Coinbase launches the “Onchain Summer” campaign for its much-anticipated layer 2 solution Base.
Interestingly, the Shiba Inu community has reacted with its lead developer Shytoshi Kusama claiming a copycat of its Summer of Shibarium initiative. 

Coinbase is working to launch its Ethereum L2 solution (Base) on the mainnet. According to a recent report by the CEO Brain Armstrong, the layer 2 solution is targeted to drive the next billion users onchain. As part of the plans to increase publicity for this incredible milestone, the exchange is starting a campaign called “Onchain Summer ”. This is expected to start on August 9. A Coinbase blog described this campaign as:

a multi-week celebration of onchain art, gaming, music, and more, powered by Base. Visit every day for onchain drops that will brighten your summer. It kicks off on August 9th at onchainsummer.xyz.

Interestingly, the Shiba Inu community has sensed foul play as they observe some similarities with the Summer of Shibarium initiative. The outspoken Shiba Inu lead developer Shytoshi Kusama reacted to this:

If it isn’t a Shadowcat, its a #copycat. #SummerOfShibarium 

In comparison to the Onchain Summer, Kusama introduced the “Summer of Shibarium” campaign last month as part of the steps to launch the layer 2 solution Shibarium in August. While the campaigns preparing the mainnet launch of the projects look similar in name and ideas, the main initiatives are quite different. 

How Base and Shibarium Compare

Base was unveiled in February. According to the official report, the plan is to act as a bridge for users to enter the crypto economy. Per the design, it is made to be interoperable with other chains and also enables access to other L1 ecosystems like Solana. Additionally, it would be a low-cost, secure, and developer-friendly environment. One notable goal of this project is to have the security and the scalability of Ethereum at a fraction of its cost. To remain permissionless, decentralized, and open to anyone, it is built on the OP Stack. 

We see Base as the next step towards our mission of increasing economic freedom in the world. Base will serve as the home for Coinbase’s onchain products, and an open ecosystem for anyone building Ethereum scaling solutions and dapps. We want Base to be a seamless gateway for Coinbase users to access the broader cryptoeconomy, ultimately making web3 more accessible to a greater number of people.

Shibarium, on the other hand, is one of Shiba Inu’s flagship programs meant to transition it from a meme to a complete ecosystem. This would include a decentralized exchange (DEX), blockchain games, and metaverse. Some of its advantages include higher transaction speed, lower fees, increased utility, and smooth decentralized application development.

According to reports, Shibarium would take away a large chunk of transactions off the Ethereum blockchain to enable a fast throughput without compromising security. Inflation would be kept in check with the mechanism to burn tokens. 

Prior to the mainnet launch of the Shibarium, Shiba Inu appears very bullish with a 10 percent price surge in the last seven days and a 7.7 percent surge in the last 24 hours. The asset is currently trading at $0.000009, and could “kill more zeros” once it breaks into its resistance level of $0.000009. 

 

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Filed under: Bitcoin - @ August 7, 2023 7:23 am