The increase in value in Base, Coinbase’s Layer-2 solution, drew attention.
Base, Coinbase’s Layer-2 network, the value of crypto assets bridged to Layer-2 has reached $111 million. Coinbase announced its own Tier 2 network to scale the Ethereum blockchain back in February, and announced that a bridge to Ethereum will be released on August 3.
Coinbase’s Base surges in value
An official bridge offers users a way to move tokens between the Base network and Ethereum. However, it is still early for an optimistic rollup-based Layer 2, as Base is still being developed on its anti-fraud system. With fraud proofs, users can query the validity of transactions or status updates and help detect fraudulent transactions.
The launch of Base took place within the framework of Coinbase’s “Onchain Summer” event. This event includes on-chain events where a number of brands will collaborate with the crypto exchange. Base’s developer-only mainnet launched on July 13 and was made available primarily to developers. However, prior to the official launch, some users had networked their assets using the portal proxy contract and other unofficial bridges to trade new memecoins, resulting in an increase in activity on the network.
The increase in Base’s crypto assets bridged to Layer-2 can be seen as a positive sign for the development and growth of the platform. However, the completion and development of anti-fraud systems is of paramount importance, as security is important to users.
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