Base, a layer 2 blockchain created by Coinbase, the biggest cryptocurrency exchange in the United States, went live for public access today (Wednesday).
This creation aims to reach 1 billion people through decentralised applications (DApps) built on blockchains by the publicly traded company, which is one of the largest digital asset exchanges in the world.
ᴏɴᴄʜᴀɪɴ ???? ꜱᴜᴍᴍᴇʀToday's the day—@BuildOnBase mainnet is here. Time to bring the next billion users onchain.Mint “Base Day One” and watch the NFT evolve as more people come onchain.https://t.co/S7a1p0QShP pic.twitter.com/kV1F4lgVna
— Coinbase ????️ (@coinbase) August 9, 2023
Base Goes Live for Public Use
With the launch of the network, which will enable users to transfer Ether between the Ethereum mainnet and Base, Coinbase has joined the likes of public firms such as IBM and Microsoft, that have launched their blockchain networks. The new venture will enable Coinbase to earn revenue from DApps built on the network.
“Base is an investment in innovation, not to earn a bunch of profits,” Jesse Polak, the creator of Base and Head of Protocols at Coinbase, told CoinDesk in an interview, explaining that more benefits of cryptocurrencies create opportunities for monetization.
Already, Base has amassed over $140 million in total value locked (TVL), according to L2Beat, a crypto analytics and research website. This is even as the platform went live for developers earlier in July, enabling them to test DApps in the network.
The TVL makes Base the fifth largest layer 2 blockchain, behind dYdX, zkSync Era and OP Mainnet. Arbitrum One leads the pack with over $6 billion in TVL, L2Beat data shows.
As part of the Base launch, today Coinbase launched ‘Onchain Summer’, which it describes as a multi-week celebration of art, culture, gaming and community. The event will host several top brands, including Coca-Cola.
ᴏɴᴄʜᴀɪɴ ???? ꜱᴜᴍᴍᴇʀGet ready. Bridge your ETH.https://t.co/13KAKtvfUu
— Coinbase ????️ (@coinbase) August 7, 2023
Coinbase’s Financial Standing
Meanwhile, the public launch of Base is parallel with the cryptocurrency exchange’s efforts to narrow its losses as trading volumes decline. During the second quarter of this year, Coinbase’s net loss decreased from $1.1 billion to $97 million, Finance Magnates reported.
The crypto exchange is also repurchasing a portion of its $1 billion bond expiring in September 2031. The buyback is being handled by Citigroup’s brokerage arm and will enable the Nasdaq-listed firm to reduce its interest expenses.
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This article was written by Solomon Oladipupo at www.financemagnates.com.
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