Base will offer up to $2 million in rewards and incentives to builders during the campaign.<\/p>\n
Base, the third-largest Layer 2 network by TVL, has announced a second season of its Onchain Summer hackathon.<\/p>\n
Announced on May 2, Onchain Summer II will commence on June 3 and run for one month, offering up to $2 million worth of ETH as incentives to developers in the form of prizes and grants. The campaign will then \u201cshowcase daily experiences\u201d to promote on-chain adoption throughout July and August.<\/p>\n
\u201cOnchain Summer is an annual effort that brings us closer to the next chapter \u2014 where on-chain is the next online,\u201d said Jesse Pollak, the creator of Base and head of protocols at Coinbase. \u201cWe\u2019re calling on creators and builders everywhere to shape the next era of the internet and help bring the next billion users on-chain by showing what\u2019s possible.\u201d<\/p>\n
Buildathon finalists will receive a share of 200 ETH in rewards. Base will also offer small retroactive builder grants to developers that present initial prototypes and\u00a0ideas,\u00a0and gas creditors of 0.25 ETH to participating developers.<\/p>\n
Pollak emphasized that featured projects will have the opportunity to reach a broad audience of web3 users. Pollak will present additional information about Onchain Summer II at the ongoing Farcon hackathon in California.<\/p>\n
Onchain Summer II aims to build on\u00a0last year\u2019s event<\/a>, which hosted participation from more than 268,000 wallets over 23 days and helped to propel adoption for the then-newly launched Layer 2 network. The campaign featured 75 NFT collections spanning art, gaming, and advocacy, driving\u00a0more than\u00a0700,000 token mints.<\/p>\n Base now ranks as the third-largest Layer 2 network with a total value locked (TVL) of $5.18 billion, equating to a market dominance of 13.75%, according to L2beat.<\/p>\n The network\u2019s growth was recently propelled by a surge in\u00a0memecoin trading<\/a>, with its TVL up nearly 350% from $1.16 billion at the start of March.<\/p>\n Base also ranks as the top Layer 2 network by daily throughput, processing an average of 27.2 transactions per second over the past 24 hours.<\/p>\n Base teased that Coinbase\u2019s upcoming Smart Wallet\u00a0is expected\u00a0to launch on mainnet in time for Onchain Summer II.<\/p>\n Coinbase\u2019s Smart Wallet leverages\u00a0account abstraction<\/a>\u00a0to offer a simplified user experience that removes many\u00a0of the\u00a0frictions associated with traditional web3 wallets. The wallet went\u00a0live<\/a>\u00a0on Base\u2019s Sepolia testnet for developers in February. Pollak said the mainnet deployment will take place this quarter.<\/p>\n \u201cSmart wallet allows users to create a new wallet instantly for any on-chain app using just a passkey \u2013 no app downloads, extensions, or seed phrases required,\u201d Pollak added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Base will offer up to $2 million in rewards and incentives to builders during the campaign. Base, the third-largest Layer 2 network by TVL, has announced a second season of its Onchain Summer hackathon. Announced on May 2, Onchain Summer II will commence on June 3 and run for one month, offering up to $2 […]<\/p>\n","protected":false},"author":2,"featured_media":294440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-294439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/294439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=294439"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/294439\/revisions"}],"predecessor-version":[{"id":294441,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/294439\/revisions\/294441"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/294440"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=294439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=294439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=294439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Coinbase Smart Wallet<\/h2>\n