Base made headlines last month after a cambrian explosion of memecoins launched on the network led to a surge in activity.
Releasing an official bridge introduces a way for users to move tokens between the Base network and Ethereum. It is still early days for the optimistic rollup-based Layer 2, with its fraud proof system still under development. Fraud proofs allow users to challenge the validity of transactions or state updates on the blockchain. If someone submits an invalid transaction or state update, others can provide proof that it's fraudulent.
As reported by The Block's Vishal Chawla, Base’s developer-only mainnet went live on July 13 and was primarily accessible to developers. However, in the lead-up to the official launch, several users bridged assets to the network using a portal proxy contract and other unofficial bridges to trade new memecoins. That lead to aIt also led to a surge in profits generated by the Ethereum scaling solution.
"Base is an investment in blockchain infrastructure which we expect will drive down transaction costs and increase transaction speed – key attributes we believe will unlock new use cases over time," the letter reads. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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