Base opens its doors. Last February, Coinbase has announced its desire to create its own layer 2 on Ethereum. After seven months of development, the second layer solution called Base opens its doors to users.
The L2 Base opens up to users
Coinbase is one of the largest cryptocurrency exchange platforms. For several months, it has been developing Basea second layer solution on Ethereum.
In practice, Base is a optimistic rollup which uses the technology stack developed by Optimism. This makes this L2 an OP Chain, part of the Superchains Optimism ecosystem.
A first testnet was launched last February, followed by a deployment on the mainnet on July 13th. However, the protocol was then only available to developers. Although some users still joined the network to take part in the wave of memecoins that swept at the beginning of the month.
On August 9, the Base teams announced the opening of the network to all users.
This launch was also an opportunity for Base de unveil the user interface of its bridge connecting the L2 to Ethereum. Indeed, until now users could only transfer funds through the use of a proxy bridge.
This allows you to send ETH, cbETH, DAI or USDC on Coinbase’s L2. It also opens the door to withdrawals, hitherto complicated on the network.
To celebrate the launch, an event called “OnChain Summer” was also launched. This aims to reward the first users of the network with NFTs and even some cryptocurrencies.
>> You don’t trust the platforms to keep your cryptos? Ledger has the solution (commercial link) <<
Memecoin lovers flock to the L2
In parallel with the launch of Base, the company specializing in blockchain analysis Nansen revealed a study carried out on the first whales to have joined the network.
Thus, the 22 largest whales have transferred more than 100 ETH to Base since July 31, when the bridge opened for developers.
In practice, these whales seem particularly fond of memecoins. Indeed, the latter hold or have held memecoins such as BALD, TOSHI, PEPE or even HarryPotterObamaSonic10Inu.
They also took part in the narrative around Telegram bots, such as UNIBOT. This demonstrates an appetite for airdrop farming.
Moreover, we learn that these whales are regulars of L2. Indeed, most of them have already been active on L2s such as Arbitrum, Optimism, zkSync Era or Polygon zkEVM.
For its part, the network is enjoying the arrival of many emblematic players in the ecosystem. Thus, the DEX giant, Uniswap announced its deployment on Base.
Need a secure wallet to explore the multiple applications of DeFi? the best solution is still a personal hardware wallet. At Ledger, there is something for all profiles and all cryptos. Do not wait to put your capital in safety (commercial link)!