Coinbase launches bridge for layer-2 blockchain Base, sets mainet launch date

Coinbase, the largest publicly-traded crypto exchange in the U.S., launched a bridge for its Ethereum layer-2 blockchain “Base,” on Thursday and set Base’s mainet launch for Aug. 9.

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Fast facts

• From Thursday, users can bridge their Ether to the Base network, according to a Twitter post by Base. A “bridge” is a tool that allows users to move their crypto assets from one blockchain to another.
• Introduced by Coinbase in February 2023, Base is an Ethereum layer-2 blockchain built in collaboration with blockchain developer Optimism, which aims to provide a safe and low-cost platform for blockchain application developers. Coinbase currently has no plans to issue a network token for Base, and will use Ether as the blockchain’s native gas token.
• “Since we announced Base, our mission has been clear and consistent: bring the next billion users and next million builders on chain,” said Jesse Pollak, the creator of Base and head of protocols at Coinbase, in a Thursday announcement.
• Base opened its mainet to builders on July 14, allowing users to bridge Ether to the Base network with certain developer tools. Over US$90 million worth of Ethers have been bridged to Base so far, according to blockchain analytics platform Dune Analytics.
• Together with the Base mainet launch, Coinbase will also kick off Onchain Summer on August 9, a month-long celebration of blockchain art, music, gaming and more, as part of the promotion for the Base blockchain. Participating companies include Coca-Cola, game developer Atari and NFT marketplace OpenSea.
• Base saw a memecoin scam before the mainet launch. BALD token, a memecoin launched on Base on July 30, turned out to be a rug pull after its developers removed US$25.6 million in liquidity. The token’s price has slumped over 70% from its height of US$$0.02795 on Aug. 1.