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

Hundreds of millions of dollars worth of Ethereum and other crypto assets have been relocated to Coinbase’s new layer-2 scaling solution – Base, just moments after its launch.

Data from Dune Analytics has shown that practically $163 million has been ferried over to the bridge, which is powered by the blockchain-scaling solution Optimism. This amount contains $135.8 million worth of ETH, 1.9 million worth of stablecoin USD Coin, $5.7 million worth of stablecoin Dai, and $3.1 million worth of Coinbase Wrapped Staked Ethereum (cbETH).

Incidentally, Base’s daily transaction rate peak reached the highest number ever of 100,983, evidently making sure about its target to bring onboard over one billion users into cryptocurrency.

Adding speed to this already successful launch, Coinbase is holding the very first on-chain summer festival. This milestone had been aimed at ever since the renowned cryptocurrency trading platform announced its public launch. Daily transactions have already breached the 380,000 milestone mark in a single day, in July.

Coinbase has reassured the public multiple times that they do not have any plans to launch a token associated with Base.

Robert Wilson author
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