Coinbase’s Base Moves $160M: Launches On-Chain Summer Festival

• Coinbase’s new layer-2 scaling solution Base has moved over $160 million worth of Ethereum and other crypto assets in just hours after its launch.
• Data shows that daily active users on Base rose to its highest number ever, 100,983, one day after Coinbase announced it would be open to everyone.
• To commemorate the public launch of Base Mainnet, Coinbase is throwing the first-ever on-chain summer festival.

Coinbase Launches Layer-2 Scaling Solution

Coinbase recently launched their new layer-2 scaling solution called “Base” which enables users to move large amounts of Ethereum (ETH) and other crypto assets quickly and easily. According to data from Dune Analytics, over $163 million worth of assets have already been moved to the bridge since its launch just hours ago.

High Number of Daily Active Users

The data also shows that the number of daily active users on Base rose significantly within a day of its public announcement – peaking at 100,983 – more than double what it was when it opened to blockchain developers last month. Transactions also reached an all time high with 380,000 transactions occurring in one day alone.

Onchain Summer Festival

In order to celebrate this momentous event for the cryptocurrency industry, Coinbase is throwing the first “on-chain summer festival” which will feature art, culture, music and gaming events created in collaboration with leading builders, brands, creators and artists worldwide.

No Token Launch Plans

Despite these developments however, Coinbase has not yet revealed any plans for launching a token associated with Base as part of their goal to onboard over a billion people into the cryptocurrency space.


It appears that Coinbase’s new layer-2 scaling solution is off to a great start with millions worth of crypto assets already being transferred through it shortly after its launch. This is further highlighted by its increasing user base and activity as well as its celebratory on-chain summer festival event happening right now. However there are no plans yet for any token launches related to this development from Coinbase’s end at this time.

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