• Coinbase has officially launched its Ethereum Layer-2 protocol, Base, with a flurry of popular decentralized applications.
• The firm has announced an “Onchain Summer” event to celebrate the launch, with daily NFT mints and a hackathon offering $175,000 in prizes.
• Base has attracted over $153 million TVL before launch and promises faster transactions and lower fees.
Coinbase Launches Base
Coinbase has officially released its Ethereum Layer-2 protocol, Base, to the public after months of anticipation. The network hosts a variety of popular decentralized applications and has already attracted over $153 million in total value locked (TVL).
Onchain Summer Events
To celebrate the launch of Base, Coinbase is hosting multiple events spanning several weeks dubbed “Onchain Summer”. These include daily NFT mints as well as a hackathon that will offer up to $175,000 in prizes. Additionally, Coca-Cola will be launching its Masterpiece Campaign on August 13th.
Base Promises Faster Transactions & Lower Fees
Like other Ethereum Layer 2 networks, Base promises faster transactions along with lower fees compared to those on the mainnet. Coinbase also states that it plans to heavily integrate the network into its product ecosystem in order to onboard more users onto the platform.
Achieving Decentralization
Base is yet to achieve full decentralization but is taking steps towards doing so by proposing an incentive program for validators who secure the network. This program is intended to attract enough validators for full decentralization while at the same time providing an opportunity for users who wish to participate in securing the network while earning rewards at the same time.
Conclusion
Coinbase’s release of their Ethereum Layer 2 protocol offers many opportunities for developers and users alike – from transaction speed improvements and low cost fees all the way through participation incentives designed to encourage decentralization of their platform . With Onchain Summer underway we are sure to see even more exciting developments come out of this project soon!