Base network has officially launched: Here’s how it can be used

Coinbases Base network has officially released after investing a few weeks in an “open for contractors only” phase. The network is now all set to onboard users, according to an Aug. 9 announcement from the team.Several Web3 advancement groups have simultaneously announced that they are launching apps for Base, and the networks team has actually released a schedule of upcoming events to celebrate its launch.Base is open and Onchain Summer season is here Become a part of Base history by minting “Base The first day” to sign up with the story of bringing the world onchainOur story.https:// t.co/ qaDj7CBCMd pic.twitter.com/9PZCLQQV7p— Base (@BuildOnBase) August 9, 2023

As soon as it was announced, lots of in the crypto neighborhood hypothesized that it could assist to onboard more users into Web3 protocols, thanks to Coinbases large user base. On Aug. 9, the network ended up being offered for all users.Here are a few things users can do on Base right now.Bridge tokensUsers can bridge Ether (ETH) from mainnet to Base using the official Base bridge, which introduced a user interface on Aug. 3. LeetSwap claims to be a DEX for “leet degens” and uses “dual-token farm benefits” to optimize yield.These 3 apps offer alternatives for users who desire to become or swap tokens liquidity providers.Make paymentsAt least one payment app for Base is available.Beam is a web-based app that allows users to make payments using either U.S. Dollar Coin (USDC) or the apps native coin, Eco. These usernames may later on be used for credit underwriting and other Know Your Customer-compliant services.In its announcement, Masa claimed to have actually minted over 280,000 usernames on Base considering that the contractor stage began.Launch a decentralized autonomous organization (DAO)Decentralized autonomous company production protocol Aragon has actually launched its “no-code Aragon app” and “modular Aragon OSx” on Base to allow for DAOs to be quickly produced on the brand-new network. Some investors lost during Bases phased launchDespite Bases preliminary success in attracting app designers, its launch hasnt been without issues.

Base at first released in beta version on Feb. 23. As quickly as it was announced, lots of in the crypto neighborhood speculated that it might help to onboard more users into Web3 procedures, thanks to Coinbases large user base. The network released its mainnet version “for builders” on July 13, but the group warned that it wasnt prepared for users. On Aug. 9, the network ended up being offered for all users.Here are a few things users can do on Base right now.Bridge tokensUsers can bridge Ether (ETH) from mainnet to Base using the main Base bridge, which introduced an interface on Aug. 3. On Aug. 9, the cross-chain bridging procedure Wormhole announced it is available on Base.Swap tokens and supply liquidityAt least 2 decentralized cryptocurrency exchanges (DEXs) have actually revealed they are running on Base, and a third may relaunch soon. Uniswap, among the very first decentralized exchanges on Ethereum, declared their Base version was operating on Aug. 7. Radical Protocol likewise announced its Base version on Aug. 8. Radical declares to provide higher capital performance and enable higher modification than its competitors.A 3rd DEX on Base, LeetSwap, was formerly running during the “builders only” stage however is presently shut down due to an Aug. 1 exploit. The group means to relaunch the project at some time in the future. LeetSwap declares to be a DEX for “leet degens” and offers “dual-token farm benefits” to maximize yield.These 3 apps offer options for users who want to become or switch tokens liquidity providers.Make paymentsAt least one payment app for Base is available.Beam is a web-based app that enables users to make payments utilizing either U.S. Dollar Coin (USDC) or the apps native coin, Eco. According to the apps designers, users arent required to keep seed words or possess Ether to spend for gas fees. They can log in with their Twitter accounts and spend for gas using USDC or Eco. The app also features an integrated fiat-to-crypto and crypto-to-fiat gateway.Base announced Beams launch for the network on July 27. Register a usernameMasa Finance has released its soulbound token protocol for Base. On Aug. 8, the procedure revealed that users can now register their.masa usernames on Base. These usernames may later on be utilized for credit underwriting and other Know Your Customer-compliant services.In its statement, Masa claimed to have actually minted over 280,000 usernames on Base considering that the builder phase began.Launch a decentralized autonomous company (DAO)Decentralized autonomous organization production procedure Aragon has actually launched its “no-code Aragon app” and “modular Aragon OSx” on Base to permit DAOs to be easily produced on the brand-new network. Its primarily designers that will use this function, end users can likewise establish DAOs on Base through Aragon. Mint and collect nonfungible tokens (NFTs)Onchain Summer interface. Source: BaseMultiple brands and jobs will enable users to mint NFTs solely on Base throughout August and early September. These consist of Coca-Cola, Coinbases Stand With Crypto campaign, Showtime, Atari, Optimism, OpenSea, and others. Each NFT launches on a different day of the Onchain Summer festival. The Showtime NFT ends up being available on Aug. 18, while the Atari one launches on Aug. 25. Some financiers lost throughout Bases phased launchDespite Bases initial success in bring in app developers, its launch hasnt been without issues. The network was up and running in between July 13 and Aug. 2 but didnt have a bridge UI. As a result, some users attempted to get an early lead by utilizing designer tools to transfer ETH to the network, which was then used to buy memecoins that were expected to rise in worth after the networks main launch. Lots of investors lost cash in these jobs due to different launch issues.An approximated $2.2 million was lost by investors in the July 28 Pond0x memecoin launch due to confusion surrounding how the token was supposed to be dispersed. When the developer pulled some of its liquidity, another $1.9 million was lost throughout the July 31 BALD token launch on Base.

Other Questions People Ask

What features are available on Base network now that it has officially launched?

With the official launch of the Base network, users can now bridge Ether (ETH) from the mainnet, swap tokens, and provide liquidity through decentralized exchanges like Uniswap and LeetSwap. Additionally, users can make payments using apps like Beam, which supports U.S. Dollar Coin (USDC) and its native coin, Eco. The network also allows for the registration of usernames through Masa Finance and the creation of decentralized autonomous organizations (DAOs) using Aragon's no-code app.

How can users make payments on Base network after its launch?

Users can make payments on the Base network using the Beam app, which allows transactions with U.S. Dollar Coin (USDC) or Eco without needing to manage seed phrases or Ether for gas fees. By logging in with their Twitter accounts, users can easily conduct transactions and utilize an integrated fiat-to-crypto gateway. This feature simplifies the payment process for those new to the crypto space, making it more accessible.

What is the significance of launching DAOs on Base network?

The launch of decentralized autonomous organizations (DAOs) on the Base network is significant as it empowers users to create and manage their own organizations without needing extensive coding knowledge. With Aragon's no-code app available on Base, both developers and end-users can easily set up DAOs, facilitating community governance and collaboration. This feature enhances the functionality of Base and aligns with the broader goals of decentralization in Web3.

How does Base network plan to onboard more users into Web3?

Base network aims to onboard more users into Web3 by leveraging Coinbase's large existing user base and simplifying access to decentralized applications. The launch of user-friendly features like token bridging, payment solutions, and NFT minting during events like Onchain Summer is designed to attract new users. By providing a seamless experience and engaging applications, Base hopes to encourage wider adoption of Web3 protocols.

What challenges did Base network face during its phased launch?

During its phased launch, Base network encountered several challenges, including a lack of a bridge user interface that led some users to attempt early transfers using developer tools. This resulted in financial losses for investors who speculated on memecoins before the official launch. Despite these issues, the network has successfully attracted app developers and is now fully operational for all users, showcasing its resilience in overcoming initial setbacks.