Coinbase's Ethereum Layer-2 scaling solution, Base, has officially launched to the public. After a period of being accessible only to developers in a "builder-only" phase, the network is now open for all users to explore and utilize. This launch, confirmed by the development team on August 9, marks a significant step in bringing more users into the Web3 ecosystem.
To celebrate, numerous Web3 development teams simultaneously announced the deployment of their applications on Base. The network's team also released a timeline for upcoming launch celebration events, signaling a new chapter for onchain activity.
What is Base Network?
Base is an Ethereum Layer-2 network developed by Coinbase. It was initially announced in beta on February 23. The community quickly recognized its potential to onboard a massive number of new users to Web3, thanks to Coinbase's extensive existing user base. The mainnet opened for builders on July 13, with a clear warning that it was not yet ready for end-users. The full public launch on August 9 finally opened the gates for everyone.
This network is designed to be a secure, low-cost, and developer-friendly environment for building decentralized applications (dApps).
Key Activities You Can Do on Base Right Now
Now that Base is live, users have a growing list of possibilities. Here’s a breakdown of the core functionalities available at launch.
Transfer Tokens Between Chains
One of the first actions for any user is to move assets onto the new network. Users can bridge Ether (ETH) from the Ethereum mainnet to Base using the official Base bridge, which launched its user interface on August 3. For more options, the cross-chain bridge protocol Wormhole also announced its availability on Base on August 9, providing users with alternative pathways for moving assets.
Trade Tokens and Provide Liquidity
A healthy ecosystem needs decentralized exchanges (DEXs), and Base has several at launch.
- Uniswap: A leading DEX in the Ethereum ecosystem, Uniswap declared its deployment on Base operational as of August 7.
- Maverick Protocol: This DEX announced its launch on Base on August 8. It claims to offer greater capital efficiency and allow for more customization than its competitors.
- LeetSwap: This DEX was operational during the builder phase but was disabled due to an exploit on August 1. The team has stated its intention to relaunch the project in the future. It had positioned itself as a DEX for advanced users ("leet degens") offering "dual token farming rewards."
These platforms provide options for users who want to swap tokens or become liquidity providers to earn fees on their deposits. 👉 Explore more strategies for providing liquidity
Make Payments with Ease
At least one dedicated payment application is already available on Base.
Beam is a web-based app that enables users to make payments using USD Coin (USDC) or its native app token, Eco. A key feature is its user-friendliness: users are not required to store seed phrases or hold ETH to pay for transaction gas fees. They can connect their Twitter accounts and pay for gas using USDC or Eco directly. The app also includes integrated fiat-to-crypto and crypto-to-fiat gateways, simplifying the on-ramp and off-ramp process. Base officially announced the launch of Beam on July 27.
Register a Custom Username
Digital identity is coming to Base. Masa Finance launched its soulbound token protocol on the network. On August 8, the protocol announced that users can now register .masa usernames on Base. These usernames are intended for use in future credit underwriting and other services compatible with Know Your Customer (KYC) protocols. Masa stated that it had already minted over 280,000 usernames on Base since the beginning of the builder phase.
Launch a Decentralized Autonomous Organization (DAO)
For those interested in community governance, creating a DAO is now possible. The DAO creation protocol Aragon launched its "no-code Aragon app" and modular "Aragon OSx" on Base. This allows both developers and end-users to easily create and manage decentralized autonomous organizations on the new network.
Mint and Collect NFTs
A major part of the launch celebration, dubbed "Onchain Summer," involves a series of exclusive NFT mints from major brands and projects throughout August and early September. Participating names include:
- Coca-Cola
- Coinbase's Stand With Crypto campaign
- Showtime
- Atari
- Optimism
- OpenSea
Each NFT is released on a specific day of the festival. For example, the Showtime NFT is available on August 18, while the Atari NFT is scheduled for launch on August 25.
A Note of Caution: Investor Risks During the Prelaunch
Despite its successful developer adoption, Base's prelaunch period was not without issues. Between July 13 and August 2, the network was operational but lacked a user-friendly cross-chain bridging interface.
This led some advanced users to employ developer tools to bridge ETH to the network early, aiming to gain a priority advantage. The goal was to use this ETH to invest in new memecoins that were expected to surge in value after the official public launch. However, this speculative activity resulted in significant losses for many investors.
An estimated $2.2 million was lost by investors during the launch of the memecoin Pond0x on July 28 due to confusion over how the token was supposed to be distributed. A further $1.9 million was lost during the launch of the BALD token on July 31 on Base, after the developer responsible for the memecoin removed a portion of the liquidity from BALD's trading pairs.
These events serve as a strong reminder of the highly speculative and risky nature of investing in unaudited projects and new memecoins, especially in a nascent ecosystem.
Frequently Asked Questions
What is the Base network?
Base is an Ethereum Layer-2 scaling solution developed by Coinbase. It's designed to offer faster and cheaper transactions while maintaining the security of the Ethereum mainnet. Its goal is to provide a platform for building decentralized apps and onboarding the next billion users to the crypto space.
How do I get started on Base?
To start using Base, you typically need to connect a Web3 wallet like MetaMask. You'll then need to bridge assets (like ETH) from the Ethereum mainnet to the Base network using an official bridge or a supported cross-chain protocol. Always ensure you are using verified and official links to avoid scams.
Is Base a separate blockchain from Ethereum?
No, Base is not a separate blockchain. It is a Layer-2 rollup that bundles transactions together and posts them back to the Ethereum mainnet. This allows it to inherit Ethereum's security while operating with much lower fees and higher throughput.
What can I use Base for?
You can use Base for a variety of activities common in the Web3 space, including trading tokens on decentralized exchanges, providing liquidity, minting and collecting NFTs, making payments with specific apps, and participating in decentralized governance through DAOs.
Was the Base launch successful?
The launch successfully attracted a wide array of developers and major applications, creating a vibrant initial ecosystem. However, the early builder phase also saw incidents where investors lost money on speculative memecoin projects, highlighting the risks that exist in new crypto networks.
How is Base different from other Layer-2 networks?
Base aims to stand out through its deep integration with Coinbase's ecosystem, potentially offering easier fiat on-ramps and a streamlined experience for the exchange's large user base. It also emphasizes its status as a rollup that is "built on Ethereum" and designed to be open and decentralized.