Leading American crypto exchange coinbase ventured deeper into the on-chain economy with the launch of his Ethereum Layer-2 network base in 2023.
Originally invoiced as’ a ‘bridge’ for users in the crypto economy, it was designed to accommodate the existing on-chain products from Coinbase and to offer an open ecosystem for millions of new decentralized apps.
Since the launch, Base has developed into one of the leading Ethereum Layer-2 networks, which represent a considerable part of the chain culture and activity.
Learn everything else you need to know about the basics below.
What is the basis?
Base is an Ethereum Layer-2 network made by American Crypto Exchange Coinbase In 2023. Built on open-source standards and the Op-Stack, Base uses optimistic roles, a technology that covers transactions for processing to help users save on gas costs.
As a result, transactions on the basic users offer considerably cheaper and faster transactions compared to those on Ethereum MAINNET, all with the help of the security of low-one blockchain.
Why did Coinbase launch base?
Coinbase launched the base to resolve the critical problem of new users and developers on crypto, in the hope of bringing ‘billions of users to the Cryptoe -economy’ one day.
With that in mind, the company had to find a way to offer developers and users safer, cheaper and faster applications and products. To do this, Base’s Layer-2 blockchain was designed to be open source, decentralized and interoperable-the transparency of open-source code, which acts as a ‘bridge instead of an island’, for other large crypto-ecosystems and maintaining his dedication to cutting unnecessary mediums.
Does the basis have a token?
Unlike many other Layer-2 networks, Base has no native token and instead uses Ethereum as guests to facilitate transactions on the network.
Although many crypto users have speculated that the chain could eventually get its own token, the exchange has remained unclear that it has no plans to launch a basic smoke.
“We are not going to make a sign for the base,” said Brian Armstrong of the CEO company Decrypt In 2023. In the two years since that statement, the network and his representatives are committed to that plan, so that a native token has not been reported in its most recent strategic update.
Although there are no native token rewards to those who build on the chain, the network offers builders and financing options for their efforts to bring users and applications to the Layer-2 network.
What can you do at the base?
The basis is the home base of dozens of apps and protocols that support activities in chains with gaming, social and DefiOffering users a wide range of potential activities.
Defi
The home base of 492 Defi protocols according to data from Defillama houses the basis more than $ 2.8 billion in total value-locked (TVL), or the amount that is held in it Smart contractsOn the necklace.
The list is led by the leading Dex of the chain, Aerodrome, which accounts for almost 25% of the TVL of the chain.
Other traditional Defi players such as Uniiswap And Aave is a large presence on the L2 of Coinbase, with smaller protocols such as Moonwell and Pendle with more than $ 100 million in TVL.
Gaming
Base has a robust gaming ecosystem, emphasized by Gaming-Centric Layer-3 Network B3, which organizes more than 117 games with more than 6 million players. The ecosystem, built by former members of the basic team, has attracted remarkable Web3 gaming publishers such as Parallel Studios and Nifty Island.
Other games such as Frenpet, Aavegotchi and Heroes or Mavia also call Base Home.
Consumer applications
In addition to Games and Defi, the Layer-2 network is the host of a range of consumer applications, ranging from community art to restaurant loyalty programs.
One of the leading examples with the base is decentralized Social Media Protocol FarCaster and his popular Warpcast customer, which offer a blockchain-based alternative to popular social media sites such as X or Facebook.
Base is also the home base of Token -Lancing places such as Flaunch, Restaurant Loyalty Platform Blackbird and Collectible Sticker Platform Sofamon among hundreds of others.
How does the basis relate to other block chains?
The Coinbase scale network is today the largest Layer-2 network in the crypto economy, which, according to Defillama, almost $ 700 million more in TVL Host in TVL Dan Arbitrum, the next largest Layer-2 network.
But it ranks not only well under Layer-2-block chains in terms of financial performance, when comparing the base with all other block chains-inclusive Layer-1 networks such as Solana and Ethereum-Het Rankt #5 in daily active addresses in the past year according to data from TokenMinal, with more than 1.2 million active addresses.
Moreover, the chain is in fourth place of other Layer-2 networks with core developers, lagging optimism, ZKSync ERA and Arbitrum according to data from TokenTenterminal.
What is the future of the basics?
Base’s umbrella goal has always been to bring billions of consumers to the chains, so that the crypto ecosystem is ultimately expanded further than the current set of users.
As part of its goals for 2025, the network wants to reach 25 million users, 25,000 developers and $ 100 billion in assets on the platform -militons that claim to be “large, hairy, bold goals”.
To achieve these goals and afterwards, the chain is aimed at improving the developer experience by AI agents and outside embracing, leaning in the app distribution to promote the growing package of products and reduce onboarding to less than 60 seconds while it works on its smart wallet.