Base Network's "Onchain Summer" Promotion Drives Over 700,000 NFTs Minted, But Faces Challenges with Outage and Scams
Summary:
Over 700,000 NFTs were minted during the Base network's "Onchain Summer" promotion in August, with participation from 268,000 unique wallets. The launch event attracted over $242 million in crypto bridged to Base, with the Coca-Cola collection being the most popular. However, the network faced challenges with an outage and scams.
Over 700,000 non-fungible tokens (NFTs) were created during Base network's "Onchain Summer" promotion in August, with participation from over 268,000 unique wallets, as per a team announcement on September 6. Coinbase launched its Ethereum layer-2, Base, on August 9, and to encourage its adoption, the team organized a month-long launch event, collaborating with more than 50 companies, artists, and creators. Each digital art NFT set was released on different dates, attracting users to return to the network multiple times to collect the complete set. In the initial two weeks of the promotion, over $242 million worth of crypto was bridged to Base, and it witnessed over 130,000 daily unique wallet users. The final NFT set was launched on August 31 and will remain mintable until September 7. The Base team has now provided more detailed information on the most popular digital art sets among collectors. The Coca-Cola collection, available from August 13-16, saw the highest activity, resulting in over 80,000 NFTs being minted within that period. Other notable collections included those of Iskra (71,000 mints), Friends With Benefits (71,000 mints), Zora (70,000 mints), and anotherblock (55,000 mints). Additionally, the amount of cryptocurrency locked in Base's contracts steadily increased during this time, reaching a peak of over $402 million on September 3, according to DefiLlama. However, Base experienced some challenges, with an outage occurring on September 5, when its sequencer temporarily halted block production. Moreover, there have been instances of scams on the network, including a $6.5 million rug-pull scam by Magnate Finance.
Published At
9/6/2023 5:30:25 PM
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