Home Economy “Coinbase Set to Launch ‘Base’ Layer 2 Blockchain on Aug. 9, Enabling ETH Bridging”

“Coinbase Set to Launch ‘Base’ Layer 2 Blockchain on Aug. 9, Enabling ETH Bridging”

by primenewsglobal.com
Coinbase 'Base' Layer 2 Blockchain launch date

Coinbase to Launch ‘Base’ Layer 2 Blockchain for ETH Bridging on Aug. 9

Coinbase (COIN), the leading publicly traded U.S. cryptocurrency exchange, is set to launch its eagerly awaited layer 2 blockchain platform, ‘Base,’ designed to address Ethereum’s scalability challenges. Powered by Optimism’s OP Stack, Base will open to the public on August 9, following successful testing by developers since July.

With the official launch, users will gain the ability to bridge their ether (ETH) to Base, heralding faster and more scalable transactions. This strategic move aims to alleviate congestion and reduce fees on the Ethereum network, providing a smoother and cost-efficient user experience.

The announcement’s timing is strategic, coinciding with Coinbase’s upcoming second-quarter earnings report, garnering attention from investors and the crypto community alike. Moreover, Coinbase has commenced ‘Onchain Summer,’ a creative application development series on Base, attracting notable participants such as Coca-Cola (KO), Atari, and non-fungible token platform OpenSea.

Notably, Coinbase Wallet’s X account confirmed that users can fund ether on Base even before the official release, showcasing the platform’s potential appeal. The platform’s prospects appear promising, with CoinDesk reporting a substantial influx of funds, with over $68 million worth of ether bridged to the network recently, based on data from Dune.

Embracing the OP Stack aligns with industry trends, as other major players, including venture-capital firm Andreessen Horowitz (a16z), are also adopting it for their layer 2 rollup called Magi.

Anticipation in the crypto community is at a fever pitch, as Base’s launch is expected to have far-reaching implications, offering innovative solutions to Ethereum’s scalability woes and paving the way for a seamless and efficient blockchain experience. As the main network launch approaches, the excitement and expectations surrounding Base continue to soar, making it a significant development to watch in the crypto ecosystem.

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