HomeNewsCoinbase's Layer-2 Solution Witnesses Massive Activity Upon Launch

Coinbase’s Layer-2 Solution Witnesses Massive Activity Upon Launch

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  • Coinbase’s new layer-2 solution, Base, sees a transfer of over $160 million in Ethereum and other crypto assets within hours of its launch.
  • Daily active users on Base spike to nearly 101,000 just a day after its public introduction.

Rapid Adoption of Coinbase’s Base Revealed

In the ever-evolving blockchain ecosystem, Coinbase’s most recent innovation – a layer-2 scaling solution named Base – has taken center stage. According to fresh data from Dune Analytics, a staggering $163 million in assets transitioned to this platform mere hours following its public debut.

The breakdown provides further insights: 72,724 ETH, equivalent to $135.8 million; stablecoins like USD Coin (USDC) and Dai (DAI) were represented with $19.2 million and $5.7 million respectively; and Coinbase’s Wrapped Staked Ethereum (cbETH) accounted for another $3.1 million. These significant shifts underscore the crypto community’s enthusiasm and trust in Base’s potential.

A Surge in Engagement: Users and Transactions

The allure of Base isn’t restricted to just asset transfers. A noticeable surge in daily user engagement was observed, with Base clocking in nearly 101,000 users a day post its announcement by Coinbase. Previously, the peak for Base’s daily transactions stood at 607,000 in July, when it catered predominantly to blockchain developers. However, with its doors now open to the broader public, the platform witnessed over 380,000 transactions on the very day of its launch.

Celebrating this successful public launch and the overwhelming response, Coinbase has unveiled its inaugural on-chain summer festivity termed “Onchain Summer.” This multi-week event is poised to be a melting pot for on-chain art, culture, gaming, music, and much more. In collaboration with a global array of esteemed builders, brands, creators, and artists, the festival promises a series of daily mints and captivating stories.

While July saw Coinbase ambitiously declare its aim of ushering over a billion users into the crypto realm, it also clarified its strategic approach. The company emphasized that, despite the launch and success of Base, there would be no introduction of a specific associated token.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628