Coinbase, one of the world’s leading cryptocurrency exchanges, launched its own layer 2 blockchain in February 2023 – called Base. 

Base is built using Optimism, a popular layer 2 Ethereum scaling solution. Using Optimism allows Coinbase to offer lower gas fees and faster transaction speeds than Ethereum. 

At the time of writing, over $60 million ETH has been bridged to Base. 

This might sound good, but it comes with a big warning sign. There have already been a handful of rug pulls on this platform. 

The major one seems to be BALD token, which skyrocketed over 4M% within two days of launching.

Alas, the token started to plummet as the BALD team address (0xccFa0530B9d52f970d1A2dAEa670ce58E4176389) removed most of the liquidity that was in LeetSwap – the exchange where you can purchase BALD tokens. 

Overall, Base is a promising layer 2 solution that has the potential to make Ethereum more scalable, efficient and user-friendly. However, people ought to tread carefully as there seems to be a plague of scammers currently swarming the space!