Onchain Summer: Coinbase's Base Mainnet Goes Live

Coinbase has officially launched its Base mainnet to the public, introducing a diverse array of over 100 decentralised applications (dApps) and service providers within the Base ecosystem.

This launch brings forth potential benefits such as lower transaction fees and quicker transaction speeds compared to Ethereum, according to Jesse Pollak, the lead for protocols at Coinbase.

Base, developed on Optimism's OP Stack, functions as a rollup network and operates as a scaling solution, offloading transactions from the Ethereum blockchain to create a more cost-effective network for dapps.

This Layer 2 solution is anticipated to become the default network for Coinbase's on-chain products, providing an efficient platform for various crypto projects, including DeFi protocols, wallets, bridges, oracles, and analytics and infrastructure providers.

What is a Layer 2 Solution?

Imagine a blockchain as a busy highway, where many transactions take place.

Sometimes, this highway gets congested, leading to slower transactions and higher fees.

A Layer 2 solution is like adding an extra layer to the existing blockchain, which handles a large number of smaller transactions, allowing the main blockchain to focus on the bigger, more important ones.

Onchain Summer

In conjunction with the public mainnet release, Base has initiated an "Onchain Summer" event, lasting several weeks, with a focus on promoting partner dApps in the realms of digital art, music, and gaming.

During this event, users have the option to mint a unique "Base, Day One" NFT in celebration of the Base mainnet's launch.

Leading up to the launch, the network has already witnessed significant activity, with assets valued at over $100 million transferred by both developers and users to the Base ecosystem.