Coinbase Layer 2 Hits 100 Million Dollars in Bridged Assets

Coinbase Base, a Layer 2 scaling solution, recently experienced a remarkable inflow of over $100 million in crypto assets, as reported by data analytics firm L2beat. This influx coincided with Coinbase’s announcement of the imminent expansion of its mainnet access and the launch of a bridge to the Ethereum network. The official bridge marks a crucial step toward facilitating the movement of tokens between the Base network and Ethereum.

Coinbase Layer 2 Hits 100 Million Dollars in Bridged Assets

Although Coinbase Layer 2 scaling solution, which utilizes optimistic roll-up technology, is still in its early stages, progress is being made on its fraud-proof system. This system enables blockchain users to challenge the legitimacy of transactions or state updates. If a challenged transaction or state update is proven fraudulent, it can be invalidated with evidence of fraudulent activity.

Coinbase’s “Onchain Summer” initiative, part of the Base rollout, will host a series of on-chain events in collaboration with major brands like Coca-Cola and OpenSea. This demonstrates Coinbase’s commitment to fostering growth in the crypto exchange landscape.

Leading up to the official launch of the exclusive developer-oriented mainnet of Base on July 13, there was a surge in user activity. An influx of assets was bridged to the network through portal proxy contracts and other unofficial means, paving the way for the trading of new memecoins and resulting in increased network activity.

The rise in memecoin trading activity also significantly impacted profits generated by the Ethereum scaling solution. Yields surged from approximately $13,000 on July 29 to an impressive over $430,000 on July 30. This indicates the potential for substantial gains in the cryptocurrency market with the integration of Base and the Ethereum scaling solution.