Coinbase-Backed Base Unveils Ethereum Bridging and Mainnet Launch Plans

Coinbase-backed Ethereum Layer 2 scaling solution, Base, has unveiled Ethereum bridging for selected assets and announced the upcoming launch of its mainnet on August 9.

This milestone enables developers to freely deploy their applications on the network. The protocol has initiated access to bridge chosen ERC-20 tokens to the Base layer from Ethereum in preparation for this launch. The bridging functionality initially covers ethereum, Coinbase staked ethereum, dai, and USDC, with potential additions in the future. Base has already achieved significant value, securing a spot in the top ten scaling solutions by total value locked (TVL) according to L2beat.

Furthermore, Base plans to sponsor the “Onchain Summer,” a month-long on-chain festival that will feature collaborations with renowned creators, artists, and brands. Grants totaling 100 ETH will also be provided to developers and builders to support various Base-related activities.

Clever Robot News Desk 7^th August 2023