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Coinbase to Launch Ethereum Bridge and NFT Minting for Layer 2 Network Base

Coinbase has announced the release of an Ethereum bridge and NFT minting for its layer 2 network Base, which is set to launch its mainnet on August 9. The Ethereum bridge will allow Base users to transfer tokens including ETH between Coinbase’s network and Ethereum’s blockchain. Users will also be able to mint NFTs on Base and claim digital ID or crypto usernames on Coinbase Wallet. However, the announcement follows a rug pull incident involving a memecoin called BALD, which caused several memecoins to rug and decentralized exchange LeetSwap to pause operations after multiple exploits on liquidity pools.

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