Base Launches Onchain Summer 2.0

ChainPlay

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6 months ago

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Coinbase’s layer-2 blockchain, has unveiled the much-anticipated second iteration of its Onchain Summer and signaling a significant leap forward in the realm of Web3 innovation. This event fosters a vibrant ecosystem by inviting builders and creators to onboard more users onto the blockchain.

The Onchain Summer Hackathon

To kickstart this exciting journey, Base is hosting a month-long online hackathon commencing on June 3. With a staggering reward pool of 200 ETH (equivalent to approximately $613,200), participants are encouraged to unleash their creativity and technical prowess. Finalists stand to benefit from substantial rewards, fueling further innovation and experimentation within the ecosystem.Throughout the duration of the summer, Base is set to distribute over 600 ETH (amounting to roughly $2 million) in grants, prizes, and gas credits. This allocation underscores the platform's commitment to nurturing talent and fostering growth. By participation, Base catalyzes the development of groundbreaking projects and applications.

Since its mainnet launch in August of the previous year, Base has rapidly ascended to prominence within the Web3 landscape. Built on Optimism's OP stack, it has emerged as one of the most sought-after Layer-2 solutions. Currently boasting a Total Value Locked (TVL) of $5.52 billion and commanding an estimated market share of 14.18%, Base continues to attract attention for its scalability and efficiency.

Community Collaboration: A Testament to Success

The success of Base's inaugural Onchain Summer is palpable, evidenced by staggering participation metrics. With over 700,000 minutes from more than 268,000 unique wallets, the event showcased the platform's appeal and accessibility. Collaborations with industry stalwarts such as Coca-Cola, FWB, Parallel, and another block further underscore Base's position as a hub for innovation and collaboration.

In a landmark development, NodeMonkes has emerged as the premier Bitcoin NFT by market capitalization. With a total market cap of 3,979 BTC (equivalent to $246 million) and a floor price of $24,603, NodeMonkes has captured the imagination of collectors and enthusiasts alike. This collection, comprising 10,000 8-bit digital collectibles predominantly featuring monkeys, has cemented its status as a cultural phenomenon within the NFT space.

Bitcoin NFT Landscape: A Tale of Innovation

While NodeMonkes basks in the spotlight, other Bitcoin NFT projects are making waves of their own. Notable among these is Bitcoin Puppets, which has garnered attention for its impressive 24-hour trading volume. With a market capitalization of 3,230 BTC (approximately $199 million) and a 24-hour sale price of 0.31 BTC (equivalent to $19,200), Bitcoin Puppets exemplifies the diversity and dynamism of the burgeoning Bitcoin NFT landscape.

In summary, the launch of Base's Onchain Summer 2.0 heralds a new chapter in the evolution of Web3, marked by innovation, collaboration, and opportunity. As NodeMonkes leads the charge in the realm of Bitcoin NFTs, the broader ecosystem continues to thrive, driven by creativity, ingenuity, and a shared vision of a decentralized future.