On July 13th, Coinbase’s layer2 solution, Base Network, officially launched its mainnet. Initially, the mainnet was exclusively for developers, but on August 3rd, the development team excitedly announced that the user interface was up and running. Users could start using the network immediately without waiting for an official launch. However, some initial Web3 applications on Base might not be available until the official mainnet release on August 9th.
This milestone is part of Base Network’s development plan, aiming to enable seamless asset transfers between Base and Ethereum. It fosters flexibility within the cryptocurrency ecosystem and makes it easier for users to access and utilize Base’s services.
Base Network operates as a layer 2 blockchain on the OP software stack, positioning itself as an alternative solution to Ethereum. Its goal is to provide lower transaction fees compared to the Ethereum network, making it attractive to various users, from regular Coinbase users to participants in the decentralized financial space.
However, there have been some issues on Base Network recently. Last week, memecoins suddenly flooded into Base, causing a surge in transaction volume on the network. One notable example is the memecoin BALD, which skyrocketed to a valuation of 85 million USD but then plummeted almost to zero when developers pulled liquidity from BALD’s main liquidity pool. Several other memecoin projects also engaged in rugpull schemes. As a result, the memecoin trend on Base came to a definitive end.
Furthermore, the decentralized exchange LeetSwap on Base experienced a serious security breach, raising concerns about the platform’s safety and emphasizing the need for robust security measures in the rapidly evolving cryptocurrency landscape.