CEFIDEFI

Coinbase's public chain Base is launched, TVL surpasses the meme coin craze of July, and the official once again emphasizes no coin issuance.

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Coinbase

After experiencing SEC lawsuits and the meme coin craze, the L2 blockchain "Base" developed by Coinbase has officially launched its mainnet.

Base Mainnet Officially Launched

In February of this year, Coinbase announced the launch of the L2 rollup chain Base Gas, built on Optimism technology and using ETH. The developer mainnet went live on July 13, with the mainnet officially launching on August 9.

Prior to this, the speculative frenzy on the Base chain led to some chaos:

  • The largest DEX on Base chain, Leetswap, was attacked, resulting in a loss of over 340 ETH

  • The meme coin frenzy erupted on the Base chain, with meme coin BALD surging over thirty times in a single day

  • Meme coin BALD plummeted more than 80% in an instant, analyzing meme coins as a "doing big things" scheme to lure investors into a trap of getting rich quick

"Base Day One" NFT Minting Opened

Prior to this, Coinbase celebrated the launch of Base with a month-long "Onchain Summer" event. According to the official website, there will be new NFT minting activities every day from August 9 to August 31.

The first day's NFT is named "Base Day One."

Coinbase Reiterates: No Token Issuance

During an interview with Decrypt, Coinbase's Senior Engineering Director, Jesse Pollak, once again emphasized that there are no plans for token issuance and expressed surprise at the high level of attention and interest Base received before its official launch.

He stated:

Unlike L2 networks such as Arbitrum and Optimism, Coinbase has no plans to issue any native tokens on Base. Tokens distort the original intention and distract from what a public chain is striving to achieve. Coinbase would rather not issue tokens to avoid this situation and focus on nurturing developers.

Coinbase: SEC Lawsuit Does Not Affect Base Development

Due to the ongoing civil lawsuit between Coinbase and the SEC, the no-issuance strategy may also help Coinbase avoid regulatory pitfalls under the pressure of the lawsuit.

However, Jesse Pollak emphasized that the SEC's accusations are aimed at Coinbase's business scope and are not directly related to the ecosystem Coinbase is trying to incubate.

Base's Locked Value Surpasses Meme Coin Frenzy

According to DefiLlama, Base's Total Value Locked (TVL) has reached $56.45 million, surpassing the previous high of $41.2 million during the BALD meme coin period. Since August, the TVL has surged by 320.3%.

Based on data from Dune, a research institution TK Research has shown that Base's TVL reached $83 million on August 1 and has now reached $151 million, an increase of approximately 80%.