As per the recent development, the Base network has been launched for the masses after spending weeks in the open for the builders-only phase. Developed by Coinbase, the network is now ready to onboard the common users. With the news of the official launch floating around the crypto space, a number of Web3 development teams announced the launch of several apps for the network. At the same time, the network’s team has also presented a schedule of all upcoming events to celebrate the launch of Base.
Base is open and Onchain Summer is here 🟡
Become a part of Base history by minting “Base Day One” to join the story of bringing the world onchain
Our story.https://t.co/qaDj7CBCMd pic.twitter.com/9PZCLQQV7p
— Base 🛡️ (@BuildOnBase) August 9, 2023
The network was launched as a beta version back in February this year, and the masses initially speculated that it would play a vital role in onboarding users into the vast world of Web3. Additionally, the network launched its mainnet version ‘for builders’ in July, but the team categorically highlighted that the network was not ready for the users back then. With the launch, users will be offered a series of perks which include the ability to bridge Ether from the mainnet to Base using the official Base bridge. The cross-chain bridging protocol, Wormhole, recently announced its availability on the network.
Base Looks All Set to Grow
Two decentralized exchanges have announced that they are running on Base, with the speculation of a third launching soon. Uniswap announced that its Base version was up and running on August 7. Furthermore, the Maverick protocol announced its version on August 8, claiming to provide greater capital efficiency and allow greater customization compared to its competitors. The third DEX LeetSwap was running the builders-only phase but shut down following an exploit. However, the team plans to relaunch any time soon in the future.
Another promising feature offered by the newly launched network includes the ability to make payments either using USDC or the app’s native token, Eco. The developers have clarified that users are not required to possess Ether in order to pay for gas fees. Similarly, Masa Finance also announced that users can now register their .base domains. These usernames might be utilized for credit underwriting or Know Your Customer complaint services.
Base was swift when it came to attracting a series of developers, but problems started to arise not too long after. The network was functioning as planned between July and August 2 but did not exactly have a bridge UI. Despite that, several users tried to get an early lead via the use of developer tools to transfer ETH to the network. Investors ended up losing a sum of more than $2.2 million as a result of countless launch issues.
