Everything We Know About Base, Coinbase's New Layer 2 Network
Base is a new layer 2 solution for Ethereum that is secure and developer-friendly. Read this if you want to build on Base.
Web3 and the blockchain industry have been all over the place for the past two years. We’ve seen good promising projects along with the worst Ponzi schemes.
People have forgotten the original message of Web3 — decentralization and transparency.
In the midst of all this chaos, Coinbase, one of the leading cryptocurrency exchanges, released a new layer 2 solution for Ethereum.
This article will cover everything we know about Base and show how it is different from other existing solutions.
What is Base
Base uses the OP Stack for its layer 2 solution. The OP Stack is a development kit used by Optimism, another layer 2 solution.
Base aims to onboard millions of Web3 users with the help of their cheap gas fees. Unlike other solutions, Base does not have a token, and users can use their Ethereum to pay gas fees. This makes the process easier as users don’t need to convert their Ethereum to another token.
Coinbase also launched the Base Ecosystem Fund to support projects that build on Base.
Here are a few key features of Base:
- According to the Coinbase team, Base aims to be a decentralized, modular Superchain powered by Optimism. Coinbase has also joined Optimism as a Core Dev.
- Developers can build great dApps using gasless transactions and bridges that support multichain.
- Companies can provide better features without worrying about costs thanks to smaller fees.
- Since it is a layer 2 solution for Ethereum, Base leverages the security of Ethereum to build better solutions.
Should You Build on Base?
If you are a developer, you might be confused about the various options available to build your dApp. You have multiple layer 2 solutions and sidechains for Ethereum, such as Polygon, BSC, Optimism, and more. There are also other layer 1 solutions like Solana.
So should you consider Base?
Well, it looks promising for sure and is backed by Coinbase, a company with great values.
Since it is an EVM chain, using your existing smart contracts for Base is easy.
I would suggest keeping an eye out on Base to be up to date with any updates.