Base Network Reaches 1 billion Transactions But Faces NFT Copying Accusations

Coinbase’s Ethereum Layer-2 community, Base, discovered itself on the heart of controversy because it celebrated its 1 billionth transaction.

The celebration included the discharge of an NFT, which inadvertently copied the work of digital artist Chris Biron.

Fundamental reaches 1 billion transactions

On November 15, Coinbase-backed Base proudly introduced that it had accomplished 1 billion transactions since its launch in August 2023. This milestone was achieved in simply over a 12 months, a exceptional achievement in comparison with established networks like Bitcoin, which took greater than 15 years to construct. obtain comparable numbers.

Base’s speedy rise isn’t any shock. The community has rapidly change into the quickest rising Ethereum Layer-2 answer, surpassing opponents corresponding to Optimism and Arbitrum. A current report from CoinGecko ranked Base because the second hottest blockchain in 2024, with the community now attracting 9 occasions extra curiosity than its nearest Layer-2 competitor, Arbitrum.

“The bottom ecosystem has seen its share of investor curiosity enhance by greater than 5 occasions for the reason that first quarter, rising the Tier 2 ecosystem’s rating from seventh to second and overtaking the Tier 1 Ethereum ecosystem . This additionally signifies that the Base ecosystem now attracts 9 occasions extra curiosity than the subsequent hottest layer 2 ecosystem Arbitrum,” stated Coingecko.

Whole worth of base locked. Supply: L2Beat

Business observers have attributed the community’s speedy development to strong help and sources from Coinbase, the $76 billion cryptocurrency alternate that Base operates. Moreover, Coinbase’s model energy as the biggest cryptocurrency alternate within the US has undoubtedly contributed to Base’s success as effectively.

NFT controversy and apology

To commemorate the 1 billion transaction, Base has launched an NFT. Nevertheless, the art work bore a placing resemblance to a creation by digital artist Chris Biron, who accused the community of copying his work with out credit score. Biron claimed that Base had already made greater than $36,000 in earnings from the NFT on the time of his grievance.

“I often prefer it when somebody remakes/remixes my work. However when an organization value $76 billion copies it, sells it and will get over $36,000 in revenue with out me benefiting from it, it feels much less enjoyable,” Biron stated.

In response to the backlash, Base lead developer Jesse Pollak issued a public apology, explaining that the incident was unintentional. The Coinbase-backed community additionally admitted that its art work unintentionally mirrored Biron’s work and promised to enhance its processes to keep away from related points sooner or later.

“Creativity typically attracts from a effectively of shared inspiration, and in designing this piece we inadvertently mirrored the work of one other artist with out attribution. We’re sorry, and we are going to ship 100% of the proceeds to Biron,” wrote Base .

Biron appreciated Base’s response, calling it a “class act” and praising the group for dealing with the state of affairs respectfully.