Coinbase’s layer two is making significant progress with its Ethereum layer-2 scaling solution, Base. The recent announcement highlights the release of a bridge that serves as an important milestone in their collaboration with Optimism.
The primary objective of Base is to establish a platform that is secure, cost-effective, and user-friendly for on-chain applications. With its official bridge already operational, the project is ready to go public on August 9th.
To commemorate this achievement, Base is planning a unique on-chain summer festival in conjunction with 50 leading builders, artists, products, and brands. Throughout August, the festival will proudly present the evolving on-chain culture to the world.
According to Base, the event promises unique and fun activities for users who are new to Web3 as well as experienced individuals.
Starting on August 9th, the network will also enable NFT functionalities, allowing users to mint commemorative NFTs and reserve unique cb.id crypto usernames on Coinbase Wallet.
To access the layer-2 scaling solution, users can bridge through the official website, complete a quiz on Coinbase or the Coinbase Wallet app, or use various Web3 protocols like Galxe, Layer3, or mint.fun to mint NFTs.
It is worth noting that the mainnet of Base was recently opened to developers, following successful internal and external security audits.
The Bald Incident
As Base prepares for its public launch, it has already seen some interesting developments. One recent occurrence is the emergence of a new memecoin called Bald, which experienced a significant drop in value due to a liquidity withdrawal.
These circumstances have raised questions about the security of Base within the industry. In addition to Bald, another project called LeetSwap, a decentralized exchange, was hacked and had 340 ETH stolen.
Regarding the upcoming event, Base announced that users who wish to participate can visit onchainsummer.xyz, bridge their ETH to Base, and subscribe to receive updates on the latest mints starting from August 9th.
