2024-08-21
Coinbase’s layer-2 Ethereum scaling solution, Base, achieved 4 million active
addresses according to Jesse Pollak’s post on X on August 19, 2024. He is the
Head of Protocols at Coinbase.
This surge in activity is attributed to
the “Onchain Summer” campaign, which has been driving engagement within the
layer-2 network.
The campaign, which began in June and
will conclude in August with incentives including a reward pool of 600 ETH,
valued at around $2 million, as rewards for developers who build on the Base
blockchain during this period.
Base is the 6th largest
blockchain by TVL. It currently has $1.499 billion in total value locked.
What is Base’s Onchain Summer?
The initiative has been successful in
spurring adoption, with over 268,000 wallets minting more than 700,000
non-fungible tokens (NFTs) on the network.
The campaign, which started in June and
will end in August, has been successful in encouraging developers to build on
the Base blockchain.
Base's Onchain Summer is an annual
event hosted by Coinbase's Layer 2 blockchain, Base, aimed at driving the
adoption of Web3 and encouraging innovation in the onchain ecosystem.
The event, running from June through August, is a multi-faceted celebration of blockchain technology featuring a series of activities, including a global hackathon, daily onchain experiences, NFT minting, and more.
The 2024 edition of Onchain Summer
places a significant emphasis on encouraging builders and creators to develop
new onchain experiences.
With over 600 ETH (approximately $2
million) in prizes, grants, and gas credits up for grabs, the event is designed
to attract innovative projects across various sectors such as gaming, art,
commerce, and social applications.
Participants can join the Buildathon,
which offers 200 ETH in prizes across different competition tracks.
Additionally, there are daily
activities, workshops, and community engagements aimed at making onchain
participation accessible and enjoyable for everyone.
Onchain Summer also seeks to onboard
the next billion users to Web3 by simplifying user experiences with tools like
smart wallets, sponsored transactions, and the use of USDC stablecoin for
easier payments.
