Base is finally available to the public.
Coinbase, a leading US cryptocurrency exchange, has announced that its Base blockchain is now available to the public.
Following preliminary testing stages by developers, Coinbase declared that Base will be available to the general public at 12 PM ET on August 9th.
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This move augments Coinbase's commercial trajectory, positioning it not only to amass fees from supervising its distinct blockchain but also potentially unlock a vast revenue avenue from applications developed on the blockchain.
Highlighting the launch, Coinbase's CEO Brian Armstrong previously outlined a "secret master plan" in 2016, indicating that the company evolution's fourth stage would pivot around decentralized apps (dApps) aiming to captivate a billion users.
Jesse Pollak, Coinbase's Protocol Chief, shed light on the development in a recent discussion. He remarked:
Historically, the aperture of what people can do with crypto has been relatively limited, mostly speculation. In order for Coinbase and crypto and this work that we're doing to have the impact that we all want, we need to move from a place where this is speculation to a place where this is integrated into every part of someone's day-to-day existence.
Crypto analytics powerhouse L2Beat highlights that even before its public inception, the Base network boasted $139 million in deposits committed to various apps and protocols. This figure establishes Base's "total value locked" (TVL) as formidable, crowning it the fifth-largest Layer-2 blockchain. Leading the Layer-2 blockchain chart is Arbitrum One, with a TVL of about $6 billion, trailed by OP Mainnet, zkSync Era, and dYdX.
Coinbase also unveiled its "Onchain Summer" initiative. This promotional campaign, formed in alliance with business giants like Coca-Cola, is tailored to exhibit the project's capacity.
From a technical perspective, Base operates as a “Layer-2” blockchain, deriving its foundation from the Ethereum blockchain. It leverages the OP Stack software, a hallmark of another renowned Layer-2 network, Optimism.
Coinbase's unveiling of the Base blockchain showcases its commitment to broadening the crypto realm's horizons and reaffirms the growing relevance of blockchain technology in mainstream corporate landscapes.
