Coinbase Will Release Base Layer-2 for Public Use.

Coinbase News: Coinbase Will Release Base Layer-2 for Public Use.

15 August 2023

What Happened:

Coinbase news: Coinbase’s protocols lead, Jesse Pollak, announced that Base’s bridging functionality is operational. 

The official opening of the Base main net will occur on August 9, welcoming all users. This newly established bridge allows for seamless token transfers between Ethereum and Base, offering a more cost-effective alternative to Ethereum with reduced transaction costs.

Designed to cater to a diverse range of users, from Coinbase users to De-Fi enthusiasts, the Base platform has already gained popularity among testing developers since its launch on July 13. However, many users have used unofficial routes, such as portal proxy contracts to bridge assets and trade new meme coins on Base.

Earlier this week, an undisclosed developer made a bold move by affecting the value of BALD, a popular meme coin on Base’s platform. Unfortunately, this incident was soon followed by a security breach on LeetSwap, Base’s decentralised exchange, causing concern within the community.

Other News:

In other Coinbase news: the renowned cryptocurrency exchange is embarking on a new phase with a more structured approach. Introducing “Onchain Summer,” a month-long event filled with exciting collaborations. Coinbase will partner with notable names such as Atari, OpenSea, Showtime, Optimism, Rainbow Wallet, Manifold, Parallel, and Friends With Benefits.

As part of this initiative, functionalities for non-fungible tokens (NFTs) will also be integrated into the Coinbase network from August 9. Additionally, users will have the opportunity to secure their Cb.Id crypto usernames on the Coinbase Wallet, ensuring a sense of security and ownership.

This represents a significant step forward for Coinbase as they continue to evolve and provide innovative solutions for their users in the ever-expanding world of cryptocurrencies.

< Back