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Coinbase Reports 1 Million Base Users Despite SEC Lawsuit

1 min
Updated by Geraint Price
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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.
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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.

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

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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.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...