Coinbase is set to launch its Base Network, a new Ethereum-compatible side chain that will utilize Optimism Rollups for faster transaction processing. While this may result in slightly slower transaction speeds, it will also provide a more secure process as transactions must be validated on chain. The launch of Base Network comes as a solution to Ethereum's congestion during high transaction volume periods.

To celebrate its public launch on August 9, Base Network has launched the Onchain Summer event, offering fans a summer-long spectacle of art, music, gaming, and more, as well as a free NFT for early adopters.