Coinbase to Launch Base Next Week

Coinbase is gearing up to open the doors to its Base network, offering users a new bridge to Ethereum and an alternative way to utilize the blockchain.

Coinbase is preparing for the full public release of its Base network on August 9, and in anticipation, it has already launched an Ethereum bridge, enabling seamless token transfers between the two networks.

Coinbase is now looking ahead to a more organized phase with the introduction of "Onchain Summer," a month-long promotional event on the network.

This event will include collaborations with several launch partners such as Coinbase, Atari, OpenSea, Showtime, Optimism, Rainbow Wallet, Manifold, Parallel, and Friends With Benefits.

Starting from August 9, the Base network will also introduce NFT functionalities, allowing users to mint commemorative NFTs, participate in rewarding tasks, and reserve cb.id crypto usernames on the Coinbase Wallet.

Base operates as a Layer 2 blockchain, boasting lower transaction fees compared to Ethereum, and aims to cater to a wide range of users, from regular Coinbase customers to DeFi participants.

Jesse Pollak, protocols lead at Coinbase, confirmed that the bridging functionality is live, while the official mainnet access for all users is scheduled for August 9.

This release marks a significant milestone as Base transitions from a developer-only phase, where it was primarily accessible to developers, to a more structured and open phase with public access.

However, leading up to the official launch, some users took advantage of portal proxy contracts and unofficial bridges to trade new memecoins on Base.

One of these memecoins, known as Bald, experienced a sharp drop in value after the developer suddenly withdrew liquidity, raising concerns of a rug pull—a deceptive liquidity-draining strategy.

Coinlive previously covered a crypto twitter's speculation on whether Sam Bankman-Fried could be behind the Bald memecoin.