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Coinbase Ventures has initiated its first round of investments from the Base Ecosystem Fund by choosing six projects. The exact amounts of the investments have not been revealed.
The Base Ecosystem Fund is primarily managed by Coinbase Ventures, the investment division of the cryptocurrency exchange Coinbase, and is designed to support early-stage projects that function within its incubated Base network.
- As stated in the most recent blog entry, Base indicated that its ecosystem fund has received over 800 funding applications since March of this year.
- The chosen projects include an oracle-based synthetic derivatives protocol named Avantis, an institutional-grade derivatives DEX called BSX, a self-custody wallet known as Onboard, an L2 insurance aggregator called OpenCover, an on-chain creator platform referred to as Paragraph, and an on-chain financial oracle named Truflation.
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“With well over 800 applications submitted, we’re grateful for the passion and effort so many builders put into their applications and are delighted to support this first wave of teams on our shared mission to bring the world on-chain and increase economic freedom around the world.”
- The Ethereum layer-2 network, constructed on Optimism’s OP stack, became operational in early August following Coinbase’s announcement of its development plans earlier this year.
- In the subsequent weeks, Base revealed numerous integrations that propelled its TVL beyond $400 million, marking an increase of over 170% in less than a month.
- However, Base experienced its first significant outage since its public launch last month, with no new blocks being produced on the Base chain for nearly 45 minutes on September 5th.
- Shortly after, the layer-2 network’s TVL dropped by roughly 7% from $411 million to $383 million.
- The network has also been subject to fraudulent activities and counterfeit tokens.
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