What is Base Crypto

Introduction

Let’s start it with fact, that Ethereum has emerged as a frontrunner, offering a robust platform for decentralized applications (DApps) and smart contracts. However, as Ethereum’s popularity surges, it faces challenges related to scalability, transaction speed, and high gas fees. To address these issues, Base, a secure and low-cost Ethereum Layer 2 (L2) solution, has been developed to unlock the full potential of the Ethereum network.

In this article, I will write about the world of Base, its features, advantages, and its role in revolutionizing the crypto space.

Let’s enjoy your reading!

What is Base?

Base is an Ethereum Layer 2 chain built on OP Stack in collaboration with Optimism.

Incubated within Coinbase, a prominent player in the crypto space, Base leverages the expertise and experience of Coinbase in building crypto products over the past decade.

It offers a safe, low-cost, and developer-friendly way to build on-chain, providing a seamless onramp from Coinbase, Ethereum L1, and other interoperable chains.

The Highlights of Base

Base offers several compelling features that make it an attractive choice for developers and users alike:

Secured by Ethereum

Project is built on top of Ethereum, leveraging its underlying security and scalability to power decentralized applications.

Empowered by Coinbase

It provides easy access to Coinbase’s products, users, and tools, enabling developers to tap into the vast Coinbase ecosystem and serve its 110 million verified users and $80 billion+ assets.

Big Features, Small Fees

Base offers full EVM compatibility at a fraction of the cost, making it an affordable choice for developers. It also provides gasless transactions and easy-to-use bridges for building multichain applications.

Open Source

Base aims to be decentralized, permissionless, and open to anyone with the vision of creating a standard, modular, rollup agnostic Superchain powered by Optimism.

It joins Optimism as a Core Dev on the open-source OP Stack, fostering a thriving community of developers.

The Future of Base

While Base is currently in the testing phase, with the testnet already live as of 2/23/23, the future roadmap of Base includes the progression towards mainnet.

Once the testnet phase has been successfully completed, it plans to share its roadmap for the mainnet release. This progressive decentralization of Base ensures its long-term sustainability and resilience.

Using Base

To start building on Base, developers can follow the detailed developer documentation guides available at docs.base.org.

Additionally, users can access Base through the Coinbase Wallet App by following these simple steps.

Open the Coinbase Wallet App and click on the settings icon in the lower right-hand corner.
Select “Active Dapp network” from the menu.

Scroll down and choose “Base” from the ETH Testnets section.

On the picture you can’t see this option, but believe me you will find this option.

The Significance of Base

What is a Layer 2 Network?

To fully appreciate the significance of project, it’s essential to understand the concept of a Layer 2 network.

A Layer 2 network operates on top of an underlying blockchain protocol, such as Ethereum’s Layer 1.

It processes transactions off the mainnet, resulting in improved scalability, increased transaction speeds, reduced gas fees, and consistent security measures.

Why Base Matters in the Crypto Space

Base plays a pivotal role in addressing the scalability and cost-related challenges faced by Ethereum’s Layer 1.

By leveraging Layer 2 solutions like Base, developers and users can experience enhanced scalability, faster transaction speeds, and lower gas fees. This opens up new possibilities for a wide range of applications, including decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs).

Deep Dive into Base

Project Architecture

Project operates as a Layer 2 rollup on the Ethereum Layer 1 infrastructure. It bundles transactions together and submits them to the Ethereum chain for settlement, allowing for faster and more cost-effective processing compared to Ethereum Layer 1.

Base utilizes a sequencer, currently operated by Coinbase, to bundle and submit transactions to the Layer 1. Over time, project plans to decentralize this role, ensuring a more secure and censorship-resistant network.

Additionally, Base is working on implementing a fraud-proof system to validate transactions, providing an added layer of security.

Advantages of Base

Project offers a host of advantages that make it a compelling choice for developers and users:

Full EVM Equivalence

It’s fully Ethereum Virtual Machine (EVM) compatible, enabling developers to seamlessly deploy their existing Ethereum smart contracts to Base without any friction.

Low Gas Fees

Base’s gas fees are significantly lower than Ethereum’s Layer 1 gas fees, making it an affordable option for a wide range of applications.

Fast Transaction Times

Base’s transaction times are much faster than Ethereum’s, enabling users to interact with the blockchain quickly and efficiently.

Ease of Use

Base is integrated with Coinbase, simplifying the onboarding process for users. They can seamlessly transition from Coinbase to Base and utilize their Coinbase Wallet to access Base DApps.

The Base Ecosystem

Projects Building on Base

The Base ecosystem is rapidly growing, with numerous projects already being built on the platform. Notable projects include Aave, Uniswap, and OpenSea, among others.

This vibrant ecosystem provides a fertile ground for innovation, with developers leveraging Base’s capabilities to create ground breaking applications.

The project has been on the stock exchanges for almost 1 year.

You can certainly observe a large number of projects that already have a recognized brand.

I mentioned Aave and Uniswap earlier, but as you can see, the whole concept is developing very healthily.

I will mention again the 1 year of development of this project.
Coinbase’s support is certainly encouraging for developers and entrepreneurs.

Base Roadmap

Coinbase is committed to advancing the project ecosystem and enhancing its capabilities.

The Base roadmap includes several milestones aimed at decentralizing the sequencer role, supporting additional Ethereum features like account abstraction and sharding, and attracting more projects to build on Base.

These steps ensure the continued growth and development of the project ecosystem.

Value Locked

The values ​​locked in Base have increased dynamically since the beginning of 2024.

Let’s look at the chart, at the beginning of the year we have a value of $0.75 trillion in the project.

Today it is USD 7.22 trillion.

Which means an increase of ten times in 8 months!

Moreover, by looking at the l2beat website you can conclude:

1) only the Arbitrum project has a higher value allocated in its project

2) Base is in a very early testing phase (1 year of network operation)

3) network activity is also at the forefront of projects

4) the project price is low

I encourage you to visit and draw even more conclusions.

Base Price in Depth

In the case of the this cryptocurrency, we are dealing with a very young project.

Its test network was turned on almost a year ago.

The price increased at the very beginning of the cryptocurrency’s listing on the exchanges, but later it was only in a downward trend and this is precisely the trend.

1st Bessa

As you can see, the price of cryptocurrency is low, because it is!
The price has been inflated so much that during the bull market there is constantly 97% of the so-called ATH, i.e. All Time High.
Moreover, the price is constantly in a downward trend.

In March 2024, the price ceiling was attacked and broken, but ultimately the price remained in a bear market. Breaking the price ceiling could mean a return to the bull market…

Meanwhile, there was a correction in the cryptocurrency market and the price remained in the bear market.
For good measure, the price has already been in a bear market since September 2023.

Which means it has been in a bear market most of the time. How long it will last is difficult to say.
Either way, the price is consistently very low.
Today’s price is 0.0000027. If someone sees an opportunity, they may actually be right.

On what basis?

The ecosystem, Coinbase support, and capital allocation… Not enough?

I think it’s enough to risk some of my capital in a project that is still in the testing phase.
That’s it for the price of Base.

Join the Base Community

In general, it is not just a project; it’s a community-driven initiative that thrives on collaboration. By joining the project community, developers and enthusiasts can stay connected with the latest updates and developments.

Subscribe to the Mirror Blog

Stay up-to-date with the latest news and insights from Base by subscribing to the Mirror Blog. Additionally, you can mint unique NFTs that commemorate the evolution of project, adding a touch of exclusivity to your involvement.

Build on Base

If you have a project in mind or want to explore the possibilities of building on Base, reach out to the project teams. They are there to support and guide you on your journey.

Conclusion

Base represents a significant milestone in the evolution of Ethereum, addressing the scalability and cost challenges faced by its Layer 1.

By leveraging the power of Layer 2 solutions, Base unlocks the full potential of Ethereum, offering enhanced scalability, faster transaction speeds, and lower gas fees.

With an expanding ecosystem and a roadmap focused on decentralization and innovation, project is poised to revolutionize the crypto space and create an open, accessible, and inclusive crypto economy for all.

Project price is really low, but far away from own all time high. Very important question could be: “Is it project to invest in or not?” If you take a closer look for value locked, ecosystem development and support of exchange, Coinbase then answer should be for sure.

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