Coinbase Launches Layer-2 Network: Onchain Summer Kicks Off!

• Coinbase launched its Layer-2 Base protocol on the mainnet after months of anticipation.
• The launch was celebrated with multiple events, such as a hackathon with $175,000 in prizes and a Coca-Cola Masterpiece Campaign.
• Base has attracted over $153 million in total value locked (TVL) at launch.

Coinbase Launches Layer-2 Protocol

Coinbase has officially released its Ethereum Layer-2 protocol, Base, to the public after months of anticipation. The network hosts popular decentralized applications like Aave, Compound, Sushiswap, and Chainlink and has attracted over $153 million in Total Value Locked (TVL).

Onchain Summer Celebrations

Coinbase is celebrating the launch of Base with multiple events spanning several weeks. This includes daily NFT mints and a hackathon with over $175,000 up for grabs. Among the headline events is Coca-Cola’s Masterpiece Campaign on August 13.

Decentralization Challenges

Base is yet to achieve decentralization but is taking steps toward it with a proposed mechanism allowing anyone to join their validator set and earn rewards for participating in consensus formation while ensuring no single entity controls more than 33% of the network’s validators.

Million Builders & Billions Users Onchain Goal

Coinbase asserts that the goal of Base is to onboard the “next million builders and billion users onchain” by providing cheaper fees and faster transactions compared to using Ethereum directly. Coinbase also promises that the Layer-2 network will be heavily linked with its product ecosystem.

Conclusion

Base has experienced significant interest from crypto community members before its eventual launch and this activity has only spiked following its public release. With Onchain Summer celebrations already underway, businesses are looking forward to seeing how much further it can grow before reaching full decentralization later this year.