After the recent controversy surrounding the fraudulent BALD Token launch on the BASE network, Coinbase has now revealed an update regarding its layer2 solution.
Investors faced significant losses when the issuer of BALD Token, reportedly associated with Coinbase, pulled out liquidity, exposing the token as a scam. In response, Coinbase is taking steps to address the issue and provide further updates on its layer2 technology.
Cryptocurrency exchange Coinbase has introduced a bridge for the Layer 2 BASE network, allowing seamless connection between Ethereum and the BASE network. The launch of this bridge also marks the official announcement of the BASE network. According to Coinbase protocol lead Jesse Pollak, the Base bridge is now live, and the main network will be accessible to all users until August 9th.
Coinbase Bridge Enables Token Transfer between Base Network and Ethereum
Coinbase has released an official bridge that allows users to transfer tokens between the Base network and Ethereum. The Base network is a layer2 solution designed to offer lower transaction fees than Ethereum, particularly targeting the DeFi sector.
Initially accessible only to developers, the Base main network went live on July 13th. Prior to the official launch, users were already trading assets like BALD Token using proxy contracts and unofficial bridges on Base, which led to significant losses after the BALD Token scam.
Starting from August 9th, the Base network will introduce NFT functionalities, allowing users to mint collectible NFTs and earn rewards through tasks. Despite initially stating that the Base network would not have a native token, users are still trading on the network in hopes of a potential airdrop.
BASE Network offers several benefits to its users, including:
1. Low transaction fees: BASE Network aims to provide a cost-effective solution for decentralized applications (dApps) by offering low transaction fees, making it more accessible for developers and users.
2. Scalability: The network is designed to handle high transaction volumes efficiently, ensuring smooth and fast processing of transactions even during peak times.
3. Interoperability: BASE Network supports interoperability with other blockchains, enabling seamless communication and data transfer between different blockchain networks.
4. Security: The network employs robust security measures to protect user assets and data, ensuring a secure environment for decentralized applications.
5. Community Governance: BASE Network involves its community in decision-making through a decentralized governance model, giving users a voice in the network’s development and direction.
6. Decentralization: The network is built on a decentralized architecture, reducing the risk of single points of failure and enhancing overall resilience.
7. Ecosystem Support: BASE Network aims to foster a thriving ecosystem by supporting developers, projects, and initiatives through various incentives and programs.
Overall, BASE Network aims to enhance the blockchain ecosystem by providing a scalable, secure, and community-driven platform for decentralized applications and services.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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