More than $160 million worth of Ethereum and other crypto assets swiftly transition to Coinbase’s Layer-2 solution shortly after its launch

Coinbase’s newly launched layer-2 scaling solution, Base, has experienced a swift influx of valuable assets, with Ethereum (ETH) and various other crypto holdings totaling hundreds of millions of dollars transitioning to this platform within hours of its debut.

Recent data shared by Dune Analytics highlights that approximately $163 million has been successfully transferred to the Base bridge. This bridge operates on the blockchain-scaling solution Optimism (OP), which publicly launched just yesterday.

The data breakdown reveals a substantial movement of assets, including 72,724 ETH valued at $135.8 million, $19.2 million worth of USD Coin (USDC), $5.7 million worth of Dai (DAI), and $3.1 million worth of Coinbase Wrapped Staked Ethereum (cbETH) onto the new layer-2 scaling solution.

Interestingly, the data also underscores a remarkable surge in the number of daily active users on Base, reaching a record-breaking 100,983 users just one day after Coinbase’s announcement that Base would be accessible to all.

Base’s daily transaction count reached its zenith in July at 607,000 when it initially opened its doors to blockchain developers. On the day of its public launch, daily transactions surged to over 380,000.

To celebrate the public introduction of this layer-2 scaling solution, Coinbase is hosting the inaugural on-chain summer festival, named “Onchain Summer.” This event spans several weeks and commemorates Base Mainnet’s launch by showcasing on-chain art, culture, music, gaming, and more. Collaborating with 50 renowned builders, brands, creators, and artists, the festival promises daily mints and captivating narratives.

Back in July, Coinbase set a lofty ambition of onboarding over a billion users into the realm of cryptocurrency. However, it’s worth noting that the company currently has no intentions of launching a token associated with Base.

Read Also: Cardano (ADA) Shark Accumulation Reaches Peak Levels Since September 2022

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

Comments are closed.