The Success of Coinbase’s Base Network in Improving Ethereum Scalability
The Ethereum ecosystem utilizes various layer-2 networks to enhance the scalability of its blockchain. Coinbase, a prominent publicly-listed cryptocurrency exchange, recently joined the competitive landscape by launching its own scaling solution built on Ethereum, called Base. This article explores the popularity and success of Coinbase’s Base network in improving the scalability of Ethereum.
Popularization of Ethereum Scaling Network
Base network was officially launched earlier this month, making it accessible to everyone. It is built using the OP Stack, a toolkit for the Optimism (OP) network, and aims to provide a secure, cost-effective, and user-friendly way to build decentralized applications (dApps). The primary objective of this layer-2 network is to onboard over one billion new users into the crypto world.
– Introduction to Base network
– OP Stack and its significance
– Goals of the layer-2 network
Successful Launch of Base Network
In February, the announcement of the network’s arrival was made, and on August 9th, the doors of the blockchain project were opened. After more than two weeks since its launch, we can conclude that the release of Base has been a resounding success.
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On the day of the launch, the network already reported a Total Value Bridged (TVB) exceeding $150 million. Data from a Dune Analytics dashboard reveals that this figure has now risen to nearly $262 million. A bridge facilitates the transfer of assets from one network to another, empowering crypto users.
– Planned launch and actual launch date
– Initial TVB reported
– Current TVB status
Decentralized Crypto Apps on Base Network
Following the network’s launch, many dApps have shown significant interest in integrating their applications on Base. On the first operational day of the network, more than 100 dApps were integrated, leveraging the early hype surrounding the platform.
One of these dApps, Chainlink (LINK), partnered with Base to deliver price feeds through its decentralized oracles. Numerous wallets have also been integrated, including Coinbase Wallet, Rainbow Wallet, Trust Wallet, and Safe.
Currently, the network is witnessing widespread adoption due to the popularity of the decentralized social media app, ‘Friend.tech.’ Since going live on August 11th, the ‘Social-Fi’ dApp has surpassed 100,000 users. Moreover, it has already processed nearly 2.2 million transactions, significantly contributing to the current success of Base.
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In recent days, the total number of transactions on Base has surpassed other Ethereum layer-2 solutions such as Arbitrum (ARB) and Optimism (OP). On August 21st, Base even processed almost twice the number of transactions compared to Arbitrum and more than twice the number compared to Optimism.
– Integration of dApps on Base
– Partnering with Chainlink for price feeds
– Popularity and user statistics of ‘Friend.tech’
– Transaction volume comparison with other layer-2 networks
The successful launch of Coinbase’s Base network has contributed significantly to improving Ethereum’s scalability. With a rapidly increasing Total Value Bridged and a growing number of integrated decentralized applications, Base is proving to be a promising scaling solution. As more users and dApps join the network, Ethereum’s ecosystem continues to evolve, fostering innovation and expanding the reach of cryptocurrencies.