{"id":426735,"date":"2023-08-04T13:08:12","date_gmt":"2023-08-04T13:08:12","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=426735"},"modified":"2023-08-04T13:08:12","modified_gmt":"2023-08-04T13:08:12","slug":"coinbase-initiates-integration-for-layer-2-blockchain-base-announces-mainnet-release-date","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/coinbase-initiates-integration-for-layer-2-blockchain-base-announces-mainnet-release-date","title":{"rendered":"Coinbase Initiates Integration for Layer-2 blockchain Base, Announces Mainnet Release Date"},"content":{"rendered":"<p>Leading US-based cryptocurrency exchange platform Coinbase has launched a bridge for their &lsquo;Base&rsquo; layer-2 scaling solution for Ethereum (ETH). The Base mainnet is set to go public on August 9.<\/p>\n<h2>A Bridge to Crypto<\/h2>\n<p>Powered by the Optimism (OP) blockchain scaling solution, Coinbase&rsquo;s Base network has made a user interface (UI) release for its official bridge. According to an <a href=\"https:\/\/base.mirror.xyz\/h028XVTdP7QtZZfWAHuJ9OYmMNs0Fyi4e4fJZH_5ik4\">August 3 announcement<\/a>, the bridge will enable end users to sign up for the first time without requiring developer tools.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Base is now open for bridging<\/p>\n<p>Base opens for everything on August 9<\/p>\n<p>We&rsquo;re helping throw an onchain festival to celebrate<\/p>\n<p>&#618;&#7451;'&#42801; &#7439;&#628;&#7428;&#668;&#7424;&#618;&#628; &#42801;&#7452;&#7437;&#7437;&#7431;&#640; &#128993;<a href=\"https:\/\/t.co\/p8KTcnkbbx\">https:\/\/t.co\/p8KTcnkbbx<\/a><\/p>\n<p>&mdash; Base &#128737;&#65039; (@base) <a href=\"https:\/\/twitter.com\/base\/status\/1687088084704509952?ref_src=twsrc%5Etfw\">August 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&ldquo;Our next step begins today: Base is now open for bridging and Base mainnet will open for everyone and everything on August 9,&rdquo; the announcement reads. &ldquo;Over the next week, you&rsquo;ll begin to see dapps across the on-chain ecosystem turn on Base support and new ones launch.&rdquo;<\/p>\n<p>A &ldquo;bridge&rdquo; is a tool that enables users to transfer their crypto holdings between blockchains.<\/p>\n<p>Users can access the project&rsquo;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.<\/p>\n<p>The project was announced in February 2023.<\/p>\n<p>According to blockchain analytics firm <a href=\"https:\/\/dune.com\/tk-research\/base\">Dune Analytics<\/a>, over US$90 million worth of Ethers have already been bridged to Base.<\/p>\n<p>As a &ldquo;bridge&rdquo; 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.<\/p>\n<p>&ldquo;Since we announced Base, our mission has been clear and consistent: bring the next billion users and next million builders on the chain,&rdquo; noted Jesse Pollak, creator of Base and Head of Protocols at <a href=\"https:\/\/insidebitcoins.com\/visit\/coinbase\" rel=\"nofollow\">Coinbase<\/a>, in the official announcement.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ethereum is scaling &#128200;<\/p>\n<p>Excited to bridge over to Base in its early stage. I remain highly optimistic an onchain future will prevail.<\/p>\n<p>Props to <a href=\"https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw\">@coinbase<\/a> for staying true to their ethos &#129761; <a href=\"https:\/\/t.co\/HOjjYYMleA\">https:\/\/t.co\/HOjjYYMleA<\/a><\/p>\n<p>&mdash; Erik Smith, CFP&reg; (@eriksmithcfp) <a href=\"https:\/\/twitter.com\/eriksmithcfp\/status\/1687103263857090561?ref_src=twsrc%5Etfw\">August 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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.<\/p>\n<p>The platform uses rollups, a technique for grouping transactions together off-chain for a low cost before settling them on-chain.<\/p>\n<h2>Launch Accompanied by &ldquo;Onchain Summer&rdquo;<\/h2>\n<p>To celebrate the launch of the bridge, Base is hosting its first-ever Onchain Summer Festival.<\/p>\n<p>&ldquo;Every day in August, they&rsquo;ll be bringing you something fun thing to do on-chain, highlighting art, music, gaming, advocacy, and more,&rdquo; the announcement highlights.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">To get ready for Onchain Summer, fund any crypto wallet that supports Base, such as <a href=\"https:\/\/twitter.com\/CoinbaseWallet?ref_src=twsrc%5Etfw\">@CoinbaseWallet<\/a> or the web3 wallet in the Coinbase app.<\/p>\n<p>You can also bridge your assets securely to Base here: <a href=\"https:\/\/t.co\/oGPANzaIkr\">https:\/\/t.co\/oGPANzaIkr<\/a><\/p>\n<p>&mdash; Coinbase &#128737;&#65039; (@coinbase) <a href=\"https:\/\/twitter.com\/coinbase\/status\/1687087507815710720?ref_src=twsrc%5Etfw\">August 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Users that join the network or finish educational &ldquo;quests&rdquo; will be rewarded with ETH and Base-related NFTs.<\/p>\n<p>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.<\/p>\n<p>Apart from grants, the festival will also conduct a virtual hackathon called Superhack, co-hosted by Base and other Superchain members.<\/p>\n<h2>Does Base Have a Token?<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Base claims it is compatible with several wallet apps, including &ldquo;Coinbase Wallet, Rainbow, Safe, Brave, Rabby, Frame, Exodus, Trust Wallet, rhino.fi, and Frontier.&rdquo;<\/p>\n<p>The statement comes at a time when the exchange is getting ready to present its second-quarter earnings report.<\/p>\n<h2>Related Articles<\/h2>\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/coinbases-evolving-revenue-landscape-from-transactions-to-subscriptions\">Coinbase&rsquo;s Evolving Revenue Landscape: From Transactions to Subscriptions<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/sec-case-against-coinbase-set-to-begin-august-4\">SEC Case Against Coinbase Set to Begin August 4<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/solana-co-founder-proposes-ethereum-as-layer-2-solution-for-solana-network\">Solana Co-Founder Proposes Ethereum as Layer-2 Solution for Solana Network<\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Newest Meme Coin ICO - 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The Base mainnet is set to <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1868,"featured_media":426746,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[],"class_list":["post-426735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase Initiates Integration for Layer-2 blockchain Base, Announces Mainnet Release Date<\/title>\n<meta name=\"description\" content=\"Leading US-based cryptocurrency exchange platform Coinbase has launched a bridge for their &#039;Base&#039; layer-2 scaling solution for Ethereum (ETH). 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Prateek enjoys breaking down complex topics related to Fintech, the stock market, cryptocurrency, decentralized finance and accountancy so they could be read by a wider audience. His latest crypto news coverage has a focus on how to survive the bear market. An avid traveler, and reader, Prateek likes building assets that could generate passive income. 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