Base, the Ethereum L2 (layer 2) scaling layer backed by Coinbase, has opened bridging for selected assets from Ethereum. In a blog post, the protocol also announced that the Base mainnet deployment was slated for August 9, allowing free access to developers to launch their apps on top of it.
Base Opens Ethereum Bridging, Announces Mainnet Launch
Base, the Ethereum L2 (layer 2) scaling layer built by Coinbase, announced it will open its mainnet on August 9, allowing apps to be deployed by any developer interested in the network. Also, to prepare for this launch, the protocol has already opened access to bridge selected ERC-20 tokens to the Base layer from Ethereum.
At launch, the bridge only allows bridging ethereum, Coinbase staked ethereum, dai, and USDC, to Base. The bridge also processes withdrawals of the same assets to Ethereum. However, more options could be added in the future. Base is already part of the top ten scaling solutions with the most value locked according to L2beat, a protocol aggregator.
With the Ethereum bridge opening, Base has reached its peak value, registering more than $92 million in total value locked (TVL). The network also experienced an explosion in its TVL due to the issuance of meme token bald on June 30, which started a rally that allowed its value to rise 40,000% in just 48 hours, only to fall to its launch levels shortly after.
The ‘Onchain Summer’
Also, as part of the launch of the new L2 chain, the protocol will be sponsoring the “Onchain Summer,” defined by Base as “a month-long on-chain festival put on by 50 of the best builders, brands, products, artists, and creators,” giving users something to do on-chain “highlighting art, music, gaming, advocacy, and more.”
The full lineup of collaborators for this event will be announced on August 9. Nonetheless, Coinbase has posted a video linking this event with brand names such as Coca-Cola and Atari, and well-known cryptocurrency names like Opensea, Pixelmon, and Optimism.
Also, the protocol will use 100 ETH to give grants to developers and builders in partnership with Prop House, an infrastructure platform that allows users to assign capital to creators.
These grants will be directed to various activities related to Base, including delivering art, building innovative apps and protocols, defending and advocating crypto, advocating for sensible legislation, and building applications using account abstraction.
What do you think about the launch of Base and its Ethereum bridge? Tell us in the comments section below.
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