The Launch of Coinbase Base Network
The Coinbase layer-2 Base Network has officially launched to the public during the ‘Onchain Summer’ event. Its total value locked has already surpassed several established protocols, showing promising growth.
Key Points:
- Coinbase announced the public launch of Base Network on Aug. 9, as part of the ‘Onchain Summer’ event.
- The Base mainnet features over 100 dApps and service providers in its ecosystem.
- The total value locked in Base has surged 72% in the past week, reaching $147 million in collateral and ranking fifth in the layer-2 ecosystem.
- Base is faster and cheaper than Ethereum but currently processes fewer transactions per second.
- Base is built on the Optimism OP stack, promising higher throughput in the future.
Base Network’s Performance and Market Share
Although Base Network’s total value locked is smaller compared to Arbitrum and Optimism, it has outperformed other established layer-2 projects like Starknet and Loopring.
Hot Take:
Base Network’s early growth is promising for Coinbase, but it faces criticism from decentralization advocates who argue that it is not truly decentralized. However, its launch marks an important step in accelerating the development of a global, decentralized financial system.
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