Base is an Ethereum Layer 2 (L2) solution developed to help more people use the decentralized web (Web 3.0). It's being developed by Coinbase, a well-known cryptocurrency platform. The plan is to make Base more decentralized over time.
What is Base
Here's how it works:
- Security and Scalability: Base uses Ethereum's technology, making it secure and scalable for decentralized apps.
- Low Fees: It's cheaper to use than Ethereum's main layer (Layer 1), making transactions more affordable.
- Developer-Friendly: Base offers tools like Account Abstraction (ERC4337), which makes it easier for developers to build apps.
- Gasless Transactions and Smart Contract Wallets: Developers can create user-friendly apps with these features.
- Open Source: Anyone can help improve Base, as it's open to contributions.
- Support from Coinbase: Base is integrated with Coinbase's services, which means easy access to fiat money, a large user base, and various assets.
- Plans for Decentralization: Base aims to become a public resource that's open and accessible to all.
In summary, Base is designed to be a secure, low-cost, and easy-to-use Ethereum Layer 2 solution. It's backed by Coinbase and is set to evolve into a decentralized platform.
Team of Base
Team
Undisclosed
The team details haven’t been publicly announced, hence we don’t know particular team members behind the Base project. The thing that is known is that the Base team is working together with the Optimism team, that is OP Labs and OP Collective.
Funding of Base
$574,000,000
Total Funds Raised
The above amount was raised for Coinbase through a total of 18 funding rounds.
Base review
Pros
Enhanced Security
Built atop Ethereum, one of the most secure blockchains, leveraging its robust security for decentralized apps.
Greater Scalability
As a Layer 2 network, it offers faster transactions and lower costs than Ethereum's mainnet.
Cost Efficiency
Full EVM compatibility at a reduced expense compared to Ethereum L1.
Interoperability
Designed for compatibility with other Layer 2 networks, facilitating multichain app development.
Coinbase Connection
Incubation within Coinbase allows easy access to its vast user base and tools, including fiat onramps.
Open Source Framework
Developed on the open-source OP Stack with Optimism, promoting decentralization and accessibility.
Cons
Intense Competition
Faces many rivals in the crowded Layer 2 space.
Market Performance Concerns
Following Coinbase's NFT marketplace's underperformance, there's a risk Base might encounter similar challenges.
Governance Complexity
Needs a strong governance system for protocol updates and decisions, balancing decentralization and power distribution.
Opportunities
AirdropTestnet
Minimal cost: Free
Base Testnet
The testnet phase of the Base opportunity has ended with the launch of the mainnet phase. To increase your chances of receiving a potential Base airdrop, focus on activities on the mainnet network.
Note that activities performed during the testnet phase are usually recognized by the project, often resulting in additional airdrops or multipliers for early participants during the mainnet phase.
AirdropMainnet
Minimal cost: ~20 USD
Base Mainnet
Engage in the Base ecosystem by swapping, providing liquidity and minting NFT's for a chance on a potential airdrop!