It’s been an eventful week since Coinbase launched its new layer-2 network Base to the public, bringing with it a frenzy of activity from everyday crypto users, major brands, and more unfortunately, some bad actors as well.
Coinbases’ Onchain Summer festival — a three-week-long campaign celebrating the launch of Base — has seemingly attracted a flock of new users to the ecosystem.
As of Aug. 16, more than 700,000 new users have joined the Base network, and have since bridged a total of $242 million to the network, according to data from Dune Analytics. Activity on the chain peaked on Aug. 10 with more than 136,000 daily active users.
In total, the flurry of activity on the network has generated a staggering $2.8 million in fees and has seen the total value locked (TVL) climb to $170.5 million, according to data from DeFiLlama.
The network also announced involvement from one of the world’s biggest soft drinks brands, Coca-Cola, which released its own non-fungible token (NFT) collection on the network.
ᴏɴᴄʜᴀɪɴ ꜱᴜᴍᴍᴇʀ@CocaCola is bringing their Global Masterpiece campaign onchain with iconic works from leading artists.
Mint now: https://t.co/xTWyI3O7IW pic.twitter.com/9wxFgt8qOh
— Coinbase ️ (@coinbase) August 13, 2023
Crypto-native organizations are also making their way to network. On Aug. 16, DeFi derivatives protocol Synthetix revealed that a motion for it to be deployed on the Base network had been unanimously passed by members of its governing DAO, the Spartan Council.
SIP 336: Deploy Synthetix V3 on Base has been approved by the Spartan Council.
It’s only a matter of time. pic.twitter.com/CIEM0is69y
— Synthetix ⚔️ (@synthetix_io) August 16, 2023
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 buying and selling “shares” of their friends. Since its launch on Aug. 11, the social media platform has seen some 7,736 Ether (ETH) in trading volume, according to data from Dune Analytics.
https://t.co/L11mNJZgY3 is built by @0xRacerAlt, a crypto OG.
He was the lead dev of @TweetDAO – an NFT which granted access to posting from a shared Twitter account.
The project went viral before devolving. It was one of the first forays into decentralized social media. pic.twitter.com/3wGo0aQ2Ip
— yuga.eth (@yugacohler) August 11,…
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