Base Chain: The Low-Cost Layer-2 Blockchain Reforming DeFi and Web3 – Join the Future of Crypto with Coinbase

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Since its launch on August 9, 2023, Base, the low-cost layer-2 blockchain built on Ethereum, has gone from strength to strength. The chain has already reached a market capitalization of $4.7 billion and a TVL (Total Value Locked) of $1.75 billion. 

Spearheaded by Jesse Pollak, Head of Protocols at Coinbase, the Base blockchain has positioned itself as a revolutionary Web3 technology platform. A recent Bloomberg Crypto discussion featuring Pollak, Mike Novogratz of Galaxy Digital, Tim Stenovec, and Sonali Basak shed light on Base’s transformative potential.

What is Base? A Low-Cost Layer-2 Blockchain Explained

Base is an Ethereum Layer-2 blockchain network that was developed by Coinbase, the second-largest crypto exchange globally. As a Layer-2 solution, it’s designed to enhance the scalability and reduce costs associated with developing and transacting on the Ethereum blockchain. 

By leveraging Ethereum’s security and decentralization, Base can provide faster and cheaper transactions while integrating seamlessly with Ethereum. Its primary features include high throughput, low latency, and cost efficiency, making it an attractive option for developers and users alike.

How is Base Chain Transforming the Crypto Landscape?

Base is making significant strides in various sectors, including dApps, finance, social platforms, gaming, and more. By offering a scalable and affordable solution, Base enables developers to create innovative dApps that can handle high transaction volumes.

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Already, some of the leading Ethereum dApps and Web3 platforms, including Aerodrome Finance, Aave, friends.tech, Brave, and Chainlink, have been taking advantage of Base’s blockchain technology.

Coinbase’s Jesse Pollak and Galaxy Digital’s Mike Novogratz Give Their Insights

During the Bloomberg Crypto discussion, Jesse Pollak and Mike Novogratz shared their thoughts on Base. Pollak highlighted that in Q1, Coinbase observed an 8x increase in developers building on Base, indicating rapid growth and interest. 

He emphasized that Base is part of the next generation of the internet, with millions of users already engaged in payments, commerce, and music applications. Mike Novogratz said that he sees a tremendous amount of potential shareholder value locked up in what Coinbase is doing with the Base chain.

Talking about his vision for Base, Pollak said, “Base is an open, global, on-chain economy that’s going to increase innovation, creativity, and freedom. And the only way this can happen is if Base is decentralized. That’s why we built Base as an Ethereum Layer-2, so we can inherit the decentralization of Ethereum.

Can Base Become the Dominant Blockchain?

The potential for Base to dominate the blockchain space is promising. Already, the blockchain is home to 10 million users and almost 300 dApps. With the number of active developers continuing to grow at a record pace, Base could easily establish itself as the dominant Layer-2 blockchain within the Ethereum ecosystem and home to the future of crypto in the next 5 years.

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Apart from its cost efficiency, scalability, and integration with Ethereum, one of the main factors contributing to Base’s growth is Coinbase’s established users, resources, and mainstream profile. This can help attract a new generation of crypto users to the low-cost blockchain. 

How Base Upgrades Coinbase’s Offerings

Base integrates seamlessly with Coinbase’s existing services, enhancing the user experience with lower transaction costs and faster processing times for Coinbase’s 110+ million users. Coinbase provides easy fiat on-ramps and off-ramps.

Base users can also interact with the Base ecosystem using the new Coinbase Smart Wallet, which offers a streamlined, gasless on-chain experience. There are no recovery phrases, browser extensions, or awkward cross-chain compatibility issues.

The integration of all these elements is simplifying the DeFi sector for all involved, promoting crypto adoption and creating a seamless experience from your first crypto purchase to interacting with dApps and the wider Ethereum ecosystem. 

Signing Up to Coinbase: Your Pathway to Base

signup page coinbaseGetting started with Coinbase and accessing Base is straightforward:

  1. Visit Coinbase: Go to the Coinbase website or download the app.
  2. Create an Account: Sign up with your email and create a secure password.
  1. Verify Your Identity: You’ll need to provide verification documents as part of your sign-up process. 
  2. Deposit Funds: You can link your bank account or credit card to fund your account.
  3. Start Trading: Once verified, you can buy cryptocurrencies and start participating in the Base ecosystem.

To access Base from the Coinbase Wallet app, select the settings icon. From the menu, select Active dApp network. Then, select Base from the list. Now, you can use the Coinbase Wallet app to interact with Base dApps.

Why Pick Coinbase?

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Coinbase is renowned worldwide for its commitment to operating within regulatory frameworks and its robust security measures, including two-factor authentication and insurance against breaches. It holds all customer assets 1:1 and uses state-of-the-art encryption and security protocols. 

Coinbase’s commitment to innovation ensures users always have access to cutting-edge technology and services. 

Additionally, the US-based platform offers excellent customer support and a user-friendly interface, making it ideal for both beginners and experienced users

Seize the Future of Crypto with Coinbase

Base offers unparalleled advantages in cost and scalability, paving the way for the next generation of the internet. With strong backing and a clear vision, Base is set to transform the crypto landscape. Through integration with the Coinbase crypto exchange, users can easily enter the crypto world and interact seamlessly with every facet of it. 

Join Coinbase today and be part of the next generation of cryptocurrency technology.

Medb Kiely-Cuddy
Editor

Medb is an editor with three years of experience in blockchain and cryptocurrency and a BSc in Mathematical Science. Having worked with dynamic startups in the crypto space, she is passionate about translating complex concepts into accessible content that educates and empowers. In her professional journey, Medb has gained invaluable insights into the transformative potential of DeFi, NFTs, and other groundbreaking applications of blockchain technology. She’s always on the lookout for the latest trends and advancements in the industry, underscoring her dedication to providing readers with insightful analysis and thought-provoking commentary. Outside of her work, Medb can be found hiking…