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 significant events occurred during A Based week: Looking back at the first 7 days of Onchain Summer?

During the first week of Onchain Summer, several notable events unfolded, including the unanimous approval by Synthetix's Spartan Council to deploy its V3 on the Base network. Additionally, the decentralized social network Friend.tech launched, allowing users to tokenize their social connections. However, the week was also marred by exploits and rug pulls, such as the $865,000 loss suffered by RocketSwap and the exit scam executed by SwirlLend.

How did the crypto community react to A Based week: Looking back at the first 7 days of Onchain Summer?

The crypto community exhibited a mix of enthusiasm and caution during the first week of Onchain Summer. While many celebrated the launch of innovative projects like Friend.tech and the deployment of Synthetix on Base, concerns arose due to incidents involving bad actors exploiting vulnerabilities in the network. The overall sentiment reflects a growing interest in decentralized applications, tempered by the need for vigilance against potential scams and exploits.

What impact did A Based week: Looking back at the first 7 days of Onchain Summer have on user engagement?

In just the first week of Onchain Summer, over 700,000 new users joined the Base network, bridging a total of $242 million. This surge in user engagement highlights the excitement surrounding new decentralized applications and protocols being launched on the network. The activity generated approximately $2.8 million in fees and increased the total value locked (TVL) to $170.5 million, showcasing a robust interest in on-chain activities.

What challenges did A Based week: Looking back at the first 7 days of Onchain Summer face?

Despite the excitement surrounding Onchain Summer, the week was not without its challenges. Several exploits and rug pulls raised concerns about security within the Base network, with incidents like RocketSwap's $865,000 loss and SwirlLend's exit scam highlighting vulnerabilities. These challenges underscore the importance of security measures as more projects launch on decentralized platforms.

What role did major brands play during A Based week: Looking back at the first 7 days of Onchain Summer?

Major brands like Coca-Cola made their presence felt during A Based week by launching NFT collections on the Base network. This involvement from well-known companies signifies a growing acceptance of blockchain technology in mainstream markets. Such initiatives not only enhance visibility for the Base network but also attract a broader audience to explore decentralized applications and NFTs.