Coinbase Inc’s Base Sees Bridged Asset Cross $100M

Data from L2beat indicate that Coinbase’s Base has seen more than $100 million in value bridged over to Layer2.

Precisely, the Ethereum layer two (L2) scaling-based analysis and research dashboard shows that the volume of crypto assets that have crossed over to Base is now around $111 million. Most of these assets were bridged via portal proxy contracts and other unofficial means.

Bridge From Base to Ethereum

This news comes right after Coinbase’s August 3rd announcement of the expansion of its mainnet access in conjunction with the launch of bridge to the Ethereum network. 

The release of this bridge is crucial to enhancing the movement of tokens between the Base network and Ethereum for users.

The Coinbase L2 scaling solution is based on the optimistic rollup technology but at the same time, It is worth noting that the solution is still in its early stage. For now, the development of its fraud-proof system is in progress. 

Fraud Proofs And Onchain Summer Initiative

Such fraud proofs equip users to challenge the legitimacy of a transaction or state update on the blockchain.

For instance, if a user submits an invalid transaction entry or state update, other users in the ecosystem can prove that it is fraudulent by providing this fraud proof. Hence, if a contested transaction is eventually proven to be false, it would be invalidated.

Another activity of interest surrounding Coinbase’s Base is the “Onchain Summer” initiative which will see a couple of brands including Coca-Cola and Non-fungible token (NFT) marketplace OpenSea collaborate with Coinbase on on-chain events.

Noteworthy, these partnerships are an indication of the American cryptocurrency exchange’s commitment to facilitating improvement and innovation in the nascent ecosystem.

Base Mainnet Goes Live for Developers

Already, the exclusive developer-oriented mainnet of Base went live since Thursday July 13th.

Since that time till now, the protocol has seen a spike in user activity leading to the official launch. Also, the bridging of assets has created a path for the trading of new memecoins and a resultant increase in network activity as well as a surge in profits generated by the Ethereum scaling solution.

Profits generated from Base skyrocketed from around $13,000 on Saturday July 29th to over $430,000 on Sunday July 30th.