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Coinbase’s Base Network Goes Live: Here’s What You Can Do

Published August 10, 2023 2:07 PM
Teuta Franjkovic
Published August 10, 2023 2:07 PM
Key Takeaways
  • With $142 million now present on its network, Coinbase Ethereum L2 launched
  • Its blockchain gives it a new revenue possibility and is the first one to be introduced by a publicly traded firm
  • It will not introduce a native token on Base and would instead give network-native developers priority

After a brief “open for builders only” period, Coinbase’s Base network  has been officially launched. The team said on August 9 that the network is now prepared to accept users.

Pivotal Event in the Timeline of a Stock-Traded Corporation

Coinbase Base app releases  have been announced by several Web3 development teams at once, and the network’s team has also published a calendar of future events to mark the network’s launch.

According to Dune Analytics , since Base’s announcement last week, there has been a significant uptick in interest, with just over $142 million in ecosystem value locked up—a nearly 52% increase from the week before the launch.

On February 23, Coinbase officially began Base beta testing phase. Many in the cryptocurrency sector thought that it may encourage more people to adopt Web3 protocols as soon as it was introduced because of Coinbase’s sizable user base.

On July 13, the network made its mainnet version  “for builders” available, but the development team issued a warning that it wasn’t yet ready for users. The network opened to all customers on August 9.

What Users Can Do Right Now

Bridge tokens

Users can use the official Base bridge, which debuted a user interface  on August 3, to bridge Ether from mainnet to Base. Wormhole, a cross-chain bridging protocol, stated  on August 9 that it is now available on Base.

Exchange tokens and add liquidity

A third DEX may soon reopen, and at least two decentralized cryptocurrency exchanges (DEXs) have declared they are using Base. One of the earliest Ethereum decentralized exchanges, Uniswap, revealed  on August 7 that its Base version was operational.

On August 8, Maverick Protocol released  a Base version. In comparison to its rivals, Maverick asserts to offer more capital efficiency and greater personalization.

LeetSwap, a third DEX on Base, was once operational during the “builders only” phase but has since been shut down  as a result of an August 1 exploit. At some time in the future, the crew plans to revive the project . In order to increase production, LeetSwap advertises itself as a DEX for “leet degens” and provides “dual-token farm rewards”.

These three apps give consumers the ability to exchange tokens or act as liquidity providers.

Make remittances

There is at least one payment app available for Coinbase’s Base. Users of the web-based software Beam  can make payments with either the program’s native token, Eco, or U.S. Dollar token USDC. Users are not required to keep seed words or have Ether in order to pay for gas fees, claim the app’s creators.

They can use their Twitter accounts to sign in and use USDC or Eco to pay for gas. An integrated fiat-to-crypto and crypto-to-fiat gateway is another feature of the software.

On July 27, Base announced  Beam’s network debut.

Creating a username

For Base, Masa Finance has made available the soulbound token protocol. The protocol declared  on August 8 that users could officially register their.masa usernames on Base. Later on, credit underwriting and other Know Your Customer-compliant services may use these usernames.

Since the start of the building phase, according to Masa’s announcement, more than 280,000 usernames have been created on Base.

Formally establish a decentralized autonomous organization (DAO)

To make it simple to construct DAOs on the new network, Aragon, the decentralized autonomous organization creation protocol, has launched its “no-code Aragon app” and “modular Aragon OSx” on Base. End users can create DAOs on Base through Aragon, while developers will mostly use this feature.

Create non-fungible tokens (NFTs) and collect them

Throughout August and the beginning of September, users will be able to mint NFTs exclusively on Base using a variety of brands and projects. Coca-Cola, Coinbase’s Stand With Crypto initiative, Showtime, Atari, Optimism, OpenSea, and more brands fall under this category. On a different day of the Onchain Summer event, each NFT debuts. For instance, the Showtime NFT debuts on August 18 whereas the Atari NFT debuts on August 25.

During Base’s Debut, Some Investors Suffered Damages

Despite Base’s initial success in luring app developers, there have been issues with its launch. Between July 13 and August 2, the network was operational but lacked a bridge UI. As a result, some users tried to gain an advantage by transferring ETH to the network via developer tools and purchasing memecoins, which were anticipated to appreciate in value following the network’s formal launch. However, because of numerous launch problems, many investors lost money in these companies.

Due to misunderstandings on how the token was to be allocated, investors in the July 28 Pond0x memecoin launch allegedly lost an estimated $2.2 million . When the developer withdrew some of its liquidity  during the July 31 BALD token launch on Base, another $1.9 million was lost.

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