Coinbase to release Base layer-2 for public access

On Aug. 9, Coinbase, the cryptocurrency exchange, will release its Base layer-2 platform for public access without restrictions. Before then, an Ethereum bridge will also be launched.

Coinbase’s protocols lead Jesse Pollak said, “Base’s bridging functionality is up and running, and the mainnet will be open to everyone by Aug. 9.” 

The newly established bridge allows users to transfer tokens between Ethereum and Base.

Base is a layer-2 platform that offers a versatile alternative to Ethereum with reduced transaction costs. The network is designed to cater to a broad range of users, from typical Coinbase users to defi enthusiasts. 

The Base mainnet was launched on Jul. 13 for developers. However, many users could bridge assets to the network via portal proxy contracts and other unofficial routes, trading new meme coins debuting on Base.

Early this week, an anonymous developer rugged BALD, a meme coin on Base. Shortly after, Base’s decentralized exchange, LeetSwap, was hacked. 

Coinbase is moving towards a more systematic approach as it moves into a new phase. They’re starting “Onchain Summer,” a month-long event featuring collaborations with launch partners like Coinbase, Atari, OpenSea, Showtime, Optimism, Rainbow Wallet, Manifold, Parallel, and Friends With Benefits. 

Non-fungible token (NFT) functionalities will be integrated into the network starting Aug. 9, and users will also be free to secure cb.id crypto usernames on the Coinbase Wallet.