SAN FRANCISCO, AUGUST 9, 2023 – Coinbase, a leading figure in the cryptocurrency exchange space, has unveiled its latest offering to the public: Base. Notably, this marks the first instance of a publicly traded company introducing its decentralized blockchain mainnet to the global audience.
The journey began with Base’s testnet initiation in February, followed by a specialized release for developers in July. Now, with the inception of the mainnet, Base has positioned itself as a serious contender in the decentralized blockchain landscape. This development promises to play a pivotal role in the ongoing “on-chain summer” campaign, a multi-week event spotlighting partner dApps in gaming, music, and digital art.
One of the unique features of Base is its cost-effectiveness and speed. As highlighted by Jesse Pollak, Coinbase’s protocol chief, the new network offers transaction rates and speeds that surpass Ethereum’s current standards. This has been made possible through the roll-up network built on Optimism’s IO Stack, a scaling solution processing transactions on Ethereum. Consequently, dApp developers will find Base to be a more affordable and efficient alternative.
The Base ecosystem is already teeming with over 100 decentralized applications (dApps) and a range of service providers, showcasing its potential to be a game-changer in the world of DeFi protocols, wallets, bridges, and more. Celebrating this milestone, enthusiasts can mint a commemorative “Base Day One” NFT.
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
— Base 🛡️ (@BuildOnBase) August 9, 2023
Coinbase’s venture into Base is not only a technological marvel but also a strategic maneuver. The introduction of its own blockchain could usher in a new era where the company enjoys a steady revenue flow from applications built on Base. Notably, Coinbase reported a Q2 revenue of $707.9 million, albeit with a net loss of $97 million. The new blockchain might play a role in altering such financial dynamics in the future.
CEO Brian Armstrong’s vision from 2016, wherein he expressed ambitions of touching a billion lives through decentralized apps (dApps), seems closer to realization. Moreover, amidst a lawsuit from the U.S. Securities and Exchange Commission, this innovation serves as a testament to Coinbase’s commitment to leading the blockchain innovation frontier.
As the world watches, Base’s mainnet has the potential to redefine the blockchain paradigm, setting new standards for decentralized networks worldwide.