This groundbreaking development will enable users to bridge their Ethereum (ETH) tokens starting Thursday, culminating in the official launch of the main network on August 9th. The blockchain recently accumulated $68M worth of ether bridged to the network.
“Today, we’re excited to announce the testnet launch of Base, an Ethereum Layer 2 (L2) network offering a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps or “dapps” onchain.Coinbase stated on their website.
With the introduction of this innovative technology, Coinbase is aiming to revolutionize the crypto landscape by offering greater scalability and efficiency, laying the foundation for a more seamless and accessible future of digital finance.
In July, Base went live for developers so they could test their programmes on the brand-new network. According to a blog post by Coinbase, users will be able to bridge their ether (ETH) to Base as of Thursday.
Coinbase is set to release second-quarter profits at the same time as the announcement, and “Onchain Summer,” a series of events where artists and developers may create works of art or develop applications on Base, has just begun.
Coca-Cola (KO), gaming titan Atari, and non-fungible token platform OpenSea are among the companies taking part.
Base: A turning point in the Blockchain industry:
An important turning point in the blockchain sector will be marked with the launch of Coinbase’s “Base” next week.
The introduction of ETH bridging capabilities and close cooperation with influential actors across industries pave the way for what might be a revolutionary development in blockchain technology.
The security and scalability required to power the decentralized apps are integrated into Base. The user may confidently onramp into Base from Coinbase, Ethereum L1, and other compatible chains thanks to this solution, which takes advantage of Ethereum’s inherent security as well as Coinbase’s best practices.
By giving consumers access to Coinbase’s tools, users, and products, Base makes it simple to create decentralized applications.
Developers may access $80B in platform assets in the Coinbase ecosystem and serve the 110M+ verified customers thanks to seamless Coinbase product interfaces, simple fiat onramps, and strong acquisition tools.