BASE: An Ethereum L2 Built to Bring the Next Billion Users Onchain
As the Ethereum ecosystem thrives, Layer2 has become the central narrative of the blockchain industry. Just recently, BASE, which released its mainnet less than a month ago, has seen a surge in user activity. With daily active addresses exceeding that of Optimism, BASE ranks second among all Layer2 projects, only trailing behind Arbitrum.
BASE is a Layer2 network incubated by Coinbase and built on OP Stack, which is a standardized open-source module launched by Optimism, as previously introduced in OP (Optimism): Building a Multi-chain Layer2 Ecosystem. Today, we will dive deeper into BASE, an iconic OP Stack-based project.
Origin of BASE
BASE is incubated by Coinbase, a top crypto exchange. In its initial road map, the exchange outlined four stages of development:
1、A protocol reaching millions of users (Bitcoin, Ethereum, etc.)
2、An infrastructure serving tens of millions of users (exchange & secure storage)
3、An interface for hundreds of millions of consumers (user-controlled wallet)
4、Decentralized applications (DApps) for billions of users (Financial 2.0)
Coinbase has progressed through the first three stages with its Web2 products. However, the fourth goal, DApps, can only be achieved on the chain. This prompted Coinbase to consider building its own Layer1 blockchain, but this option was ultimately abandoned due to various obstacles.
Coinbase believes that Layer1 is suitable for high-value DApps requiring maximum security, such as large organizations valued in the billions. In this respect, Ethereum is already the most sophisticated, securest, and the most decentralized Layer1 network. That said, the enhanced security also comes with expensive fees, rendering DApps less accessible. This makes it difficult for DApps to scale on Ethereum. As such, Coinbase chose the Layer2 path, which is better suited for large-scale applications. That’s how BASE was born.
Cooperation Between BASE and Optimism
BASE’s technical architecture is entirely based on OP Stack, employing the Optimistic Rollup solution. Optimistic Rollup and its fraud proofs have been extensively illustrated in our previous article on Optimism. BASE’s workflow is basically the same as that of Optimistic Rollup. Like Optimism, BASE inherits Ethereum’s security while achieving low transaction fees and high TPS. Furthermore, BASE works closely with OP Labs to enhance the security of both BASE and Optimism.
BASE’s collaboration with Optimism goes beyond that. They also work with Optimism Collective to drive the development of the Superchain. Proposed by Optimism Collective, the Superchain is a Layer2 network that shares security, communication layers, and open-source technology stacks across multiple chains based on OP Stack that are all standardized. This enables developers to build apps for the entire Superchain ecosystem, rather than a single chain.
In order to build an open, neutral, and decentralized platform, Coinbase, as the incubator of Base, claims that it will follow the BASE neutrality principles and preserve the freedom of developers and users. Currently, Base can only be upgraded via a 2-2 multisig structure jointly controlled by the Optimism Foundation and Base.
The BASE Neutrality Principles
Additionally, Base and Optimism are closely tied together in terms of revenue. Base is required to contribute a certain percentage of its sequencer revenue to Optimism Collective. In return, Base will receive 2.75% of the total OP supply over the next six years. This approach grants BASE the governance rights of Optimism and provides Optimism with additional sources of income.
Future of BASE
Optimism’s vision for the Superchain is to build an open, global and on-chain economy via decentralization. BASE clearly plays a crucial role in furthering this vision. Whether as an iconic OP Stack project or a co-contributor to OP Stack, BASE has impressed more developers with the potential and future possibilities of the Superchain.
According to its positioning, BASE is not just another Layer2 network. As envisioned by the BASE team, BASE is a bridge that aims to familiarize existing Web2 users with the crypto world through premier, user-friendly on-chain experiences. This bridge connects users to Ethereum Layer1, as well as other Layer2 networks and Layer1 ecosystems, paving the way for billions of users to access Web3.
Although BASE has yet to introduce groundbreaking tech innovations, its association with a top-tier exchange has easily attracted countless developers and users, which is evident from the high user activity recorded in just a month and the launch of the many new projects. That being said, we will have to wait for truly large-scale applications from BASE to see if the network can bring billions of users onchain as expected.
You can go to CoinEx Wallet to manage BASE-based asset. Click https://wallet.coinex.com/download to download the CoinEx Wallet and try it out.
For more information, please refer to:
BASE’s official website: https://base.org/
BASE documentation: https://docs.base.org/
Manage BASE-based asset: https://wallet.coinex.com/download
