Over $160,000,000 in Ethereum and Other Crypto Assets Moved to Coinbase’s Layer-2 Solution Hours After Launch

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Hundreds of millions of dollars worth of Ethereum (ETH) and other crypto assets have been moved to Coinbase’s new layer-2 scaling solution Base just hours after its launch.

New data from Dune Analytics reveals that about $163 million has been moved to the bridge, which is powered by the blockchain-scaling solution Optimism (OP) since it publicly launched yesterday.

The data shows 72,724 ETH worth $135.8 million, $19.2 million worth of stablecoin USD Coin (USDC), $5.7 million worth of stablecoin Dai (DAI), and $3.1 million worth of Coinbase Wrapped Staked Ethereum (cbETH) were moved to the new layer-2 scaling solution.

Furthermore, the data shows that the number of daily active users on Base rose to its highest number ever, 100,983, just one day after Coinbase announced that Base would be open to everyone.

Base’s daily transactions peaked at 607,000 in July when it opened to blockchain developers. On its public launch day, daily transactions reached over 380,000.

To commemorate the layer-2 scaling solution’s public launch, Coinbase is throwing the first-ever on-chain summer festival.

“Onchain Summer kicks off today to mark the launch of Base Mainnet. This multi-week on-chain festival celebrates on-chain art, culture, music, gaming, and more. Explore daily mints and stories brought to you in collaboration with 50 of the world’s leading builders, brands, creators, and artists.”

In July, Coinbase said its goal was to onboard over a billion users into the crypto sphere. However, it noted that it has no plans to launch a token associated with Base.

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