Coinbase’s Base network has officially launched and is now open to end-users after completing its phased launch on August 9. The network initially launched in beta version on February 23 and then released its mainnet version for builders on July 13. However, it was not ready for users until now.
Users can now bridge Ether from mainnet to Base using the official Base bridge, and the cross-chain bridging protocol Wormhole is also available on Base. Additionally, at least two decentralized cryptocurrency exchanges (DEXs), Uniswap and Maverick Protocol, are running on Base, providing options for token swapping and liquidity provision. Another DEX called LeetSwap, which was previously running during the “builders only” phase, plans to relaunch in the future.
Base also offers a payment app called Beam, which allows users to make payments using U.S. Dollar Coin (USDC) or the app’s native coin, Eco. Users can log in with their Twitter accounts and pay for gas fees without needing to store seed words or possess Ether.
Masa Finance has released its soulbound token protocol for Base, allowing users to register their .masa usernames on the network. This feature may be used for credit underwriting and other Know Your Customer-compliant services.
Aragon has launched its “no-code Aragon app” and “modular Aragon OSx” on Base, enabling the easy creation of decentralized autonomous organizations (DAOs) on the network.
Base also offers the opportunity to mint and collect nonfungible tokens (NFTs) exclusively throughout August and early September. Various brands and projects, including Coca-Cola, Coinbase’s Stand With Crypto campaign, Showtime, Atari, Optimism, OpenSea, and others, will release NFTs on different days of the Onchain Summer festival.
Despite its success in attracting app developers, Base’s launch has not been without issues. Some investors lost money due to launch problems, such as confusion surrounding token distribution and liquidity withdrawal.
Summary:
– Coinbase’s Base network is now open to end-users after completing its phased launch.
– Users can bridge Ether from mainnet to Base and use the cross-chain bridging protocol Wormhole.
– Uniswap and Maverick Protocol are decentralized exchanges running on Base, with LeetSwap planning to relaunch in the future.
– The payment app Beam allows users to make payments using USDC or Eco without needing to store seed words or possess Ether.
– Masa Finance’s soulbound token protocol enables users to register .masa usernames on Base.
– Aragon’s “no-code Aragon app” and “modular Aragon OSx” allow for easy creation of DAOs on Base.
– Users can mint and collect NFTs exclusively on Base, with various brands and projects participating.
– Some investors lost money during Base’s launch due to token distribution and liquidity withdrawal issues.
