HomeNewsETH Bridging Gets Boost as Coinbase Preps 'Base' Layer 2 Rollout

ETH Bridging Gets Boost as Coinbase Preps ‘Base’ Layer 2 Rollout

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  • Coinbase announced the public launch of its ‘Base’ Layer 2 blockchain on August 9th, with users having the ability to bridge their Ethereum (ETH) starting August 3rd.
  • ‘Base’, built on Optimism’s OP Stack, was tested by developers in July and has already seen over $68 million worth of ether bridged to the network.

As a leader in the cryptocurrency arena, Coinbase has always had its finger on the pulse of cutting-edge blockchain developments. It is thus no surprise that it is leading the charge in the realm of Layer 2 blockchain solutions with its new platform, ‘Base’. This ground-breaking blockchain is poised to revolutionize the ecosystem by facilitating Ethereum bridging—an innovative concept that is set to go live for the public on August 9th.

A Step Towards the Future of Blockchain

In the lead-up to this much-anticipated launch, Coinbase has already provided access to ‘Base’ for developers, enabling a hands-on approach to test applications on the network. This strategic move is part of Coinbase’s mission to open blockchain to the masses, as encapsulated by Jesse Pollak, the creator of ‘Base’ and head of protocols at Coinbase:

“Our mission has been clear and consistent: bring the next billion users and next million builders on chain.”

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Notably, users have been able to bridge their Ethereum (ETH) to ‘Base’ since August 3rd. This unique process allows the movement of assets between different blockchain networks, in this case, between Ethereum and Coinbase’s ‘Base’, thereby expanding the possible use-cases and interoperability of cryptocurrencies. It is a significant indication of the forthcoming launch’s potential, that over $68 million worth of ether was bridged to the network just last weekend, as reported by CoinDesk.

Coinciding with this announcement, Coinbase has also inaugurated its “Onchain Summer,” a series of interactive events for creators and developers to showcase their talents by building applications or creating art on ‘Base’. The participation of influential companies such as Coca-Cola, gaming titan Atari, and NFT platform OpenSea, underlines the promising future and influence of this blockchain.

In tandem with Coinbase, venture-capital firm Andreessen Horowitz, known as a16z, also anticipates releasing its Layer 2 rollup named ‘Magi’, utilizing the same Optimism’s OP Stack. Such mutual adoption of OP Stack signals a transformative shift in the blockchain landscape, with Layer 2 solutions promising to accelerate the adoption of blockchain technology by improving its scalability and efficiency.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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