Cryptocurrency exchange Coinbase Global Inc. finalized the public launch of its developer-friendly blockchain Base, an Ethereum Layer 2 network that provides a secure, low-cost way for developers and builders to make and deploy decentralized applications.

Coinbase announced the launch of the mainnet of Base on Wednesday alongside over 100 decentralized apps and service providers already running on the network and integrations with its own product ecosystem.

Base was originally announced in February along with its testnet, a network that allowed developers a chance to try it out before its public launch. It is a Layer 2 blockchain, which is a chain from that operates along with another, in this case Ethereum, that allows it to process transactions more quickly, at lower fees and with added features. Layer 2 blockchains are often designed to add scalability when the primary blockchain suffers from congestion It can be overwhelmed by the number of transactions being processed, which also causes fees to rise and transaction speeds to slow.

Additionally, Base was designed as a developer-friendly landing point for creators, engineers and designers to create decentralized applications, or dapps, in an environment that is fully compatible with Ethereum’s virtual machine architecture and with full access to Coinbase’s product suite. Developers can connect to other blockchains through Coinbase Cloud and host blockchain infrastructure using Node, providing scalability and management options.

“Base was created with a clear vision: bring the next million builders and billion users onchain,” said Jesse Pollak, head of Base and protocols lead at Coinbase. “This serves to accelerate a global, decentralized financial system that will increase economic freedom around the world. We’ve had an opportunity to work with some of the leading wallets, bridges, security providers, oracles and analytics services that enable developers to build resilient dapps.”

Dapps are the foundation of Web3, otherwise known as the decentralized web, which allows users to transact peer-to-peer using cryptocurrency tokens such as bitcoin and Ethereum, without the need for middlemen such as banks or other institutions. Using blockchain networks, developers can create distributed applications that can perform currency exchange, provide loans, transfer money, accrue interest, and pay for services. The same networks can also be used to build social media services, gaming networks and provide infrastructure for digital collectibles using a special type of crypto asset called a nonfungible token.

To celebrate the launch of Base, Coinbase also kicked off Onchain Summer, a multi-week “onchain festival” that will celebrate blockchain art, culture, music, gaming and more with partnerships with multiple creators and brands. Every day there will be the chance to mint nonfungible tokens and collect them into crypto wallets. Partnerships in Onchain Summer include Coca-Cola Co., Atari SA, the NFT marketplace OpenSea and the Layer 2 Ethereum scaling project Optimism.

Developers and builders will also get a chance to earn prize money from a pool of over 100 ETH (about $185,000) for building and creating on Base this summer in collaboration with Prop House.

“Today, we believe we’re on the verge of the next massive transformation: onchain,” said Pollak. “Onchain is the next generation of the internet that will increase economic freedom globally by putting ownership back in the hands of everyday people.”

Image: Coinbase