an unlicensed securities exchange. However, the lawsuit is not expected to impact the development of Base.
Hot Take
Coinbase’s launch of Base and its focus on fostering developer growth and expanding the ecosystem without introducing native tokens demonstrates their commitment to the future of decentralized apps. The avoidance of regulatory complications related to tokens is a strategic move, considering the ongoing legal challenges faced by Coinbase. Overall, this launch marks an important step in Coinbase’s efforts to bring millions of new users into the world of decentralized finance.
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