Coinbase, one of the leading cryptocurrency exchanges, made waves in mid-July when it launched its Ethereum-based Layer 2 (L2) solution called ‘Base.’ Aimed at enhancing scalability and reducing transaction costs on the Ethereum network, Base was met with enthusiasm from the crypto community and developers alike.
Within just a few days of its mainnet launch, the Total Value Locked (TVL) on the Base protocol surpassed an impressive $1 million. This significant milestone highlights the rapid adoption and confidence that the platform has garnered in a short span of time. According to the details from a recent announcement, the exchange will launch Base on August 9.
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Coinbase’s Base to debut next week
The announcement comes at a time when the exchange is preparing to release its second-quarter earnings report. The leading cryptocurrency exchange has made an exciting announcement. Coinbase has initiated “Onchain Summer,” a series of events designed to engage creators and developers within its Ethereum-based layer 2 blockchain solution, Base.
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The layer-2 blockchain Base has garnered major attention as there has been a spike in meme-coin-related transactions on Coinbase. Meme coins, including BASED, BALD, and COIN, were getting prominent traction.