Following the BALD Token launch on Sunday, the BASE network, which has been in the spotlight, has now announced its launch date. Investors suffered million-dollar losses on Monday as the issuer of BALD Token, Coinbase’s alleged partner, withdrew liquidity, revealing that the token was actually a scam. Now, Coinbase has announced a new update regarding its layer2 solution!
Cryptocurrency exchange Coinbase has officially launched a bridge for Layer 2 BASE network. This bridge between Ethereum and BASE network also served as an announcement of the network’s launch. Coinbase protocol lead Jesse Pollak just delivered the news, saying;
“The Base bridge is live today, and the main network will be accessible to everyone until August 9th.”
The release of an official bridge provides users with a way to transfer their tokens between the Base network and Ethereum. BASE, a layer2 solution aiming for lower transaction fees than Ethereum, was launched to strengthen the company’s position, especially in the DeFi sector.
Base’s main network, initially accessible only to developers, went live on July 13th. However, prior to the official launch, users started trading assets like BALD Token using a portal proxy contract and other unofficial bridges on Base. However, everyone realized how risky it was after the BALD Token incident.
Furthermore, starting from August 9th, the network will introduce NFT functionalities. Users will be able to mint collectible NFTs and participate in tasks to earn rewards. When Coinbase first announced the network, it stated that BASE network would not have a native token. However, users continue to trade on the network in anticipation of an airdrop possibility.