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Leading US-based cryptocurrency exchange platform Coinbase has launched a bridge for their ‘Base’ layer-2 scaling solution for Ethereum (ETH). The Base mainnet is set to go public on August 9.
A Bridge to Crypto
Powered by the Optimism (OP) blockchain scaling solution, Coinbase’s Base network has made a user interface (UI) release for its official bridge. According to an August 3 announcement, the bridge will enable end users to sign up for the first time without requiring developer tools.
Base is now open for bridging
Base opens for everything on August 9
We’re helping throw an onchain festival to celebrate
ɪᴛ’ꜱ ᴏɴᴄʜᴀɪɴ ꜱᴜᴍᴍᴇʀ 🟡https://t.co/p8KTcnkbbx
— Base 🛡️ (@BuildOnBase) August 3, 2023
“Our next step begins today: Base is now open for bridging and Base mainnet will open for everyone and everything on August 9,” the announcement reads. “Over the next week, you’ll begin to see dapps across the on-chain ecosystem turn on Base support and new ones launch.”
A “bridge” is a tool that enables users to transfer their crypto holdings between blockchains.
Users can access the project’s official website, take a quiz on Coinbase or the Coinbase wallet app, or use different web3 protocols like Galxe, Layer3, or mint.fun to mint NFTs and bridge to the layer-2 scaling solution.
The project was announced in February 2023.
According to blockchain analytics firm Dune Analytics, over US$90 million worth of Ethers have already been bridged to Base.
As a “bridge” for new cryptocurrency users into the crypto industry, Base intends to offer access to and interoperability with goods on Ethereum and other L1 and L2 networks, like Solana.
“Since we announced Base, our mission has been clear and consistent: bring the next billion users and next million builders on the chain,” noted Jesse Pollak, creator of Base and Head of Protocols at Coinbase, in the official announcement.
Ethereum is scaling 📈
Excited to bridge over to Base in its early stage. I remain highly optimistic an onchain future will prevail.
Props to @coinbase for staying true to their ethos 🫡 https://t.co/HOjjYYMleA
— Erik Smith, CFP® (@eriksmithcfp) August 3, 2023
The layer-2 blockchain is based on the OP software stack. It was developed as a substitute for using Ethereum, which has reduced transaction fees and caters to a broader clientele, including regular Coinbase users and DeFi members.
The platform uses rollups, a technique for grouping transactions together off-chain for a low cost before settling them on-chain.
Launch Accompanied by “Onchain Summer”
To celebrate the launch of the bridge, Base is hosting its first-ever Onchain Summer Festival.
“Every day in August, they’ll be bringing you something fun thing to do on-chain, highlighting art, music, gaming, advocacy, and more,” the announcement highlights.
To get ready for Onchain Summer, fund any crypto wallet that supports Base, such as @CoinbaseWallet or the web3 wallet in the Coinbase app.
You can also bridge your assets securely to Base here: https://t.co/oGPANzaIkr
— Coinbase 🛡️ (@coinbase) August 3, 2023
Users that join the network or finish educational “quests” will be rewarded with ETH and Base-related NFTs.
To increase participation in the celebration, Coinbase and PropHouse will incentivize additional projects built and developed on Base by rewarding developers and content producers grants worth over 100 ETH, or about $1,84,000.
Apart from grants, the festival will also conduct a virtual hackathon called Superhack, co-hosted by Base and other Superchain members.
Does Base Have a Token?
Coinbase has previously stated that it has no plans to associate a network token with Base. It will use Ether instead as the native gas token for the blockchain.
People that bridge their ETH to Base may be rewarded with ETH and NFT rewards in appreciation through the Onchain Summer website, the Coinbase app, and Base Bridge.
Base claims it is compatible with several wallet apps, including “Coinbase Wallet, Rainbow, Safe, Brave, Rabby, Frame, Exodus, Trust Wallet, rhino.fi, and Frontier.”
The statement comes at a time when the exchange is getting ready to present its second-quarter earnings report.
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