Coinbase, one of the world's largest cryptocurrency exchanges, has introduced Base, a Layer 2 blockchain built using the OP Stack on Ethereum. Designed to reflect Coinbase's vision of an on-chain future, Base serves as a platform to bring the exchange's business operations on-chain, aiming to advance its mission of increasing global economic freedom.
With ambitious goals of onboarding a billion people and a million builders into the on-chain ecosystem, Base represents a major step forward in the evolution of Web3.
This blog explores the unique aspects of Base, its technical foundations, and how developers can get started building on this innovative Layer 2 solution.
The Foundation of Base: Built on the OP Stack
Base is constructed using the OP Stack, a modular framework developed by Optimism that provides standardization for Layer 2 rollups. While Base shares its technical foundation with other OP Stack chains, this design fosters interoperability and aligns with Optimism's superchain vision, enabling seamless collaboration and interaction between Layer 2 chains.
Key Technical Features
Standardized Design: Like other OP Stack chains, Base offers parity in functionality, ensuring compatibility across chains.
Higher Gas Targets: Base introduces minor configuration changes, such as higher gas targets, optimizing transaction throughput for its ecosystem.
By leveraging the OP Stack, Base inherits Ethereum's security while offering scalability and cost-efficiency, making it an appealing platform for developers and users alike.
What Sets Base Apart?
Proximity to Coinbase
One of Base's standout advantages is its direct connection to Coinbase. This proximity allows Base to benefit from Coinbase's extensive resources, user base, and on-chain transition. As Coinbase integrates its operations with Base, network effects are likely to emerge, providing opportunities for sectors such as DeFi, social applications, and gaming to flourish.
Thriving and Inclusive Community
Base is committed to fostering a welcoming community for builders of all types, including smart contract developers, artists, and community leaders. This inclusive approach encourages collaboration, creativity, and innovation within the ecosystem, making it a fertile ground for new projects and ideas.
Diverse Activity Across Sectors
Base already hosts a wide range of projects across sectors, including:
DeFi: Platforms like Airdrome and Morpho leverage Base for decentralized financial services.
Social: Collaborative, community-driven projects thrive on the chain.
Gaming: Base supports innovative blockchain-based gaming experiences.
Unique Use Cases: Projects like Blackbird, a blockchain-based restaurant loyalty program, highlight Base's versatility.
Building on Base: Resources and Incentives
Welcoming Developers of All Levels
Base is designed to be accessible to developers at all experience levels, with a focus on onboarding newcomers to on-chain development. Educational content and resources, including guides on deploying smart contracts and understanding blockchain concepts, make Base an excellent starting point for aspiring developers.
Retroactive Public Goods Funding
Base builders can benefit from retroactive public goods funding through the Optimism Collective. In the last funding wave, over $50 million in OP tokens were distributed to Base builders, and future waves are expected to increase. This rewards model incentivizes developers to contribute to meaningful projects and share their work with the community, potentially earning recognition and funding.
Community Engagement and Rewards
To maintain the ecosystem's momentum, Base offers a weekly community voting-led reward of 2 ETH, distributed to selected builders. Developers are encouraged to showcase their projects in the Base Builds channel on Forecaster, fostering engagement and collaboration within the ecosystem.
Getting Started on Base
Developers ready to start building on Base can follow these steps:
Visit Documentation: Explore Base's technical documentation at docs.base.org for comprehensive resources and guides.
Join the Community: Engage with other builders and ask questions by joining Base's Discord community.
Deploy Smart Contracts: Follow deployment guides and online network information to connect to the Base network.
Share Your Work: Post projects on the Base Builds channel, no matter how small, and participate in the ecosystem's collaborative energy.
Final Thoughts
Base represents Coinbase's commitment to fostering a thriving on-chain ecosystem by leveraging Ethereum's scalability, the OP Stack's modularity, and a collaborative community of builders.
With its inclusive environment, educational resources, and robust incentive structures, Base is poised to become a hub for innovation in decentralized applications. Whether you're a developer, artist, or community builder, Base offers an exciting opportunity to explore and contribute to the rapidly growing world of Web3.
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