Ethereum

<h2 id="header-0">More Than $100 Million Transferred to Coinbase’s Base Network</h2><p>Coinbase’s Base, a <a href="https://blockchainreporter.net/glossary/layer-2/" rel="noopener noreferrer nofollow">Layer 2</a> scaling solution, has experienced an influx of over $100 million in crypto assets, according to data analytics firm L2beat. The transfer coincided with Coinbase’s announcement of the imminent expansion of its mainnet access, aligning with the launch of a bridge to the <a href="https://blockchainreporter.net/ethereum-price/" rel="noopener noreferrer nofollow">Ethereum</a> network.</p><h2 id="header-1">Bridge to Ethereum: A Gateway for Users</h2><p>The official bridge represents a significant step forward in facilitating user movement of tokens between the <a href="https://base.org/" rel="noopener noreferrer nofollow">Base network</a> and Ethereum. Although Coinbase’s Layer 2 scaling solution, based on optimistic rollup technology, is still in its nascent stage, the development of its fraud-proof system is in progress. The system allows blockchain users to contest the legitimacy of transactions or state updates. A challenged transaction or state update, if proven to be false, can be invalidated by providing evidence of fraudulent activity.</p><h2 id="header-2">“Onchain Summer”: Coinbase’s Strategic Collaboration</h2><p>Coinbase’s “Onchain Summer” initiative, as part of the Base roll out, is set to host a series of <a href="https://blockchainreporter.net/glossary/on-chain/" rel="noopener noreferrer nofollow">on-chain</a> events involving several major brands, such as Coca-Cola and OpenSea. These collaborations signify Coinbase’s commitment to fostering growth in the crypto exchange landscape.</p><h2 id="header-3">Surge in Activity Preceding Official Launch</h2><p>The exclusive developer-oriented <a href="https://blockchainreporter.net/glossary/mainnet/" rel="noopener noreferrer nofollow">mainnet</a> of Base, which went live on July 13, saw a spike in user activity leading up to the official launch. An influx of assets was bridged to the network via portal proxy contracts and other unofficial means, paving the way for the trading of new <a href="https://blockchainreporter.net/glossary/memecoin/" rel="noopener noreferrer nofollow">memecoins</a> and a resultant increase in network activity.</p><h2 id="header-4">Memecoins, Profits, and the Ethereum Scaling Solution</h2><p>The explosion in activity due to the memecoin <a href="https://blockchainreporter.net/glossary/trading/" rel="noopener noreferrer nofollow">trading</a> also triggered a significant rise in profits generated by the Ethereum scaling solution. Profits swelled from roughly $13,000 on July 29 to an impressive over $430,000 on July 30.</p><h2 id="header-5">Base’s Role in Coinbase’s Expansion Goals</h2><p>In their second quarter earnings communication to shareholders, <a href="https://coinbase.com/" rel="noopener noreferrer nofollow">Coinbase</a> highlighted Base as a symbol of the firm’s growth ambitions beyond trading. “Base is an investment in blockchain infrastructure which we expect will drive down transaction costs and increase transaction speed – key attributes we believe will unlock new use cases over time,” the letter stated.</p>

Coinbase Layer 2’s Bridged Assets Soar Past $100M Mark

Table of Contents

BlockchainReporter

Other articles published on Aug 6, 2023

Crypto Hackers’ Tendency Toward Returning Stolen Funds Rises In 2023’s First Half! What’s the Rea...

Sui Price Prediction: TVL And Sui Price Drops More than 50%

Bitcoin’s Hodl Strategy Outperforms Crypto Funds by 68.8% in H1 2023

Giant Market Maker Starts to Move Its Tokens to Binance after 100 Percent Surge in One Day

The Beginners Guide To Artemis Analytic Platform

Bone Shibaswap (BONE) Price Prediction 2023 to 2031: Is 10X EOY Price Possible?

Join our free newsletter for daily crypto updates!