To celebrate the launch of Base mainnet, Coinbase announced Onchain Summer will kick off on August 9 with over 50 leading brands led by Coca-Cola, Atari, and OpenSea.
The mainnet launch of Coinbase Global Inc (NASDAQ: COIN)-backed Ethereum layer two (L2) scaling solution built on Optimism’s OP Stack has been set for next week, August 9, 2023. According to the announcement, the mainnet launch will enable the integration of the Coinbase application and Wallet to the Base platform in a bid to onboard millions of Web3 users to the Ethereum network. As a result, the crypto exchange announced that it will be conducting an event dubbed Onchain Summer with over 50 leading brands led by Coca-Cola, Atari, and OpenSea. Notably, the Onchain Summer event will enable users to mint unique NFT releases from August 09.
Meanwhile, Coinbase shares have gained about 156 percent YTD to trade around $89.88 on Friday. Notably, the company reported second-quarter earnings results above Wall Street expectations with a revenue of $773 million, down from $1.2 billion a year ago.
Coinbase and Base Network
Coinbase announced that the sole mission of the Base layer two network is to help onboard millions of Web3 users seamlessly through the Ethereum blockchain. Consequently, Coinbase emphasized that it has no plans to launch a token for the Base network. Moreover, the company is well funded through its publicly traded stocks and backed by a strong balance sheet consisting of Bitcoin among other digital assets. Additionally, the company would attract significant unwarranted attention from the United States financial regulators including the SEC and CFTC.
The company highlighted that base users can find their accounts through Coinbase wallet and easily bridge their assets to Ethereum at secure, fast, and low transaction fees.
Fund your wallet on Base.
It’s now possible to bridge or fund ETH on Base, which Coinbase Wallet makes simple.
Get ready for Onchain Summer and mint a commemorative NFT: https://t.co/NuwYGbPf9F
— Coinbase Wallet 🛡️ (@CoinbaseWallet) August 3, 2023
The crypto exchange will, thereby, be in a better position to compete with other Web3 companies like Binance that have a thriving ecosystem of chains supporting secure, fast, and cheap tokenization. Additionally, the crypto exchange is well poised to help onboard more crypto investors in the United States as the country prepares proper regulatory frameworks.
“Since we announced Base, our mission has been clear and consistent: bring the next billion users and next million builders on chain,” Jesse Pollak, the creator of Base and head of protocols at Coinbase, noted. “Today, we’re thrilled to announce our next step in that journey.”
The Coinbase-backed Base attracted negative reviews after a meme coin dubbed BALD, which was thought to be created by former FTX boss SBF, rug-pulled on investors with over $20 million in liquidity. On the positive side, the Base network proved its capabilities to handle the mainstream adoption of digital assets at scale. However, Coinbase has been slammed for not putting in place measures to protect investors in events of fraud and rug pulls.
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