Base Network Launches with a Bang: New Users, Major Brands, and Some Bad Actors

A Frenzy of Activity

Since the launch of Coinbase's new layer-2 network, Base, the platform has seen a surge of activity from both crypto enthusiasts and major brands. In just one week, over 700,000 new users have joined the network, bridging a total of $242 million. The chain reached its peak on August 10th with over 136,000 daily active users. This flurry of activity has generated $2.8 million in fees and seen the total value locked climb to $170.5 million.

Coca-Cola Joins the Party

One of the biggest soft drinks brands in the world, Coca-Cola, has joined the Base network by releasing its own non-fungible token (NFT) collection. This move highlights the increasing involvement of major brands in the crypto space.

DeFi Protocols and Social Networks

DeFi derivatives protocol Synthetix has also made its way to the Base network after a unanimous vote by the Spartan Council. Additionally, Decentralized Social (DeSo) network Friend.tech allows users to tokenize their social networks. Since its launch, the platform has seen 7,736 Ether (ETH) in trading volume.

Exciting Music NFT Releases and New Platform Support

Anotherblock, a music NFT platform, launched on August 14th and featured exclusive on-chain releases from renowned electronic music producers Boys Noize and Laidback Luke. In addition, self-custody service Trust Wallet and digital asset platform Fireblocks have added support for the Base Network, further expanding its usability.

Embracing Decentralization, But Not Without Challenges

Ethereum advocate Anthony Sassano commends the move towards decentralized applications and on-chain activities. However, the launch of the Base network has not been without its challenges. Some bad actors have taken advantage of the platform, leading to several exploits and rug pulls.

The Dark Side of the Launch

Decentralized exchange RocketSwap suffered an exploit, resulting in an estimated loss of $865,000. Crypto lender SwirlLend carried out an "exit scam" by transferring significant amounts of cryptocurrency and laundering it through a crypto mixer. Other incidents of malicious activity, such as the sudden withdrawal of liquidity and compromised liquidity pools, have also occurred since the network's mainnet launch.

Looking Ahead

Despite these challenges, the Base network continues to attract new users and major brands, while the wider crypto community remains enthusiastic about the future of decentralized applications. As the network evolves, it is expected that measures will be put in place to address these security concerns and ensure a safer environment for users.