Ethereum layer 2 scaling solution Base announces major onchain developments and initiatives

Ethereum layer 2 scaling solution Base announces major onchain developments and initiatives

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  • Base, an Ethereum L2 scaling layer, will launch its mainnet on August 9, allowing app deployment and opening bridges for selected tokens.
  • “Onchain Summer,” a month-long festival featuring art, music, gaming, and advocacy, will celebrate Base’s launch with collaboration from major brands.
  • Base is offering 100+ ETH in grants for activities related to art creation, application building, and crypto legislation advocacy.

Base, the Ethereum L2 (layer 2) scaling layer backed by Coinbase, has revealed an important milestone in its mission to bring more users and builders onchain. Also, Base declared that it has opened bridging for selected Ethereum assets and will launch its mainnet on August 9, offering unrestricted access for developers to deploy their applications on the platform.

This launch will include bridging of Ethereum, Coinbase staked Ethereum, dai, and USDC to Base, with withdrawals of the same assets to Ethereum also enabled. While initially limited to these options, there are indications that more may be added in the future. Since opening the Ethereum bridge, Base’s total value locked (TVL) reached its peak value, registering more than $92 million.

According to L2beat, a protocol aggregator, Base ranks within the top ten scaling solutions based on value locked. The recent initiation of Ethereum bridging escalated Base to its apex value, documenting over $92 million in total value locked (TVL). An intriguing spike in TVL was observed with the issue of the meme token bald on June 30. The token’s valuation skyrocketed by 40,000% within a mere 48 hours, although it did retrace to its inception levels soon after.

‘Onchain Summer’ and grants for builders

Commemorating the momentous occasion of its L2 chain launch, Base is championing “Onchain Summer.” As detailed by Base, this initiative is a month-long onchain festival orchestrated by a diverse ensemble of 50 illustrious builders, brands, products, artists, and creators. The festivity aims to offer many on-chain activities spotlighting art, music, gaming, advocacy, and more. The entire roster of collaborators for this event remains under wraps, slated for revelation on August 9. However, teasers include notable names such as Coca-Cola, Atari, Opensea, Pixelmon, and Optimism.

To catalyze innovation on its platform, Base is earmarking 100 ETH to disburse as grants to prospective builders and creators. These grants are being facilitated in collaboration with Prop House, a pioneering infrastructure platform capacitating capital allocation to creators. The grants are tailored to stimulate a spectrum of Base-related endeavors, from creating art and advanced applications to spearheading crypto advocacy and championing sensible legislation.

The upcoming Base initiatives, including the ‘Onchain Summer’ and grants for developers, mark a pivotal chapter in the L2 solution’s journey. With its mainnet launch imminent, Base is poised to become a formidable player in the Ethereum ecosystem, ushering in a new era of onchain innovation.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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