Coinbase's Base network has transitioned from its "developer-only" phase to being fully live, as confirmed in the team's announcement on August 9. After a beta launch on February 23, the network initially targeted developers and launched a "builders-oriented" ver. sion of its mainnet on July 13. It is now ready for general user access. The launch has garnered significant attention due to Coinbase's extensive user base, potentially facilitating broader adoption of the Web3 protocol.
Several Web3 development teams have introduced Base applications in parallel with the launch. Ethereum-to-Base bridging capabilities have been established through the official Base bridge, which released its UI on August 3. Additionally, the cross-chain bridging protocol Wormhole became accessible on Base on August 9. A number of decentralized cryptocurrency exchanges (DEXs) have also been launched on Base, including Uniswap and Maverick Protocol, which aim to offer advanced capital efficiency and customization for users.
Base introduces the Beam payment app, enabling users to make payments with USD coins or the native token Eco. This app streams the payment process, eliminating the need for users to store seed phrases or possess ether for gas payments. Another protocol on Base, Masa Finance, introduced the Soulbound token protocol, allowing users to register ".base" Masa usernames, which could be used for credit underwriting and compliance services.
Aragon, a Decentralized Autonomous Organization Creation Protocol, has introduced "No-Code Aragon Apps" and "Modular Aragon OSx" on Base, facilitating easy creation of DAOs (Decentralized Autonomous Organizations) on the network. Base has attracted various brands and projects to exclusively mint NFTs on its platform, including names like Coca-Cola, Showtime, and OpenSea, with each NFT release scheduled as part of the Onchain Summer Festival.
Despite its promising developments, the launch of Base has not been without challenges. During the period between July 13 and August 2, when the network was operational without the bridge UI, some users leveraged developer tools to transfer ETH to the network and invest in memecoins ahead of the official launch. However, these early moves have led to losses for many investors due to initial startup problems.
For instance, the launch of the Pond0x memecoin on July 28 resulted in around $2.2 million in losses due to confusion over token distribution. The BALD token launch on July 31 on Base incurred losses of approximately $1.9 million when liquidity was withdrawn by developers. Despite such setbacks, Base's progress in attracting app developers and integrating diverse functionalities showcases its potential impact on the growing Web3 ecosystem.
