Onchain Summer Festival
Coinbase's Onchain Summer festival is a three-week celebration of the Base network's launch. As of August 21st, over 868,528 new users have joined, bridging $255 million to the network. Despite the enthusiasm, the launch has attracted some bad actors, resulting in several exploits and rug pulls.
Impact on the Crypto Ecosystem
The Base network has seen significant involvement from major brands like Coca-Cola, which released its NFT collection, and crypto-native organizations like Synthetix. Decentralized social network Friend.tech and music NFT platform Anotherblock have added new dimensions to their respective industries. Support from Trust Wallet and Fireblocks, along with praise from Ethereum advocate Anthony Sassano, has further enhanced the network's credibility and accessibility.
Challenges and Controversies
While the network's launch has been a success, it has faced challenges such as the RocketSwap exploit and the SwirlLend exit scam. Concerns and criticisms have also arisen, including incidents like the sudden withdrawal of liquidity from the BALD memecoin and compromises in LeetSwap's liquidity pools.
Conclusion
Future Prospects and Final Thoughts
Coinbase's Onchain Summer has been a landmark event in the crypto world. The successes, innovations, and challenges all paint a picture of a vibrant and evolving ecosystem. The Base network's launch has set a precedent for what's possible in the decentralized world, and the future looks promising, reflecting the continuous growth and potential of the crypto space. Base is looking to be a disrupter moving forward if the protocol can keep the momentum going.
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