The phase of waiting has finally ended for fans of the Base network, initiated by Coinbase. On Tuesday, August 3, the network introduced a user interface for its official bridge, letting its end-users onboard without the need for any developer tools. Anticipation is high, as the network has scheduled August 9 for its “official” unveiling.
Whilst end-users can begin using the network immediately, some preliminary Web3 apps may not be functional until the official launch. This raises questions about adopter readiness and usability in early phases of blockchain technologies.
On the exciting side, Base has prepared a month-long extravaganza of “Onchain Summer” to celebrate its launch. Amid the daily onchain highlights featuring art, music, gaming and advocacy, the Base network intends to reward ETH grants to individuals or groups that contribute to the network by creating Base-associated websites, art, or new protocols.
This reward system, however, is not without its flip side. Encouraging development and user-based content creation may foster creativity and participation, but also risks a flood of low-quality or speculative projects aiming to benefit from the grant rewards, potentially devaluing the network.
Additionally, the Base network’s history has seen a few bumps in the road. During its ‘builder phase’ in July, some tech-savvy investors reportedly faced significant losses when attempting to bridge to the budding network without a UI. A case in point is the Pond0x memecoin, which saw an investment of over $2 million only to collapse in value due to a bug in its transfer function. A similar incident occurred with another Base memecoin, “Bald”, resulting in a staggering loss of approximately $1.9 million when the developer pulled liquidity from its exchange.
These cases bring to light the layer of risk early adopters must navigate in these largely experimental and volatile digital spaces. While the allure of profits in the crypto world can be captivating, these are sobering reminders that high returns often accompany high risks.
Nevertheless, the Base network’s official launch signals a step forward for blockchain innovation, with the potential to offer new opportunities in the areas of Web3 applications and DeFi. Its onboarding process for individual users simplifies blockchain integration, making the technology more accessible. Providing user interfaces that go beyond developer tools is a positive stride towards broader adoption. As we wait for Base’s official opening day on August 9, the network’s past serves as a timely reminder for early adopters to navigate this new frontier cautiously.
Source: Cointelegraph
