Coinbase layer-2 network Base now live on Ethereum mainnet

More than 100 decentralized apps and service providers will operate on the network at launch

article-image

rafapress/Shutterstock modified by Blockworks

share

Base, the Ethereum layer-2 network built with Optimism’s OP stack, is officially opening its doors today.

Coinbase first revealed its intention to build Base in February, when CEO Brian Armstrong detailed what he was calling “The Coinbase Secret Master Plan.”

The launch of Base’s mainnet marks an important milestone of this plan, Jesse Pollak, head of protocols at Coinbase, told Blockworks.

Developers have had access to Base since July 13, and a number of users have already bridged their ETH to the layer-2 network through a portal proxy contract. Members of crypto’s “degen” community also moved to make themselves at home on Base once the doors were ostensibly opened. 

At launch, more than 100 decentralized apps (dapps) and service providers will operate on the network.

​​In the first week of what Base is calling “on-chain summer,” users can mint multiple NFT designs and artworks to celebrate the launch. A handful of ecosystems and dapps will also be publicly available for users, including prominent players such as Uniswap, Aave and Compound.

“We really see Base as the place to bring the next billion people on-chain,” Pollak said. “A lot of that is because of our ability to integrate that into those consumer experiences and make everything really easy to use.”

What’s next for Base?

Base’s developers are working with Optimism and actively looking into ways to continue decentralizing. 

A Leader Election proposal is currently in the works, which Pollak describes as a first milestone to decentralized sequencing.  

The team is also in touch with Espresso Systems, who has recently revealed a testnet version of the Espresso Sequencer. 

“I think it’s a great illustration of the approach we’re taking with the OP stack and Base,” Pollak said. “Rather than trying to do it all ourselves, we’re leveraging the magic of decentralization and saying: Hey, we have this open-source technology stack, it’s customizable, it’s modular, it’s built to be pluggable.”

The Base and Optimism teams are also working with other ecosystem contributors to explore zkEVM technology and how it could be incorporated into the OP stack. 

“I feel pretty blessed and lucky that we are in a position where there are all these incredible teams that are seeing the OP stack as a shelling point and are contributing to it in a really meaningful way,” Pollak said.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

BUZZ holds shares of Coinbase, Robinhood and MicroStrategy

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit