What is Base? All You Need to Know About Coinbase’s L2 Chain

What is Base_ All You Need to Know About Coinbase’s L2 Chain

Welcome to the Onchain Summer. Season trends point out that Base is the next big chain to know about

Coinbase’s Layer-2 blockchain, Base, is now live and accessible to all. Its debut caused a stir in the Web3 community, garnering attention and partnerships with prominent global brands. Dive into the details of Base, grasp its significance, understand the bridging process, and explore the top initiatives underway.

DappRadar now tracks activity on the Base blockchain, offering insights into the most popular dapps.


What is the Base blockchain?

Base, developed by centralized crypto exchange giant Coinbase, is a Layer-2 blockchain solution that capitalizes on the benefits of the OP Stack from Optimism. With over 100 dapps and service providers at launch in August 2023, Base brings forth near-zero gas fees, speedy transactions, and fortified security backed by Ethereum’s robustness.

With an ambitious goal of welcoming the next billion users to the blockchain world, Base is poised to revolutionize sectors ranging from finance and art to music and beyond.

It’s worth noting that Base has no intentions of introducing a new network token at the moment, with ETH serving as its native gas token. Caution is advised against potential scammers who might offer or distribute fake Base tokens.

Top Base dapps joining the Onchain Summer campaign

Coinciding with the introduction of the Base Mainnet, the Onchain Summer campaign spans several weeks, from 9 August to 31 August, highlighting the ongoing evolution of Onchain art, music, gaming, and culture. Daily mints, alongside compelling stories, spotlight collaborations with prominent creators globally.

While attendees have the opportunity to mint the “Base, Day One” NFT, commemorating the mainnet’s debut, they are also invited to explore a variety of activities throughout August.

Here are some of the partnerships that will offer unique daily mints of on-chain collectibles:

  • 11 August, Parallel: limited-edition Starter Deck for the trading card game
  • 13 August, Coca-Cola: official onchain artworks from its renowned Masterpiece collection
  • 17 August, Pixelmon: experience the Pixelmon multiplayer open-world adventure
  • 25 August, Atari: new generation of Atari NFTs now on Base
  • 29 August, OpenSea: collection of onchain art curated by the leading marketplace

Is there a Base token?

No, Base does not have its own native token. Transactions on the Base blockchain require gas fees, which are paid in ETH. Unlike some Layer 2 solutions like Optimism and Arbitrium, Base has opted not to introduce a governance token.

Since its developer launch in mid-July 2023, Base experienced its first significant setback when a memecoin named BALD led to a rug pull, withdrawing millions from the market. This memecoin, cheekily named after the perceived baldness of Coinbase CEO Brian Armstrong, was essentially without clear utility.

Despite these initial challenges, users have actively engaged with Base dapps, with over $100 million worth of ETH being bridged from Ethereum to Base to date. Moreover, the Base blockchain surpassed over 100,000 daily active users in its first open week.

How to bridge Ethereum tokens to Base

Bridging your Ethereum tokens to Base is a straightforward process – a necessary one if you want to participate in Onchain Summer. Here’s a simple step-by-step guide to help you move your assets seamlessly:

  1. Access the Base Bridge: Go to the official Base Bridge platform. Ensure you’re on the correct website to avoid scams.
  2. Connect your Wallet: Select and connect your Ethereum-based wallet, like MetaMask or Coinbase Wallet, by following the on-screen prompts.
  3. Choose Tokens and input amount: Specify how many tokens you want to bridge to the Base network.
  4. Initiate Transfer: Confirm the details and click the ‘Bridge’ or ‘Transfer’ button.
  5. Wait for Confirmation: The bridging process involves smart contract interactions. It may take a few minutes to a couple of hours, depending on network congestion.
  6. Check Base Wallet: Once the process completes, check your wallet connected to the Base network. Your tokens should now reflect there.

Remember, while bridging tokens is a secure process when done correctly, always double-check websites, confirm gas fees, and ensure you’re not sending tokens to an unknown or suspicious address.

What makes Base stand out?

Base’s rise in the blockchain domain is deeply rooted in its harmonious integration of Ethereum’s security features and the pioneering capabilities of the OP Stack. Yet, its distinguishing element isn’t solely its technical capabilities.

The driving force behind Base is none other than Coinbase, America’s foremost crypto exchange, overseeing more than $130 billion in assets. The launch of Base has become the focal point of recent blockchain conversations, underscored by its collaborations with globally acclaimed brands. This surge in prominence contrasts with a reported decline in the dapp sector, as noted by the DappRadar Industry Report of July.

At the heart of Base’s architecture is the OP Stack, a consistent framework curated by the Optimism Collective. This setup envisions a “superchain” – a conglomerate of Layer 2 chains with shared functionalities.

Base, being the second L2 developed with this toolkit, promises fluid integration of decentralized apps across this superchain’s expansive ecosystem.

Is Base compatible with Ethereum and other EVM chains?

Certainly! Base’s EVM compatibility ensures seamless interaction between the platform and decentralized applications originally designed for Ethereum and other EVM chains. This adaptability means that applications can be effortlessly transitioned to the Base network.

As a testament to this compatibility, several EVM-based applications, including notable names like OpenSea, Aave, PoolTogether, Uniswap, Galxe, Iskra, and Pixelmon, have already integrated with Base, leveraging its features and expanding their reach.

How decentralized is Base?

Decentralization is a cornerstone principle in the world of cryptocurrencies, and questions surrounding the decentralization of Base have arisen within the crypto community.

Currently, Coinbase operates as the sole sequencer node on Base, granting them notable influence over transactions. This centralized control extends to setting and adjusting fees linked to the Coinbase Sequencer. While Coinbase indicates potential third-party node integration in the future, their significant role in the Base ecosystem, including managing the Base Bridge for asset transfers with Ethereum, remains a focal point of discussion. As such, while Base holds promise, the extent of Coinbase’s influence on its ecosystem may warrant attention.

Explore Base dapps with DappRadar

DappRadar now tracks all activity on the Base blockchain. Head to our Top Dapps Ranking to explore how Base influences its applications and the entire Web3 industry.

Explore dapps ranking on DappRadar

Useful links

Unsubscribe at any time. T&Cs and Privacy Policy

Share this post on social media

Share this Article

Related articles

Related articles

How to Degen into Memecoins on Base by Coinbase

Someone turned $100 BALD into $1,000,000, this is the guide on how to join the Base ecosystem
Base memecoin Coinbase BALD degen crypto