Coinbase, a prominent cryptocurrency exchange, has disclosed the launch date for Base, an Ethereum layer 2 blockchain aimed at facilitating faster and more cost-effective transactions compared to the underlying network.
Starting today, users can initiate the bridging of ETH to Base, and decentralized applications (dapps) across the on-chain ecosystem will begin supporting Base.
In an official blog post from Base on Thursday, it was revealed that the Base mainnet will be fully operational for all users and applications on August 9.
To mark the launch, Coinbase also unveiled “Onchain Summer,” a month-long festival involving 50 creators and developers who will showcase innovative on-chain applications. Participants in the festival will be eligible for grants from Coinbase, totaling approximately 100 ETH, distributed across four different events: Onchain Summer, Build on Base, Stand With Crypto, and Base Accounts. Additionally, Coinbase will host a virtual hackathon named “Superhack” from August 4 to 18, with $125,000 in prizes up for grabs.
Base was introduced in February as a bridge to onboard new crypto users into the crypto economy. Besides Ethereum, it is designed to offer interoperability and access to products on other Layer 1 and Layer 2 networks, such as Solana. The platform was built using the Optimism stack, leveraging rollups to efficiently bundle transactions off-chain before settling them on-chain.
Contrary to other Ethereum scaling networks, Coinbase has confirmed it has no plans to release an accompanying token for Base. Nevertheless, users who bridge their ETH to Base may receive both an ETH reward and a commemorative NFT for their contributions. Various methods, including Onchain Summer’s website, Coinbase’s app, and Base Bridge, can be used to achieve this.
Base is compatible with several wallet apps, including “Coinbase Wallet, Rainbow, Safe, Brave, Rabby, Frame, Exodus, Trust Wallet, rhino.fi, and Frontier,” according to Base. With its launch approaching, Coinbase aims to further its mission of bringing millions of new users and billions of users into an on-chain future, fostering an open and global economy that enhances economic freedom and inclusivity.