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.
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Other Questions People Ask
How can users bridge tokens on the Base network after its official launch?
After the official launch of the Base network, users can bridge Ether (ETH) from the Ethereum mainnet to Base using the official Base bridge. This feature was made available with a user-friendly interface on August 3, allowing for seamless token transfers. Additionally, the cross-chain bridging process Wormhole has also announced its availability on Base, enhancing the bridging options for users.
What payment options are available on the Base network following its launch?
Following the launch of the Base network, users can utilize the Beam app to make payments using U.S. Dollar Coin (USDC) or the app's native coin, Eco. This web-based application simplifies transactions by allowing users to log in with their Twitter accounts and pay gas fees without needing to hold Ether. The app also features integrated fiat-to-crypto and crypto-to-fiat gateways, making it accessible for a wider audience.
How can users create decentralized autonomous organizations (DAOs) on the Base network?
Users can easily create decentralized autonomous organizations (DAOs) on the Base network using the no-code Aragon app and modular Aragon OSx, which were launched specifically for this purpose. This functionality allows both developers and end-users to establish DAOs without needing extensive coding knowledge. The introduction of these tools aims to streamline the process of DAO creation, making it more accessible to a broader range of users.
What NFT minting opportunities are available on the Base network?
With the launch of the Base network, multiple brands and projects are offering users the chance to mint non-fungible tokens (NFTs) throughout August and early September. Notable participants include Coca-Cola, Atari, and OpenSea, each releasing NFTs on different days during the Onchain Summer festival. This initiative not only promotes engagement within the community but also allows users to collect unique digital assets directly on Base.
What challenges did the Base network face during its phased launch?
Despite its initial success in attracting app developers, the Base network encountered several challenges during its phased launch. Users faced difficulties due to the lack of a bridge user interface between July 13 and August 2, leading some to attempt early transfers using developer tools. These actions resulted in financial losses for many investors as they engaged in speculative trading before the official launch was fully operational.