Base Network’s "Onchain Summer" Achieves Remarkable Success

Base Network’s “Onchain Summer” Achieves Remarkable Success

Time Stamp: September 7, 2023 2:16 AM
Source Node: 2867301

After a month-long marathon, it is safe to say that Base’s “Onchain Summer” was a success.

Base, Coinbase’s Ethereum Layer-2 network, recently concluded its “Onchain Summer” promotional event with resounding success.

According to the announcement shared on September 6th, in August, more than 268,000 unique wallets participated in the project, leading to the minting of over 700,000 non-fungible tokens (NFTs).

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Launched on August 9th, the Base team orchestrated a month-long promotional event to encourage network adoption. The strategy involved collaborations with over 50 entities to release unique NFTs exclusively on the Base platform. Each art collection debuted on varying dates, incentivizing users to engage with the network multiple times to acquire all the offerings.

The event had an explosive start, attracting over $242 million in bridged cryptocurrency and daily interactions from over 130,000 unique wallets in the first two weeks alone.

Among the collections, the Coca-Cola series witnessed the highest activity, boasting over 80,000 mints. Other notable NFTs came from diverse platforms, including Web3 gaming platform Iskra and social media platform Friends With Benefits with 71,000 mints, Zora’s Layer-2 network with 70,000 mints, and anotherblock music rights marketplace with 55,000 mints.

Adding to its list of achievements, Base observed a steady rise in the amount of cryptocurrency staked in its contracts, peaking at more than $402 million by September 3rd.

However, Base’s inaugural run was not without challenges. The network experienced a technical outage on September 5th due to issues with its sequencer halting block production.

Despite some hiccups, Base’s “Onchain Summer” has proven to be a monumental success in user engagement and NFT creation. The event has ramped up interest in the platform and showcased the massive potential for NFTs in the evolving digital asset landscape.

Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she’s not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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