The Base Ecosystem Fund has received more than 800 funding applications.
Coinbase Ventures has kicked off its initial round of investments from the Base Ecosystem Fund by selecting six projects. The specific investment amounts have not been disclosed.
The Base Ecosystem Fund is essentially operated by Coinbase Ventures, the investment branch of the cryptocurrency exchange Coinbase, and is created to back early-stage projects that operate within its incubated Base network.
According to the latest blog post, Base reported that its ecosystem fund has received more than 800 funding applications since March this year.
The selected projects are – an oracle-based synthetic derivatives protocol called Avantis, Institutional-grade derivatives DEX called BSX, self-custody wallet Onboard, L2 insurance aggregator OpenCover, on-chain creator platform Paragraph, and on-chain financial oracle Truflation.
“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’s layer-2 network, built on Optimism’s OP stack, went live in early August after Coinbase announced its plans to build it earlier this year.
In the following weeks, Base announced hundreds of integrations that catapulted its TVL above $400 million, representing a growth of over 170% in less than a month.
However, Base suffered its first major outage since its public launch last month. No new blocks were produced on the Base chain for nearly 45 minutes on September 5th.
Shortly thereafter, the layer-2 network’s TVL plunged by approximately 7% from $411 million to $383 million.
The network has also attracted fraudulent activities and counterfeit tokens.