1 year ago
It’s been an eventful week since Coinbase launched its caller layer-2 web Base to the public, bringing with it a frenzy of enactment from mundane crypto users, large brands, and much unfortunately, immoderate atrocious actors arsenic well.
Coinbases’ Onchain Summer festival — a three-week-long run celebrating the motorboat of Base — has seemingly attracted a flock of caller users to the ecosystem.
As of Aug. 16, much than 700,000 caller users person joined the Base network, and person since bridged a full of $242 cardinal to the network, according to data from Dune Analytics. Activity connected the concatenation peaked connected Aug. 10 with much than 136,000 regular progressive users.
Total fig of regular progressive users connected Base. Source: Dune AnalyticsIn total, the flurry of enactment connected the web has generated a staggering $2.8 cardinal successful fees and has seen the full worth locked (TVL) ascent to $170.5 million, according to data from DeFiLlama.
The web besides announced engagement from 1 of the world's biggest brushed drinks brands, Coca-Cola, which released its ain non-fungible token (NFT) postulation connected the network.
— Coinbase ️ (@coinbase) August 13, 2023Crypto-native organizations are besides making their mode to network. On Aug. 16, DeFi derivatives protocol Synthetix revealed that a question for it to beryllium deployed connected the Base web had been unanimously passed by members of its governing DAO, the Spartan Council.
— Synthetix ⚔️ (@synthetix_io) August 16, 2023One of the astir notable merchandise launches connected Base was the decentralized societal (DeSo) web Friend.tech, which allows crypto users to tokenize their societal network, by buying and selling “shares” of their friends. Since its motorboat connected Aug. 11, the societal media level has seen immoderate 7,736 Ether (ETH) successful trading volume, according to data from Dune Analytics.
— yuga.eth (@yugacohler) August 11, 2023Music NFT level anotherblock launched connected Aug. 14, featuring never-before-heard on-chain releases from physics euphony producers Boys Noize and Laidback Luke.
Binance-owned self-custody work Trust Wallet and enterprise-grade integer plus level Fireblocks person besides added enactment for the Base Network since its nationalist launch.
Ethereum advocator Anthony Sassano shared his praise for the broader determination towards decentralized applications and on-chain activities, predicting that centralized exchanges volition yet go thing much than fiat ramps.
That would beryllium a silly suit imo
If done right, Base tin beryllium a immense maturation operator for Coinbase arsenic it acts arsenic the champion "front door" for Base
My semipermanent thesis is that beauteous overmuch each CEXs volition beryllium relegated to conscionable being fiat ramps - onchain volition regenerate the different things
Bad actors find caller base
Despite the wide code of enthusiasm from the wider crypto community, the motorboat of the web has besides drawn the attraction of nefarious actors, with a fig of exploits and rug pulls since its nationalist launch.
On Aug. 14, 1 of the apical decentralized exchanges (DEX), RocketSwap revealed that they had suffered an exploit, with an estimated $865,000 being stolen from the protocol.
The astir caller incidental came connected Aug. 17 erstwhile crypto lender SwirlLend carried retired an “exit scam” — different known arsenic a rug pull.
— PeckShieldAlert (@PeckShieldAlert) August 16, 2023After wiping its societal media accounts and deleting its website, SwirlLend reportedly transferred astir $290,000 worthy of cryptocurrency from Base, arsenic good arsenic an further $1.7 cardinal from Linea. It past laundered a full of 253.2 ETH done the Tornado Cash crypto mixer.
Related: Coinbase app is ‘broken’ for UX, admits CEO Brian Armstrong
Bad actors person nevertheless been circling the web since its mainnet motorboat for developers. On July 31, erstwhile a Brian Amrstrong-themed memecoin dubbed “BALD” lost 85% of its value aft the developer abruptly withdrew $1.9 cardinal successful liquidity from the token’s pools. The developer has denied orchestrating a rug pull.
The pursuing day, Base’s then-largest decentralized speech (DEX) LeetSwap announced that immoderate of its liquidity pools had been compromised with losses topping $600,000.
Deposit risk: What bash crypto exchanges truly bash with your money?
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