Ethereum

Base

Summer

Data from L2beat indicate that Coinbase’s Base has seen more than <a href="https://l2beat.com/scaling/projects/base" rel="noopener noreferrer nofollow">$100 million in value bridged over to Layer2</a>. 
Precisely, the Ethereum layer two (L2) scaling-based analysis and research dashboard shows that the volume of crypto assets that have crossed over to Base is now around $111 million. Most of these assets were bridged via portal proxy contracts and other unofficial means. 
<h2 id="b-bridge-from-base-to-ethereum-b">Bridge From Base to Ethereum</h2> 
This news comes right after Coinbase’s August 3rd announcement of the expansion of its mainnet access in conjunction with the launch of bridge to the Ethereum network.&nbsp; 
The release of this bridge is crucial to enhancing the movement of tokens between the Base network and Ethereum for users. 
The Coinbase L2 scaling solution is based on the optimistic rollup technology but at the same time, It is worth noting that the solution is still in its early stage. For now, the development of its fraud-proof system is in progress.&nbsp; 
<h2 id="b-fraud-proofs-and-onchain-summer-initiative-b">Fraud Proofs And Onchain Summer Initiative</h2> 
Such fraud proofs equip users to challenge the legitimacy of a transaction or state update on the blockchain. 
For instance, if a user submits an invalid transaction entry or state update, other users in the ecosystem can prove that it is fraudulent by providing this fraud proof. Hence, if a contested transaction is eventually proven to be false, it would be invalidated. 
Another activity of interest surrounding Coinbase’s Base is the&nbsp;“Onchain Summer” initiative which will see a couple of brands including Coca-Cola and <a href="https://thecoinrise.com/non-fungible-tokens-coming-to-life-create-new-applications-of-ai/" rel="noopener noreferrer nofollow">Non-fungible token</a> (NFT) marketplace OpenSea collaborate with Coinbase on on-chain events. 
Noteworthy, these partnerships are an indication of the American cryptocurrency exchange’s commitment to facilitating improvement and innovation in the nascent ecosystem. 
<h2 id="b-base-mainnet-goes-live-for-developers-b">Base Mainnet Goes Live for Developers</h2> 
Already, the exclusive developer-oriented mainnet&nbsp;of Base went live since Thursday July 13th. 
Since that time till now, the protocol has seen a spike in user activity leading to the official launch. Also, the bridging of assets has created a path for the trading of new&nbsp;memecoins&nbsp;and a resultant increase in network activity as well as a surge in profits generated by the Ethereum scaling solution. 
Profits generated from Base skyrocketed from around $13,000 on Saturday July 29th to over $430,000 on Sunday July 30th.&nbsp; 
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/coinbase-incs-base-sees-bridged-asset-cross-100m/">Coinbase Inc’s Base Sees Bridged Asset Cross $100M</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Coinbase Inc’s Base Sees Bridged Asset Cross $100M

Table of Contents

TheCoinrise Media

Other articles published on Aug 8, 2023

Curve Finance CEO sued, crypto whales participate in DigiToads presale

NEAR Coin Price Prediction 2023: Can NEAR Coin Fall Upto $1 Mark?

Alchemy Pay Teams Up with Decentralized USD (USDD), Bridges the Gap Between Fiat & Over-Collatera...

PayPal Launches PayPalUSD Stablecoin, Announces Giveaway

Brazil names its controversial CBDC ‘DREX’

Bitcoin Cash Price Prediction: Will BCH Price Continue Dipping?

Join our free newsletter for daily crypto updates!