Coinbase Rolls Out Decentralized L2 Network Base
100 decentralized apps and crypto service providers like Chainlink are available on the blockchain at launch. Moreover, Base features an official bridge to Ethereum’s mainnet allowing users to freely move ETH between both networks.
The launch of Base also coincides with the company’s “Onchain Summer” week-long event featuring commemorative NFTs and rewards for users.
Coinbase is the first-ever publicly traded entity in the U.S. to launch its own decentralized network. The company does not plan to launch a token for its Base L2 blockchain.
Coinbase’s Secret Plan
The decentralized network developed using Optimism’s OP stack is part of “The Coinbase Secret Master Plan”, said CEO Brian Armstrong when Base was announced back in February.
By mid July, would-be early users trooped into Base despite the network being only accessible to developers at the time. Several “degens” bridged their Ether (ETH) tokens to the network through a portal proxy contract, a one-way door from Ethereum’s ecosystem to Base. The gateway allowed these users to make millions overnight aping into risky memecoins like BALD.
BALD holders however soon found themselves rekt after the token’s developer withdrew liquidity in what turned out to be a rug pull. A number of other memecoins on Base also turned out to be scams as well. At the time, Base users only had access to a one-way bridge, leaving liquidity trapped in the budding ecosystem.
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