Exploring the Possibilities: A Look at the Official Launch of Base Network and Its Utilization

Coinbase’s innovative Base network has marked a significant milestone by transitioning from its beta phase to an official launch, following a brief period of “open for builders only” experimentation. The network’s team officially declared its readiness to welcome users in a recent announcement dated August 9th.

The launch has been accompanied by the synchronized release of several applications by various Web3 development teams, effectively expanding the network’s offerings. To commemorate this launch, the Base team has also outlined a series of forthcoming events.

Base had made its initial debut in a beta version on February 23rd. The crypto community immediately recognized its potential to play a crucial role in onboarding a broader user base into the realm of Web3 protocols, largely due to the significant user base of Coinbase. While the mainnet version tailored for builders was introduced on July 13th, the team cautioned that it was not yet prepared for general user access. As of August 9th, Base network has opened its doors to all users.

Let’s delve into the array of functionalities that users can currently explore within the Base network.

  1. Token Bridging: Users now have the capability to bridge Ether from the mainnet to Base using the official Base bridge, which launched its user interface on August 3rd. Additionally, the cross-chain bridging protocol Wormhole has also announced its availability on the Base network.
  2. Token Swapping and Liquidity Provision: The Base network hosts at least two decentralized cryptocurrency exchanges (DEXs), with the possibility of a third resurfacing soon. Uniswap, a pioneering decentralized exchange on Ethereum, unveiled its Base version on August 7th. Maverick Protocol followed suit by launching its Base version on August 8th, emphasizing enhanced capital efficiency and customization compared to competitors. LeetSwap, the third DEX on Base, was temporarily closed due to an exploit on August 1st but is anticipated to resume operations in the future, boasting features tailored for “leet degens” and dual-token farm rewards.
  3. Payments: Base introduces Beam, a web-based payment app that facilitates transactions using U.S. USDC or the native Eco coin. Unique to Beam is the absence of the need to store seed words or possess Ether to cover gas fees. Users can log in with their Twitter accounts and make payments with USDC or Eco. The app also encompasses a built-in fiat-to-crypto and crypto-to-fiat gateway, streamlining transactions.
  4. Username Registration: Masa Finance has introduced its soulbound token protocol to Base, allowing users to register their .masa usernames. These usernames hold potential for applications like credit underwriting and other Know Your Customer-compliant services, marking a step towards greater personalization.
  5. Decentralized Autonomous Organizations (DAOs): Aragon, a protocol for creating decentralized autonomous organizations, has unveiled its “no-code Aragon app” and “modular Aragon OSx” on Base. This empowers developers and end users alike to establish DAOs seamlessly within the network.
  6. NFT Minting and Collection: Throughout August and early September, various brands and projects, including Coca-Cola, Coinbase’s Stand With Crypto campaign, Showtime, Atari, Optimism, and OpenSea, offer users the opportunity to mint exclusive NFTs on the Base network. These NFT launches are spaced out during the Onchain Summer festival, presenting a diverse collection of digital assets.

Despite the positive trajectory, Base’s launch journey hasn’t been entirely devoid of challenges. The network’s operation between July 13th and August 2nd lacked a bridge UI, resulting in some users attempting to gain a premature advantage by using developer tools to engage with memecoins. This led to unforeseen complications and financial losses for certain investors during the network’s official launch.

During the July 28th Pond0x memecoin launch, approximately $2.2 million was lost due to confusion surrounding token distribution. Similarly, the July 31st BALD token launch experienced losses of around $1.9 million when liquidity was withdrawn by the developer. These incidents underscore the need for meticulous planning and comprehensive testing in the crypto ecosystem.

In conclusion, the transition from beta to full launch marks an exciting chapter in the evolution of Coinbase’s Base network. With its diverse offerings and potential to reshape how users engage with Web3 protocols, Base holds the promise of a dynamic and transformative digital landscape.

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