- August 10, 2023
- Posted by: [email protected]
- Category:
In a highly anticipated milestone, Coinbase’s Base network has officially stepped into the spotlight, transitioning from its exclusive “open for builders only” phase to embracing the wider user community. The network’s phased launch was completed on August 9, as announced by the team, opening the gateway to a multitude of innovative applications and possibilities.
Having initially embarked on its journey with a beta version launch on February 23, Base has captured the imagination of the crypto community. Bolstered by Coinbase’s vast user base, anticipation grew over the potential for Base to facilitate the onboarding of users into the realm of Web3 protocols. Following a mainnet version launch “for builders” on July 13, the network has now been declared ready for users at large, ushering in a new era of engagement.
The vibrancy of Base’s ecosystem is evident in the simultaneous release of apps by various Web3 development teams. These apps are tailor-made to leverage the potential of Base, underscoring its significance as a versatile platform. Celebrating this momentous launch, a schedule of upcoming events has been unveiled, encapsulating the collaborative spirit that defines the crypto landscape.
An intriguing facet of Base’s functionality is its role as a bridge between the Ethereum mainnet and itself. The official Base bridge, featuring a user interface launched on August 3, facilitates the seamless transfer of Ether from the mainnet to Base. Notably, the cross-chain bridging protocol Wormhole announced its availability on Base on August 9, further enhancing its interoperability.
Diving into specific use cases, Base has become a bustling hub for decentralized cryptocurrency exchanges (DEXs). Uniswap, a pioneer in the decentralized exchange arena, unveiled its Base version on August 7, signifying the network’s allure for industry veterans. Maverick Protocol followed suit on August 8, highlighting its commitment to delivering enhanced capital efficiency and customizable options.
A notable player in this realm, LeetSwap, encountered a temporary setback due to an August 1 exploit during its “builders only” phase. However, the project remains steadfast in its intent to relaunch, touting unique features tailored for discerning traders and liquidity providers.
Beyond trading, Base caters to payment solutions through the Beam web-based app. Enabling payments in U.S. Dollar Coin (USDC) or its native Eco token, Beam’s user-friendly interface is underpinned by a commitment to simplicity and convenience. Notably, it circumvents the need for traditional seed words or Ether ownership for gas fees, offering an accessible gateway to cryptocurrency transactions.
Base’s versatile landscape extends to the realm of NFTs, where its prowess becomes apparent. Masa Finance introduces a soulbound token protocol, enabling users to register .masa usernames on Base for future applications, including credit underwriting and Know Your Customer (KYC) services. Aragon brings forth a “no-code Aragon app” and “modular Aragon OSx,” streamlining the creation of decentralized autonomous organizations (DAOs) on Base.
The crowning jewel of Base’s NFT endeavors is its collaboration with esteemed brands and projects. Notable names such as Coca-Cola, Coinbase’s Stand With Crypto campaign, Showtime, Atari, Optimism, and OpenSea, among others, embark on an NFT journey exclusive to Base. These unique tokens are set to launch in a curated Onchain Summer festival, capturing the essence of collaboration and innovation.
However, Base’s ascent has been marked by a few challenges. An absence of a bridge UI between July 13 and August 2 prompted early experimentation, leading to losses in certain projects due to launch intricacies. Despite these hurdles, Base’s potential remains undaunted, poised to transform the crypto landscape with its versatile applications and collaborative ethos. As Base unfurls its potential, the trajectory of its impact promises to be both exhilarating and transformative.
