Leading cryptocurrency exchange, Coinbase has officially launched its proprietary blockchain network, Base, to the general public. The public release marks a major milestone for the first publicly traded company to debut its own decentralized blockchain.
Coinbase unveiled Base in February and has steadily built up the network over subsequent testnet and developer release phases. With the mainnet now live, crypto users can explore the suite of decentralized apps and services operating on the Base platform.
What Does Base Blockchain Do?
The Base blockchain aims to provide a faster, cheaper alternative to conducting transactions versus the congested Ethereum network. Using roll-up technology developed on Ethereum’s Optimism network, Base can batch transactions and reduce fees.
This allows decentralized apps on Base to avoid the slow speeds and exorbitant gas fees currently faced on the Ethereum mainnet. Coinbase plans to use Base as the primary platform for its own on-chain products and services.
The company touts over 100 decentralized apps and projects across gaming, digital assets, and more, contributing to the burgeoning Base ecosystem. Developers are incentivized to build on Base, given the improved user experience and lower barriers to adoption.
On-Chain Summer Event For Base Mainnet Launch
To celebrate the mainnet launch, Coinbase has organized an “On-Chain Summer” event promoting partner apps and offering users opportunities to mint commemorative non-fungible tokens. The campaign aims to drive awareness and activity on Base during the critical launch phase.
As a fully decentralized, public blockchain, Base represents a new phase for Coinbase to participate directly in crypto networks beyond providing exchange services. The project enables the company to shape an ecosystem tailored for mainstream adoption.
The mainnet release unlocks Base’s potential. But continued growth in apps and users will determine if it can emerge as a leading blockchain alongside heavyweights like Ethereum. Either way, the launch highlights Coinbase’s ambitions in crypto.
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