{"id":583612,"date":"2023-08-09T17:52:03","date_gmt":"2023-08-09T16:52:03","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=583612"},"modified":"2023-08-09T17:52:11","modified_gmt":"2023-08-09T16:52:11","slug":"coinbase-decentralized-l2-network-base","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/coinbase-decentralized-l2-network-base\/","title":{"rendered":"Coinbase Rolls Out Decentralized L2 Network Base"},"content":{"rendered":"\n<ul><li>Coinbase becomes the first American publicly traded company to launch a decentralized network. <\/li><li>The layer 2 blockchain Base is now open to the public with over 100 dapps and on-chain service providers like Chainlink available at launch. <\/li><li>Base is an L2 network built as an alternative to Ethereum using Optimism&#8217;s OP stack. <\/li><li>Coinbase&#8217;s blockchain recently made crypto media headlines after a rug pull involving the BALD memecoin.<\/li><\/ul>\n\n\n\n<p>Base, the L2 Ethereum network backed and built by crypto exchange Coinbase, is officially open for public access. <\/p>\n\n\n\n<p>100 decentralized apps and crypto service providers like Chainlink are available on the blockchain at launch. Moreover, Base features an official <a href=\"https:\/\/en.ethereumworldnews.com\/coinbase-ethereum-bridge-nft-base\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/coinbase-ethereum-bridge-nft-base\/\" rel=\"noreferrer noopener\">bridge<\/a> to Ethereum&#8217;s mainnet allowing users to freely move ETH between both networks.<\/p>\n\n\n\n<p>The launch of Base also coincides with the company&#8217;s &#8220;<a href=\"https:\/\/twitter.com\/BuildOnBase\/status\/1689315339006574592?s=20\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/twitter.com\/BuildOnBase\/status\/1689315339006574592?s=20\" rel=\"noreferrer noopener nofollow\">Onchain Summer<\/a>&#8221; week-long event featuring commemorative NFTs and rewards for users. <\/p>\n\n\n\n<p>Coinbase is the first-ever publicly traded entity in the U.S. to launch its own decentralized network. The company does not plan to launch a token for its Base L2 blockchain. <\/p>\n\n\n\n<h2>Coinbase&#8217;s Secret Plan<\/h2>\n\n\n\n<p>The decentralized network developed using Optimism&#8217;s OP stack is part of &#8220;The Coinbase Secret Master Plan&#8221;, said CEO Brian Armstrong when Base was announced back in February. <\/p>\n\n\n\n<p>By mid July, would-be early users trooped into Base despite the network being only accessible to developers at the time. Several &#8220;degens&#8221; bridged their Ether (ETH) tokens to the network through a portal proxy contract, a one-way door from Ethereum&#8217;s ecosystem to Base. The gateway allowed these users to make millions overnight aping into risky memecoins like <a href=\"https:\/\/en.ethereumworldnews.com\/degens-rugpull-bald-devs-pull-liquidity\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/degens-rugpull-bald-devs-pull-liquidity\/\" rel=\"noreferrer noopener\">BALD<\/a>.<\/p>\n\n\n\n<p>BALD holders however soon found themselves rekt after the token&#8217;s developer withdrew liquidity in what turned out to be a rug pull. A number of other memecoins on Base also turned out to be scams as well. At the time, Base users only had access to a one-way bridge, leaving liquidity trapped in the budding ecosystem. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coinbase becomes the first American publicly traded company to launch a decentralized network. The layer 2 blockchain Base is now open to the public with over 100 dapps and on-chain service providers like Chainlink available at launch. Base is an L2 network built as an alternative to Ethereum using Optimism&#8217;s OP stack. Coinbase&#8217;s blockchain recently made crypto media headlines after a rug pull involving the BALD memecoin. Base, the L2 Ethereum network backed and built by crypto exchange Coinbase, is [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":582066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[826,108120,2,26],"tags":[109030,108895,130,7002,108554],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583612"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=583612"}],"version-history":[{"count":1,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583612\/revisions"}],"predecessor-version":[{"id":583613,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583612\/revisions\/583613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/582066"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=583612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=583612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=583612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}