Coinbase’s Base Blockchain Set to Open to the Public on Aug. 9 August 3, 2023 August 3, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 3, 2023 by Kelly Cromley

Coinbase’s Base Blockchain Set to Open to the Public on Aug. 9

coinbaseCoinbase, the largest publicly-traded U.S. cryptocurrency exchange, has revealed that its layer-2 blockchain, Base, built with Optimism’s OP Stack, will be accessible to the general public starting from August 9. The blockchain has already been available to developers since July for testing applications on the new network.

The announcement comes in anticipation of Coinbase’s second-quarter earnings report and the initiation of “Onchain Summer,” a series of events inviting creators and developers to explore the possibilities of art and application development on Base. Notable companies such as Coca-Cola, Atari, and OpenSea have joined the initiative.

Coinbase’s Base has already garnered significant attention, with several users successfully bridging their ether (ETH) to the platform before its public mainnet launch. Over $68 million worth of ether was recently transferred to the network, according to data from Dune, as reported by CoinDesk.

Venture capital firm Andreessen Horowitz (a16z) has also followed Coinbase’s lead by leveraging the OP Stack and is preparing to launch its own layer 2 rollup, named Magi.

Jesse Pollak, the creator of Base and head of protocols at Coinbase, stated in a press release, “Since we announced Base, our mission has been clear and consistent: bring the next billion users and next million builders on-chain. Today, we’re thrilled to announce our next step in that journey.”

The Base blockchain has been carefully designed to facilitate scalability and reduce transaction costs for users. Its layer-2 technology, in collaboration with Optimism’s OP Stack, aims to enhance the overall efficiency of the network. This development is expected to significantly impact the blockchain landscape by accommodating a broader user base and fostering innovation through various applications and projects.

Base’s recent opening to developers provided them with a testing environment to explore and refine their applications on the network. With the imminent public launch, users will soon have the opportunity to directly engage with Base and bridge their ether to the blockchain. This advancement could potentially revolutionize the accessibility and usability of cryptocurrencies for a wider audience.

Coinbase’s strategic decision to align the Base launch with the announcement of its second-quarter earnings reflects the significance of this blockchain’s role in the company’s growth and expansion. The market eagerly awaits the financial results, hoping to gain insights into Coinbase’s performance and the potential impact of Base on its future prospects.

In addition to Coinbase’s Base, the upcoming launch of Magi by Andreessen Horowitz showcases the increasing interest and investment in layer-2 solutions within the cryptocurrency ecosystem. These initiatives highlight the industry’s dedication to overcoming scalability challenges and reinforcing the underlying infrastructure for blockchain technologies.

As Base enters the public domain, it is expected to attract a diverse range of participants, from individual users to institutional investors. The involvement of renowned companies such as Coca-Cola and Atari in “Onchain Summer” further underscores the blockchain’s potential for hosting a wide array of applications, including non-fungible tokens (NFTs) and other creative projects.

In conclusion, Coinbase’s Base is set to usher in a new era of accessibility and scalability in the blockchain space. Its collaboration with Optimism’s OP Stack and the support from various industry players have positioned it as a formidable player in the crypto landscape. As the public launch approaches, the focus will shift to the actual adoption and utilization of Base, which will ultimately determine its impact on the broader blockchain industry.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.