Coinbase’s L2 Protocol Strikes Gold: Active Users Cross Over 100k

After a scintillating debut, Coinbase’s brand new scaling protocol has surpassed the 100k mark for the first time in the daily active user account. Base, the new Ethereum L2, incubated by Coinbase and built on Optimism’s open-source OP stack, has now reached 136k, including nearly 42,000 new users as per stats provided by Dune Analytics.

The mainnet currently features over 100 dApps and service providers in the ecosystem. Since its testnet launch in February, it has already attracted $155 million in TVL, surging over 70% over the past week, according to L2beat.

Touted as being faster and cheaper than layer-1 Ethereum, Base has already outpaced other established layer-2 projects like Starknet and Loopring. However, it is noteworthy that its total value locked remains relatively small when compared to dominant players like Arbitrum and Optimism.

Currently, Base users can bridge Etherto Base, engage with a decentralized cryptocurrency exchange, make payments with a web-based app, register a “.base” username, or launch a decentralized autonomous organization.

Coinbase made history when it became the first publicly traded company to launch its own blockchain. The launch coincided with the release of its second-quarter earnings and kicked off “Onchain Summer,” a series of events in which creators and developers can make art or build applications on Base.

Over 50 reputed companies, including Coca-Cola [KO], gaming powerhouse Atari, and non-fungible token platform OpenSea, joined by artists and creators, are expected to participate. Recently, Brian Armstrong, the CEO of Coinbase, shared his personal experience of utilizing the newly constructed Base Bridge as part of an effort to generate excitement for upcoming developments.

Coinbase Clarifies Token Launch

The introduction of the Base network marks Coinbase’s entry into the realm of blockchain technology, offering a multitude of opportunities for revenue generation through blockchain operations and applications developed atop it.

As a result, crypto Twitter was rife with speculation about Coinbase potentially launching a token associated with the BASE network. Nevertheless, Coinbase has officially put these rumors to rest via its Twitter account, unveiling a comprehensive roadmap for Base.

The roadmap emphatically clarifies that Base has no intentions of issuing a network token, aligning its strategy with most Ethereum Layer 2 blockchains, which rely on ETH for transactions and cover gas fees.

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