- August 6, 2023
- Posted by: [email protected]
- Category:
Coinbase’s Base network, a platform designed to expand the capabilities of Ethereum’s layer 1, has taken a significant step towards onboarding general users with the introduction of a user interface (UI) for its official bridge. The announcement made on August 3 revealed that end users can now access the network without having to rely on complex developer tools. The team behind Base has also set August 9 as the platform’s official launch date.
Previously, Base’s mainnet had only been accessible to developers since its launch on July 13. However, there was a lack of a user-friendly UI for the bridge from Ethereum’s layer 1. This meant that utilizing the network was restricted to those familiar with command-line developer tools for bridging ETH.
With the introduction of the bridge UI, end users can immediately start using the network before the official launch on August 9. Nonetheless, some of the initial Web3 applications on Base may not be available until the official launch event.
To celebrate the imminent launch, the Base team has organized a month-long event called the “Onchain Summer.” During this event, over 100 Ether (worth approximately $184,000) in grants will be awarded to developers and content creators who participate. Builders will also be treated to daily activities related to art, music, gaming, and advocacy during the celebration.
As part of the “Onchain Summer,” grants in ETH will be given to individuals or groups that contribute to the Base ecosystem by creating websites, art, videos, or deploying new protocols on the network between August 9 and September 13. Moreover, Base-related nonfungible tokens and ETH rewards will be offered to users who bridge to the network or complete educational “quests.”
Despite the excitement surrounding Base’s forthcoming launch, some investors have already experienced significant losses due to issues during the initial phase targeted at builders. Notably, the Pond0x (PNDX) memecoin was launched on Base on July 28, attracting tech-savvy investors who poured over $2 million into the project. However, the token’s price plummeted to near zero after a bug in its transfer function was discovered. Similarly, the Base memecoin called Bald (BALD) led to losses of approximately $1.9 million when the developer pulled liquidity from the exchange where it was being traded.
As the Base network prepares for its official launch and brings its services to a broader audience, the team remains committed to fostering innovation and development within the ecosystem while ensuring a user-friendly experience for all participants.
