Here’s how it can be used
Coinbase’s Base network has officially launched after spending a few weeks in an “open for builders only” phase. The network is now ready to onboard users, according to an Aug. 9 announcement from the team.
Several Web3 development teams have simultaneously announced that they are releasing apps for Base, and the network’s team has released a schedule of upcoming events to celebrate its launch.
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
Our story.https://t.co/qaDj7CBCMd pic.twitter.com/9PZCLQQV7p
— Base ️ (@BuildOnBase) August 9, 2023
Base initially launched in beta version on Feb. 23. As soon as it was announced, many in the crypto community speculated that it could help to onboard more users into Web3 protocols, thanks to Coinbase’s large user base. The network launched its mainnet version “for builders” on July 13, but the team warned that it wasn’t ready for users yet. On Aug. 9, the network became available for all users.
Here are a few things users can do on Base right now.
Users can bridge Ether (ETH) from mainnet to Base using the official Base bridge, which launched a user interface on Aug. 3. On Aug. 9, the cross-chain bridging protocol Wormhole announced it is available on Base.
Swap tokens and provide liquidity
At least two decentralized cryptocurrency exchanges (DEXs) have announced they are running on Base, and a third may relaunch soon. Uniswap, one of the first decentralized exchanges on Ethereum, declared their Base version was running on Aug. 7.
Maverick Protocol also announced its Base version on Aug. 8. Maverick claims to provide greater capital efficiency and allow for greater customization than its competitors.
A third DEX on Base, LeetSwap, was previously running during the “builders only” phase but is currently shut down due to an Aug. 1 exploit. The team intends to relaunch the project at some point in the future. LeetSwap claims to be a DEX for “leet degens” and offers “dual-token farm rewards” to maximize yield.
These three apps provide options for users who want to swap tokens or become liquidity providers.
At least one payment app for Base is available.
Beam is a web-based app that allows users to make payments using either U.S. Dollar Coin (USDC) or the app’s native coin, Eco. According to the app’s developers, users aren’t required to store seed words or possess Ether to pay for gas fees. They can log in with their Twitter accounts and pay for gas using USDC or Eco. The app also features a built-in fiat-to-crypto and crypto-to-fiat gateway.
Base announced Beam’s launch for the network on July 27.
Register a username
Masa Finance has released its soulbound token protocol for Base. On Aug. 8, the protocol announced that users can now register their .masa usernames on Base. These usernames may later be used for credit underwriting and other Know Your Customer-compliant services.
In its announcement, Masa claimed to have minted over 280,000 usernames on Base since the builder phase began.
Launch a decentralized autonomous organization (DAO)
Decentralized autonomous organization creation protocol Aragon has launched its “no-code Aragon app” and “modular Aragon OSx” on Base to allow for DAOs to be easily created on the new network. Although it’s mostly developers that will use this function, end users can also establish DAOs on Base through Aragon.
Mint and collect nonfungible tokens (NFTs)
Multiple brands and projects will allow users to mint NFTs exclusively on Base throughout August and early September. These include Coca-Cola, Coinbase’s Stand With Crypto campaign, Showtime, Atari, Optimism, OpenSea, and others. Each NFT launches on a different day of the Onchain Summer festival. For example, the Showtime NFT becomes available on Aug. 18, while the Atari one launches on Aug. 25.
Some investors lost during Base’s phased launch
Despite Base’s initial success in attracting app developers, its launch hasn’t been without problems. The network was up and running between July 13 and Aug. 2 but didn’t have a bridge UI. As a result, some users attempted to get an early lead by using developer tools to transfer ETH to the network, which was then used to invest in memecoins that were expected to rise in value after the network’s official launch. However, many investors lost money in these projects due to various launch issues.
An estimated $2.2 million was lost by investors in the July 28 Pond0x memecoin launch due to confusion surrounding how the token was supposed to be distributed. Another $1.9 million was lost during the July 31 BALD token launch on Base when the developer pulled some of its liquidity.