A Based week: Looking back at the first 7 days of Onchain Summer

Crypto-native organizations are also making their method to network. On Aug. 16, DeFi derivatives procedure Synthetix exposed that a movement for it to be released on the Base network had been unanimously passed by members of its governing DAO, the Spartan Council. @BuildOnBaseSIP 336: Deploy Synthetix V3 on Base has actually been approved by the Spartan Council.Its just a matter of time. pic.twitter.com/CIEM0is69y— Synthetix ⚔ (@synthetix_io) August 16, 2023

Bad stars find brand-new baseDespite the general tone of enthusiasm from the wider crypto community, the launch of the network has actually also drawn the attention of wicked stars, with a number of exploits and rug pulls given that its public launch.On Aug. 14, one of the top decentralized exchanges (DEX), RocketSwap revealed that they had actually suffered an exploit, with an estimated $865,000 being taken from the procedure. The most recent incident came on Aug. 17 when crypto lender SwirlLend brought out an “exit scam”– otherwise understood as a rug pull.

After cleaning its social media accounts and erasing its website, SwirlLend reportedly transferred approximately $290,000 worth of cryptocurrency from Base, along with an extra $1.7 million from Linea. It then laundered an overall of 253.2 ETH through the Tornado Cash crypto mixer.Related: Coinbase app is broken for UX, admits CEO Brian ArmstrongBad actors have however been circling the network considering that its mainnet launch for developers. On July 31, when a Brian Amrstrong-themed memecoin called “BALD” lost 85% of its value after the developer unexpectedly withdrew $1.9 million in liquidity from the tokens swimming pools. The developer has actually denied managing a carpet pull. The following day, Bases then-largest decentralized exchange (DEX) LeetSwap announced that a few of its liquidity swimming pools had been jeopardized with losses topping $600,000. Deposit threat: What do crypto exchanges truly make with your money?

One of the most notable product launches on Base was the decentralized social (DeSo) network Friend.tech, which allows crypto users to tokenize their social network, by purchasing and selling “shares” of their good friends. Considering that its launch on Aug. 11, the social media platform has actually seen some 7,736 Ether (ETH) in trading volume, according to information from Dune Analytics.

On Aug. 16, DeFi derivatives protocol Synthetix revealed that a movement for it to be deployed on the Base network had been all passed by members of its governing DAO, the Spartan Council. One of the most noteworthy product launches on Base was the decentralized social (DeSo) network Friend.tech, which enables crypto users to tokenize their social network, by selling and purchasing “shares” of their pals. Binance-owned self-custody service Trust Wallet and enterprise-grade digital asset platform Fireblocks have also added assistance for the Base Network given that its public launch.

As of Aug. 16, more than 700,000 brand-new users have actually joined the Base network, and have actually since bridged a total of $242 million to the network, according to information from Dune Analytics. Source: Dune AnalyticsIn overall, the flurry of activity on the network has actually produced a staggering $2.8 million in charges and has seen the total value locked (TVL) climb to $170.5 million, according to data from DeFiLlama.The network likewise revealed participation from one of the worlds most significant soft drinks brand names, Coca-Cola, which launched its own non-fungible token (NFT) collection on the network.ᴏɴᴄʜᴀɪɴ ꜱᴜᴍᴍᴇʀ @CocaCola is bringing their Global Masterpiece project onchain with renowned works from leading artists.Mint now: https://t.co/xTWyI3O7IW pic.twitter.com/9wxFgt8qOh— Coinbase (@coinbase) August 13, 2023

As of Aug. 16, more than 700,000 brand-new users have joined the Base network, and have given that bridged an overall of $242 million to the network, according to data from Dune Analytics. Source: Dune AnalyticsIn overall, the flurry of activity on the network has actually generated a shocking $2.8 million in fees and has actually seen the total value locked (TVL) climb to $170.5 million, according to information from DeFiLlama.The network likewise announced involvement from one of the worlds greatest soft beverages brands, Coca-Cola, which launched its own non-fungible token (NFT) collection on the network.ᴏɴᴄʜᴀɪɴ ꜱᴜᴍᴍᴇʀ @CocaCola is bringing their Global Masterpiece project onchain with iconic works from leading artists.Mint now: https://t.co/xTWyI3O7IW pic.twitter.com/9wxFgt8qOh— Coinbase (@coinbase) August 13, 2023

Music NFT platform anotherblock introduced on Aug. 14, including never-before-heard on-chain releases from electronic music producers Boys Noize and Laidback Luke. Binance-owned self-custody service Trust Wallet and enterprise-grade digital asset platform Fireblocks have likewise included support for the Base Network because its public launch. Ethereum supporter Anthony Sassano shared his praise for the broader move towards decentralized applications and on-chain activities, anticipating that centralized exchanges will ultimately become absolutely nothing more than fiat ramps. That would be a ridiculous lawsuit imoIf done right, Base can be a big development driver for Coinbase as it functions as the very best “front door” for BaseMy long-term thesis is that basically all CEXs will be relegated to simply being fiat ramps – onchain will change the other things– sassal.eth (@sassal0x) August 12, 2023

Other Questions People Ask

What were the key developments during A Based week: Looking back at the first 7 days of Onchain Summer?

During the first week of Onchain Summer, significant developments included the unanimous approval by Synthetix's Spartan Council to deploy its V3 protocol on the Base network. Additionally, the decentralized social network Friend.tech launched, allowing users to tokenize their social connections. The network also saw participation from Coca-Cola, which introduced an NFT collection, highlighting the growing interest from major brands in the crypto space.

How did bad actors impact A Based week: Looking back at the first 7 days of Onchain Summer?

Unfortunately, A Based week was marred by incidents involving bad actors, including an exploit on RocketSwap that resulted in a loss of approximately $865,000. Furthermore, SwirlLend executed an exit scam, transferring around $290,000 worth of cryptocurrency from Base. These events underscore the risks associated with new networks and the importance of security measures in the rapidly evolving crypto landscape.

What was the user engagement like during A Based week: Looking back at the first 7 days of Onchain Summer?

In just the first week of Onchain Summer, over 700,000 new users joined the Base network, showcasing a strong interest in its offerings. Users bridged a total of $242 million to the network, indicating significant financial activity. This level of engagement reflects the community's enthusiasm for decentralized applications and the potential growth of the Base ecosystem.

What notable products launched during A Based week: Looking back at the first 7 days of Onchain Summer?

One of the most notable product launches during A Based week was Friend.tech, a decentralized social network that allows users to buy and sell shares of their friends. Additionally, anotherblock introduced a music NFT platform featuring exclusive on-chain releases from renowned electronic music producers. These launches highlight the innovative applications being developed on the Base network and its appeal to diverse user interests.

How did transaction activity reflect A Based week: Looking back at the first 7 days of Onchain Summer?

The transaction activity during A Based week was impressive, generating approximately $2.8 million in fees and pushing the total value locked (TVL) to $170.5 million. This surge in activity indicates a robust interest in utilizing the Base network for various decentralized finance (DeFi) applications. Such metrics are crucial for assessing the network's growth and sustainability in the competitive crypto landscape.