See More

Coinbase Reports 1 Million Base Users Despite SEC Lawsuit

1 min
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • Coinbase's Ethereum Layer 2 network, Base, sees surge in smart contract deployment despite SEC lawsuit.
  • Over one million wallet addresses deployed smart contracts in the Base testnet during the "Base Builder Quest Campaign."
  • Base's technical updates highlight its scalability improvements, addressing challenges with Layer 2 data management.
  • promo

Despite the ongoing SEC lawsuit, Coinbase’s Ethereum Layer 2 network, Base, experienced a surge in smart contract deployment.

On Wednesday, Base released technical updates highlighting its scalability improvements. It discussed the challenges with Layer 2 data management, such as a surge in data-heavy transactions.

Over 1 Million Smart Contracts Deployed

The Ethereum Layer 2 platform said that during its “Base Builder Quest Campaign,” over one million wallet addresses deployed smart contracts in the Base testnet.

The company started Builder Quest Campaign to encourage developers to write smart contracts on the Base.

In February, Coinbase announced Base, which intended to onboard millions of developers to build on-chain. Then in May, the Ethereum Layer 2 solution announced criteria for a mainnet launch.

It is worth noting that despite Coinbase’s legal troubles, Base has received developers’ participation. The crypto community encourages developers to keep building, ignoring Fear, Uncertainty, and Doubt (FUD).

Coinbase Faces Legal Troubles

On Tuesday, the Securities and Exchange Commission (SEC) sued Coinbase for operating as an unregistered broker, exchange, and clearing agency.

Click here for our Learn guide to the best no-KYC exchanges.

After the news broke out, Coinbase stocks plummeted 18% pre-market. However, the stock has also recovered 17% from Tuesday’s bottom.

Got something to say about Coinbase’s Base or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto platforms in the US | April 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2264-1.png
Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.
READ FULL BIO
Sponsored
Sponsored