Base Network Is Getting Busy With Onchain Summer
Having unveiled the Base Mainnet for developers, Base is now smoothly onramping regular users onto a friendly cross-chain bridge and an exciting Onchain Summer event.
Onchain Summer Launch
Base is an Ethereum L2 built by Coinbase, characterized by its security, low-cost and builder-friendly interface, enabling individuals to engage in creative endeavors effortlessly. Its primary objective revolves around expanding the blockchain's user base significantly.
After launching Base Mainnet for builders, the team is now onboarding end users through a friendly cross-chain bridge and a festive Onchain Summer to welcome end users to the mainnet on Aug 9.
A diverse array of dApps have emerged, solidifying their footprint on the Base platform, ranging from Uniswap, SushiSwap, Axelar to Opensea. In addition, a host of activities spanning a month have been organized and backed by an incentive of around 100 ETH. This initiative aims to encourage user participation and engagement, fostering a sense of community and active involvement.
From August 9th to September 13th, the Onchain Summer event boasts an array of activities that cater to a diverse range of interests and expertise:
August 9 - August 18: Onchain Summer | Create artwork, a webpage, or any project you're passionate about for Onchain Summer on Base.
For: Artists, web designers, and creatives who have a keen interest in merging their talents with blockchain concepts.August 12 - August 23: Build on Base | Launch a protocol, establish infrastructure, or develop a fresh application on Base.
For: Developers, tech entrepreneurs, and infrastructure experts looking to innovate or contribute to the Base platform.August 14 - August 24: Stand with Crypto | Produce a 60-second video discussing an onchain example or promoting reasonable regulations.
For: Cryptocurrency enthusiasts, advocates, storytellers, and video content creators interested in raising awareness about blockchain use cases or legislation.August 16 - September 13: Based Accounts | UI/UX designers, application developers, and innovators aiming to refine user experience on the Base platform.
For: UI/UX designers, application developers, and innovators aiming to refine user experience on the Base platform.
Furthermore, from August 4 - August 18, the team has collaborated with other Superchain members to host Superhack, a virtual hackathon featuring an impressive prize pool of $125,000.
For those eager to engage, the process of bridging to Base has been streamlined through six accessible methods:
Onchain Look on Base Mainnet
Since July 13, builders have started deploying their innovations on Base, setting the stages for a forthcoming mainnet for a more general audience. Base establishes the framework for a secure, scalable and builder-centric platform through a closely connected network of providers:
Node providers including Blockdaemon, QuickNode and Blast
Smart Wallet Infrastructure from Safe Wallet
Block explorers including Basescan and Blockscout
Developer tooling from Thirdweb
From Figures 1 & 2, it seems that 2 weeks was the time since its mainnet launch for builders to see any value locked on Base. This could be because the Base mainnet initially lacked a UI for its Ethereum bridge, requiring the use of command-line tools, which only makes sense with developers, not common investors, to bridge ETH from Ethereum’s Layer 1.
Some Hiccups Along The Way
On July 28th, the Pond0x $PNDX launch encountered complications, resulting in a swift drop from $0.36 to $0 within five minutes. A loss of $2.2 million was incurred, due to the confusion when users expect the token's fundraiser to be done on Uniswap, but the founder posted a web app link with the contract address and an allegedly faulty transfer function called “brutalized_”, which has not been confirmed but suspected to allow users to transfer coins from any other user.
On July 30, the $5.7M rugpull of the memecoin BaldBaseBald $BALD after its launch. The deployer uses an old-as-the-hills trick to lure investors in by adding significant liquidity to the pool, causing the price to fly high, stagnate and double the value again. After that, he withdrew all the liquidity, leaving no crumbs on the table. Some users even had a conspiracy that SBF or someone related to FTX/ Alameda Research was behind this.
Again, this is not because of Base or anything. These are simply early-stage rugpull schemes from malicious actors that should be condemned heavily and should not affect the whole ecosystem's growth.
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