Coinbase Sets Date for Base Mainnet Launch, Addresses Token Rumors

Crypto alternate Coinbase has revealed its launch date for Base – the Ethereum layer 2 blockchain designed to make transactions sooner and cheaper than the underlying community.

As of right now, customers can start bridging ETH to base, with dapps “throughout the on-chain ecosystem” beginning to allow Base assist.

Base: A Bridge To Crypto

As printed in a blog post from Base on Thursday, the Base mainnet will go stay “for everybody and all the things” on August 9.

To commemorate the launch, the agency additionally introduced “Onchain Summer time” – a month-long pageant by 50 creators and builders with a day by day showcase of novel issues that may be carried out on-chain.

Members within the pageant shall be open to ~100 ETH in grants from Coinbase, spread across members in 4 completely different occasions: Onchain Summer time, Construct on Base, Stand With Crypto, and Base Accounts. The corporate can even host a digital hackathon – Superhack – from August 4 to 18, which incorporates one other $125,000 in prizes.

“Our mission has been clear and constant: convey the subsequent million builders and billion customers onchain,” stated Base. “We consider that change is an onchain future that permits an open, international financial system that will increase financial freedom and places everybody on a degree enjoying subject.”

Base was introduced in February as a “bridge” for brand spanking new crypto customers into the crypto financial system. In addition to Ethereum, it’s designed to offer interoperability with and entry to merchandise on different L1 and L2 networks, similar to Solana.

The platform was constructed utilizing the Optimism (OP) stack and leverages the ability of rollups, a way of cheaply batching transactions collectively off-chain earlier than settling them on-chain.

Will Base Get A Token?

In contrast to different Ethereum scaling networks similar to Optimism, Arbitrum (ARB), or Polygon (MATIC), Coinbase acknowledged from the outset that it has no plans to launch an accompanying token for Base.

That stated, those that bridge their ETH to Base could obtain each an ETH reward and a commemorative NFT for his or her efforts. This may be carried out utilizing quite a lot of strategies, together with by means of Onchain Summer time’s website, Coinbase’s app, and utilizing Base Bridge, amongst different issues.

Base is appropriate with a number of pockets apps, together with “Coinbase Pockets, Rainbow, Protected, Courageous, Rabby, Body, Exodus, Belief Pockets, rhino.fi, and Frontier,” in keeping with Base.