Coinbase’s Base mainnet has officially opened to the general public, bringing forth a host of features and an ecosystem of over 100 decentralized applications (DApps) and service providers.
According to a report by The Block, the launch follows a successful testnet debut in February and a developer-specific release in July, paving the way for a more scalable and cost-effective solution for crypto enthusiasts.
Base Network Unleashes Diverse DApp Universe
Per the report, Base has integrated with numerous prominent crypto projects since its inception, forging partnerships with DeFi protocols, wallets, bridges, oracles, and analytics and infrastructure providers.
This integration has solidified Base’s position as a comprehensive scaling solution, empowering developers to build innovative applications while leveraging the benefits of reduced costs and enhanced scalability.
Furthermore, Coinbase envisions Base becoming the default network for its on-chain products, highlighting its commitment to embracing Layer 2 (L2) solutions and driving the adoption of efficient blockchain technologies.
The anticipation surrounding Base’s public mainnet was evident in the months leading up to the launch, as developers and users flocked to the network, transferring assets valued at over $100 million.
To celebrate this occasion, Coinbase has initiated an event named “Onchain Summer,” designed to showcase the potential of the Base network.
The event will spotlight partner DApps in digital art, music, and gaming, offering users the opportunity to mint a unique “Base, Day One” non-fungible token (NFT) as a testament to the network’s grand opening.
How Base’s Rollup Network Empowers Coinbase
By leveraging Base as a scaling solution, Coinbase gains numerous benefits. One key advantage is an enhanced user experience, as Base’s rollup network offers lower transaction fees and faster transaction speeds. This improved usability attracts and retains a more extensive user base.
In addition, Base’s rollup network enhances scalability and network efficiency for Coinbase. By processing a higher volume of transactions off the Ethereum mainnet, Coinbase can handle increased user demand without experiencing congestion or network slowdowns. This ensures a smooth and uninterrupted trading experience.
Cost reduction is another benefit for Coinbase. Base’s rollup solution enables Coinbase to reduce transaction fees associated with executing actions on the Ethereum network.
This cost reduction benefits Coinbase and its users, making trading and interacting with DApps more affordable and accessible.
Furthermore, integrating with Base allows Coinbase to achieve deep integrations within the Base ecosystem. With Base becoming the default network for Coinbase’s on-chain products, Coinbase can offer a broader range of services and leverage the capabilities of Base’s DApps.
Overall, leveraging Base brings benefits such as an improved user experience, scalability, cost reduction, deep integrations, and future-proofing for the US-based company.
By utilizing Base’s rollup network, the firm can provide users with a more efficient, cost-effective, and seamless trading experience while solidifying its position as a leader in embracing scalable blockchain solutions.
COIN stocks trade downside despite disclosing Base’s launch to the public on the 1-day chart. Source: COIN on TradingView.com
Featured image from iStock, chart from TradingView.com
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Author: Ronaldo Marquez