Base Opens Ethereum Bridging, Announces Mainnet Launch
Base, the Ethereum L2 (layer 2) scaling layer built by Coinbase, is opening its mainnet on August 9, allowing any interested developer to deploy apps on the network. In preparation for the launch, the protocol has already opened access to bridge selected ERC-20 tokens to the Base layer from Ethereum.
- The bridge currently allows bridging ethereum, Coinbase staked ethereum, dai, and USDC to Base, with the ability to withdraw the same assets back to Ethereum.
- Base is among the top ten scaling solutions with the highest value locked, with over $92 million in total value locked (TVL) according to L2beat.
- The Ethereum bridge opening contributed to Base’s TVL surge, which experienced a 40,000% increase in value within 48 hours due to the issuance of the meme token bald.
The ‘Onchain Summer’
As part of the mainnet launch, Base will be sponsoring the “Onchain Summer,” a month-long on-chain festival featuring collaborations with 50 builders, brands, products, artists, and creators. This event will highlight art, music, gaming, advocacy, and more.
- The full lineup of collaborators will be announced on August 9, with brands such as Coca-Cola and Atari, and crypto names like Opensea and Optimism being mentioned.
- Base will provide 100 ETH in grants through a partnership with Prop House to support developers and builders in various activities related to Base, including art delivery, innovative app and protocol development, crypto advocacy, sensible legislation, and applications using account abstraction.
Hot Take: The launch of Base’s mainnet and the opening of the Ethereum bridge mark significant milestones for the project. With the ability to deploy apps and bridge tokens, Base is poised to attract more developers and users to its scaling solution. The “Onchain Summer” event further showcases Base’s commitment to fostering creativity and collaboration within the crypto community.
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