Coinbase’s Base network, a revolutionary platform for Web3 development, has taken a significant step forward with its official launch on August 9th. After undergoing a phased launch process that included an exclusive “open for builders only” phase, Base is now open for end-users to explore its potential and engage in various activities within the network. This milestone marks a turning point in the world of decentralized applications and protocols, offering users a range of functionalities that have the potential to reshape the landscape of blockchain technology.
A Journey to Launch: The Evolution of Base Network
The journey towards the official launch of Base network began when it initially entered beta version on February 23rd. This step attracted considerable attention within the crypto community, fueled by speculation that Base’s integration with Coinbase’s extensive user base could catalyze the adoption of Web3 protocols. The network subsequently launched its mainnet version tailored for builders on July 13th, accompanied by a cautionary note that it wasn’t yet prepared for general users. However, on August 9th, the network reached the pivotal point of its development, finally becoming accessible to all users.
Exploring Base Network’s Features
With Base’s official launch, users now have access to a range of exciting features that can shape their experience within the network.
- Bridge Tokens: One of the core features is the ability to bridge Ether (ETH) from the Ethereum mainnet to Base. This process is facilitated by the official Base bridge, which launched its user interface on August 3rd. Notably, the cross-chain bridging protocol Wormhole also announced its availability on Base on August 9th, further expanding the interoperability of the network.
- Swap Tokens and Provide Liquidity: Base welcomes users to participate in decentralized cryptocurrency exchanges (DEXs) that are now operational on the network. Notable among these is Uniswap, a pioneer in the decentralized exchange realm, which launched its Base version on August 7th. Maverick Protocol also joined the fray, introducing its Base version on August 8th, boasting improved capital efficiency and customization options. Additionally, LeetSwap, while temporarily shut down due to an exploit, is set to relaunch in the future, offering an innovative DEX experience.
- Make Payments: Base offers a payment app called Beam, enabling users to make payments using U.S. Dollar Coin (USDC) or the app’s native coin, Eco. Beam stands out by allowing users to pay for gas fees without the need to store seed words or hold Ether. With an intuitive interface and built-in fiat-to-crypto and crypto-to-fiat gateway, Beam simplifies the payment process on Base.
- Register a Username: Masa Finance’s soulbound token protocol enables users to register their .masa usernames on Base, a significant step towards enhancing identity management and complying with Know Your Customer (KYC) services.
- Launch a Decentralized Autonomous Organization (DAO): Base also caters to those interested in creating decentralized autonomous organizations (DAOs). Aragon’s “no-code Aragon app” and “modular Aragon OSx” make DAO creation accessible, not only to developers but also to end users seeking to establish their DAOs.
- Mint and Collect NFTs: Base’s launch coincides with the Onchain Summer festival, bringing exclusive NFT minting opportunities from brands and projects like Coca-Cola, Showtime, Atari, Optimism, and more. This diverse range of NFT offerings spreads across August and early September, offering users the chance to engage with their favorite brands on the blockchain.
Challenges on the Path to Launch
Despite the positive momentum surrounding Base’s launch, the journey hasn’t been entirely smooth. During its phased launch, some users attempted to leverage developer tools to invest in memecoins ahead of the official launch, leading to substantial losses. Confusion surrounding distribution mechanisms and liquidity management resulted in an estimated $2.2 million loss during the Pond0x memecoin launch. Similarly, the BALD token launch experienced losses of around $1.9 million due to liquidity-related issues.
Conclusion
Coinbase’s Base network has ushered in a new era of Web3 development and possibilities. With its official launch, users can now dive into a wide array of functionalities, including bridging tokens, participating in DEXs, making payments, registering usernames, launching DAOs, and engaging with NFTs. As Base continues to evolve, it holds the promise of reshaping how users interact with blockchain technology, offering them more control, efficiency, and opportunities in the decentralized world. Despite initial challenges, the launch of Base marks a significant step towards the future of Web3 applications and decentralized finance.
