Flux Meets Base: New Parallel Asset Incoming!
Flux is launching a new parallel asset to promote interoperability and access to new Web3 opportunities.
The need to solve prevailing Web3 challenges and scale the growth of the industry has led to the deployment of new chains and protocols, each offering a unique competitive edge.
However, for the creation of a truly interoperable ecosystem fostering synergistic development, users must be able to interact and exchange assets/data across different blockchains regardless of their distinct features.
Parallel Assets within the Flux ecosystem have played a pivotal role in making this possible. These interconvertible assets act like bridges connecting Flux to other blockchains, enabling users to trade, swap, and leverage the unique advantages available on other chains.
Currently, Flux parallel assets provide an essential bridge to most of the major chains in the Web3 Industry, including ETH, BSC, Algorand, Solana, and Polygon, among others. With the recent addition of Flux-Bitcoin, a taproot asset operating on the Lightning network, there are now ten parallel assets in circulation.
In addition to these assets, however, Flux is introducing a new P.A., Flux-Base, to extend its network and facilitate access to new opportunities in the Web3 ecosystem.
Why Base Network?
Base blockchain represents a layer two optimistic rollup scaling solution focused on enhancing the dApp ecosystem on Ethereum. The chain is built on the OP stack, a modular open-source framework designed by Optimism for creating highly scalable and interoperable blockchains.
Base is developed by popular exchange provider–Coinbase and inherits native Ethereum security while offering improved efficiency, faster performance speed, and reduced transaction fees.
Since the network provides full EVM compatibility at only a fraction of the cost, developers can quickly build or migrate existing projects to Base without compromising the functionality of their Ethereum-based contracts and infrastructure.
Despite its recent launch, Base has witnessed tremendous success even in the highly competitive L2 market. By September 19, 2023, it was already the ninth-largest blockchain by Total Value Locked (TVL), surpassing older competitors like Solana.
The chain has also proven to be a key enabler for DeFi and social media dApps due to its high scalability, robust support for dApps, and low transaction costs. Base now has over 100 decentralized applications and providers on its network, establishing its potential to drive innovations on the Web3 front.
Base is integrated with the Coinbase ecosystem, making it easy for users to get started with on-chain applications. Users can onboard Base directly from Coinbase and use their Coinbase Wallet to interact with decentralized applications running on the network.
Flux-Base: Onboarding a new Web3 demography
The Flux-Base parallel asset will facilitate the interaction of Flux native users with the Base network, enabling exploration of its projects and capabilities. These include extensive access to DeFi protocols, NFT minting, and trading activities on the Coinbase exchange.
Bridging with Base also presents a potential increase in the liquidity of Flux through the cross-chain volume impact of trading and exchange activities on the Coinbase platform.
Like other Flux parallel assets, Flux-Base will enable developers to collaborate in building new apps and services that leverage the unique advantages of both chains.
However, besides these benefits, the new parallel unlocks a massive win for Web3’s mass adoption.
How?
Coinbase, the parent company behind the Base network, has over 73 million verified users. On the one hand, a significant portion of this user base comprises traditional Crypto users with vested interests in Bitcoin/Ethereum investments. On the other hand, however, it also consists of many new users of blockchain and cryptocurrency.
Flux-Base offers an exciting opportunity to onboard both categories to Web3, enabling participation, building, and maximizing its vast possibilities across different sectors.
By bridging with Base, Flux can tap into this extensive user pool, gaining exposure and adoption among a broader audience. This, in turn, will drive the deployment of decentralized applications on Flux that are capable of seamlessly integrating with Coinbase products, tools, and other offerings.
“The release of our 11th parallel asset demonstrates the core of Flux's vision to provide users with access to highly scalable options to drive innovation and cross-platform development opportunities in the Web3 industry.
Flux bridge to the Base network provides an essential link that will promote the deployment of dApps on both ecosystems and catalyzes the mass adoption of decentralized tools and services.” — Daniel Keller, CEO & Co-Founder, Influx Technologies Limited.
Flux-Base Asset Distribution
The release of Flux–Bitcoin finalized the distribution of parallel assets via the snapshot and airdrop model. Therefore, Flux-Base will not be an airdrop like the preceding parallel assets.
However, the Parallel Asset will be available on Fusion via the Zelcore wallet to bridge the Base network and enhance cross-platform development opportunities.
For more information on the new parallel asset or Flux Ecosystem, please join our Discord and check our official website. Visit our marketplace to easily host and run front-ends, nodes, block books, crypto projects, and games with just a few clicks. Flux is very active on Twitter.
Flux is redefining the future of the decentralized internet by bridging the tech barrier. We are innovating to power the free web smarter, better, and at affordable prices.
