Coinbase's Base network has officially launched after spending several weeks in an "open for builders only" phase. The network is now ready to welcome users, as announced by the team on August 9.
Several Web3 development teams simultaneously announced they’re launching applications for Base, and the network team published a calendar of upcoming events to celebrate its launch.
— Base ️ (@BuildOnBase) August 9, 2023
Base was initially launched in beta on February 23. Upon announcement, many in the crypto community speculated it could help onboard more users to Web3 protocols, thanks to Coinbase’s large user base. The network launched its mainnet "for builders" on July 13, but the team warned it wasn’t yet ready for users. On August 9, the network became available to all users.
Here’s what users can do on Base right now.
Token Bridging
Users can bridge Ether (ETH) from mainnet to Base using Base’s official bridge, which launched a user interface on August 3. On August 9, the cross-chain bridging protocol Wormhole announced its availability on Base.
Token Swapping and Liquidity Provision
At least two decentralized exchanges (DEXs) have announced they’re live on Base, with a third potentially relaunching soon. Uniswap, one of the earliest decentralized exchanges on Ethereum, declared its Base version was operational on August 7.
Maverick Protocol also announced its Base version on August 8. Maverick claims to offer higher capital efficiency and greater customization than competitors.
A third DEX on Base, LeetSwap, previously operated during the "builders only" phase but is currently closed due to an August 1 exploit. The team intends to relaunch the project in the future. LeetSwap bills itself as a DEX for "leet degens" and offers "dual-token farm rewards" to maximize yield.
These three applications provide options for users looking to swap tokens or become liquidity providers.
Making Payments
There’s at least one payment application for Base.
Beam is a web app that lets users make payments using US dollar stablecoins (USDC) or the app’s native currency, Eco. According to the app’s developers, users aren’t required to store seed phrases or hold Ether for gas fees. They can log in via Twitter and pay gas fees with USDC or Eco. The app also includes fiat-to-crypto and crypto-to-fiat gateways.
Base announced Beam’s launch for the network on July 27.
Registering a Username
Masa Finance has launched its soulbound token protocol for Base. On August 8, the protocol announced users can now register .masa usernames on Base. These usernames can 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.
Launching a Decentralized Autonomous Organization (DAO)
The decentralized organization-creation protocol Aragon has launched its "no-code Aragon app" and "modular Aragon OSx" on Base to enable easy DAO creation on the new network. While developers are the primary users of this feature, end-users can also create DAOs on Base via Aragon.
Minting and Collecting Non-Fungible Tokens (NFTs)
User interface of Onchain Summer. Source: Base
Multiple brands and projects will let users mint NFTs exclusively on Base throughout August and early September. These include Coca-Cola, Coinbase’s Stand With Crypto campaign, Showtime, Atari, Optimism, and OpenSea, among others. Each NFT launches on a different day of the Onchain Summer festival. For example, Showtime’s NFT will be available on August 18, while Atari’s launches on August 25.
Some Investors Lost Funds During Base’s Staggered Launch
Despite Base’s early success in attracting app developers, its launch hasn’t been without issues. The network operated between July 13 and August 2 but lacked a bridge user interface. As a result, some users tried gaining an early advantage by using developer tools to transfer ETH to the network, which was then used to invest in memecoins expected to rise in value after the network’s official launch. However, many investors lost money on these projects due to various launch issues.
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FAQ Section
1. What is Base Network?
Base is Coinbase’s Ethereum Layer 2 scaling solution designed to onboard users into Web3 with low fees and high throughput.
2. How do I bridge tokens to Base?
Use Base’s official bridge or cross-chain protocols like Wormhole to transfer assets from Ethereum mainnet.
3. Which DEXs are available on Base?
Uniswap, Maverick Protocol, and (soon) LeetSwap are operational decentralized exchanges on Base.
4. Can I mint NFTs on Base?
Yes, multiple brands are offering exclusive NFT collections during the Onchain Summer event.
👉 Explore top NFT projects on Base
5. What went wrong with early memecoin launches on Base?
Poorly structured token distributions and liquidity withdrawals led to significant investor losses.
6. Is Base suitable for beginners?
Yes, apps like Beam simplify transactions by eliminating seed phrases and gas fee complexities.