Coinbase’s Base Network launches, driving Web3 development

Coinbase's Base Network launches, driving Web3 development

The Rise of Coinbase Base: Pioneering the Growth of Web3 Applications

Coinbase, one of the largest cryptocurrency exchanges in the US, has officially launched its Base network after an initial period in the “open for builders only” phase. This announcement, made on August 9, marks the network’s readiness to onboard new users and signifies an important milestone for Coinbase and the blockchain industry as a whole.

The Base network has already captured the attention of several Web3 development apps, with many announcing their intention to build apps specifically for this network. This early interest demonstrates the potential and excitement surrounding the Base network’s capabilities. To celebrate its launch, the Base network team has also released a schedule of upcoming events, inviting users to become part of Base history by minting “Base Day One” and joining the story of bringing the world on-chain.

Coinbase initially introduced the beta version of Base on February 23, sparking speculation within the cryptocurrency community about its potential to attract more users to Web3 protocols. Leveraging Coinbase’s extensive user base, the network’s mainnet version was then launched on July 13, albeit with a caution that it was not yet suitable for regular users. However, on August 9, Coinbase made the network accessible to all users, expanding its reach and potential impact.

This strategic move by Coinbase signifies a significant step towards generating fees from operating its own blockchain. Company executives have also expressed optimism about the possibility of a more substantial revenue stream from applications built on top of the Base network. With the goal of creating a decentralized ecosystem, Coinbase aims to shift the perception of cryptocurrencies from mere speculation to an integrated part of people’s day-to-day lives.

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Jesse Pollak, Coinbase’s head of protocols, emphasized the importance of expanding the possibilities that cryptocurrencies offer. He stated, “In order for Coinbase and crypto and this work that we’re doing to have the impact that we all want, we need to move from the place where this is speculation to a place where this is integrated into every part of someone’s day-to-day existence.” This vision aligns with Coinbase’s long-term strategy to drive the growth of decentralized applications (dApps) and revolutionize the blockchain industry.

The Base network itself is built as a “layer 2” blockchain, leveraging the Ethereum blockchain’s foundation. It utilizes the OP Stack software, which is derived from the well-known Optimism layer 2 network. This infrastructure allows the Base network to offer scalability and efficiency while maintaining compatibility with the Ethereum ecosystem.

So, what can users expect on the Base network? One notable feature is the ability to transfer Ether (ETH) from the Ethereum mainnet to Base using the official Base bridge, which introduced a user interface on August 3. Additionally, users can also benefit from the cross-chain bridging protocol Wormhole, which declared its availability on the Base network on August 9.

Several decentralized cryptocurrency exchanges (DEXs) have already made the transition to Base, with others potentially following suit. Uniswap, a pioneering DEX on Ethereum, announced the activation of its Base version on August 7. Maverick Protocol, another DEX, introduced its Base version on August 8, boasting enhanced capital efficiency and customization compared to its competitors. These DEXs provide users with various options for token swapping and liquidity provision.

Furthermore, on the Base network, users can engage with Beam, a web-based application that allows payments in either USDC or the platform’s native coin, Eco. This broad range of functionalities demonstrates the versatility and potential of the Base network, providing a solid foundation for the growth of Web3 applications.

In conclusion, the launch of Coinbase’s Base network represents a significant milestone in the blockchain industry. By creating a platform that enables developers to build a wide range of decentralized applications, Coinbase seeks to integrate cryptocurrencies into everyday life. With the Base network’s innovative technology and growing ecosystem of dApps, it is poised to pave the way for the widespread adoption and utilization of blockchain technology. As more applications are built on the Base network, the cryptocurrency landscape will continue to evolve, transforming how we interact with and perceive digital assets.

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