More Than $160,000,000 in Ethereum and Other Cryptos Were Moved to Coinbase’s Layer-2 Solution

In the past few hours after its launch, Coinbase’s Base layer-2 scaling solution has seen the transfer of cryptocurrency assets worth hundreds of millions of dollars, including Ethereum (ETH).

According to recent data from Dune Analytics, approximately $163 million has been moved to the bridge, which is powered by Optimism (OP), a blockchain-scaling solution.

The data shows that 72,724 ETH, valued at $135.8 million, $19.2 million worth of USD Coin (USDC), $5.7 million worth of Dai (DAI), and $3.1 million worth of Coinbase Wrapped Staked Ethereum (cbETH) were moved to the new layer-2 scaling solution.

The latest data indicates that the number of people using Base on a daily basis reached a record high of 100,983.

This occurred just one day after Coinbase announced that Base would be available to everyone. In July, Base had its most daily transactions, with 607,000 being processed by blockchain developers. On the day of its public launch, there were over 380,000 daily transactions.

To celebrate the launch of Base Mainnet, which is a layer-2 scaling solution, Coinbase will be hosting the first-ever on-chain summer festival.

This multi-week event will feature on-chain art, culture, music, gaming, and more. It will showcase daily mints and stories created in partnership with 50 of the world’s most innovative builders, brands, creators, and artists.

Reports indicate that Coinbase has been ordered by the U.S. Securities and Exchange Commission (SEC) to stop trading all cryptocurrencies except for Bitcoin (BTC).

The CEO of Coinbase, Brian Armstrong, has stated that the SEC did not provide any additional explanation for the suspension of trading on the exchange other than it is due to charges being brought against them.

Armstrong has revealed that the SEC ordered Coinbase to delist all assets other than Bitcoin, stating that they were classified as securities. Armstrong did not agree with this interpretation of the law, but the SEC did not provide any reasoning behind their decision.