{"id":115872,"date":"2023-10-18T13:32:49","date_gmt":"2023-10-18T13:32:49","guid":{"rendered":"https:\/\/www.techopedia.com"},"modified":"2023-10-18T13:32:49","modified_gmt":"2023-10-18T13:32:49","slug":"exploring-coinbases-base-300m-enters-ecosystem-in-two-months","status":"publish","type":"post","link":"https:\/\/www.techopedia.com\/exploring-coinbase-base","title":{"rendered":"Exploring Coinbase&#8217;s &#8216;Base&#8217;: $300M Enters Ecosystem in Two Months"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Earlier this year, Coinbase, one of the leading cryptocurrency exchanges, unveiled its very own Ethereum <a href=\"https:\/\/www.techopedia.com\/definition\/layer-two-l2\">layer-2<\/a> network, aptly named <\/span><a href=\"https:\/\/help.coinbase.com\/en\/coinbase\/other-topics\/other\/base\" target=\"_blank\"><span style=\"font-weight: 400;\">&#8216;Base&#8217;<\/span><\/a>.<\/p>\n<p><span style=\"font-weight: 400;\">This development marked a significant milestone in the crypto space, as Coinbase emerged as the first publicly traded company to launch a layer-2 blockchain network on top of <a href=\"https:\/\/www.techopedia.com\/definition\/32571\/ethereum-cryptocurrency\">Ethereum<\/a> (ETH).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beyond being just another layer-2 solution, it stands out with its specific goals and a vision that could unlock the next adoption layer \u2014 easy ways for users to interact with crypto in the U.S. and beyond.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s been nine months this week since Base was first announced and two months since the first public <a href=\"https:\/\/www.techopedia.com\/definition\/25191\/bridging\">bridge<\/a> was opened \u2014 so where are we today?<\/span><\/p>\n<h2><span id=\"key_takeaways\">Key Takeaways<\/span><\/h2>\n<div class=\"su-note\"  style=\"border-color:#dddddd;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#f7f7f7;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<ul>\n<li>Coinbase introduced &#8216;Base&#8217; as an Ethereum layer-2 network, making it the first publicly traded company to launch such a network.<\/li>\n<li>Base distinguishes itself with an open-source, decentralized, and permissionless approach, with extremely low gas fees.<\/li>\n<li>By encouraging developers and entrepreneurs to build on the platform, Coinbase aims to achieve mass adoption within the Web3 ecosystem.<\/li>\n<li>The absence of a native token suggests a user-focused strategy.<\/li>\n<li>Base benefits from Ethereum&#8217;s security protocol and combines it with Coinbase&#8217;s features, including fiat payment integration.<\/li>\n<\/ul>\n<\/div><\/div>\n<h2><span id=\"base_an_open_ecosystem\">Base: An Open Ecosystem<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Coinbase&#8217;s bold declaration that Base is designed to serve as a secure, low-cost, and developer-friendly Ethereum Layer-2 network with the potential to onboard the next billion users into Web3 is nothing short of ambitious.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This aspiration reflects Coinbase&#8217;s commitment to shaping the future of the blockchain industry. However, the real question that looms is whether Coinbase can translate this vision into reality.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The key to Coinbase&#8217;s strategy lies in the open-source nature of <a href=\"https:\/\/www.techopedia.com\/definition\/3294\/open-source\">Base<\/a>. By aiming to keep the network <a href=\"https:\/\/www.techopedia.com\/definition\/decentralization\">decentralized<\/a> and <a href=\"https:\/\/www.techopedia.com\/definition\/permissionless\">permissionless<\/a>, Coinbase opens the door for anyone with innovative ideas to build upon the platform. This approach is a crucial step towards achieving <a href=\"https:\/\/www.techopedia.com\/understanding-the-relationship-between-web3-and-blockchain\">mass adoption within the Web3 <\/a>ecosystem, as it encourages developers and entrepreneurs to create innovative applications and services on top of Base.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the last few months, Base has been on a rapid growth trajectory, boasting over 130,000 active users and securing over <\/span><a href=\"https:\/\/defillama.com\/chain\/Base\" target=\"_blank\"><span style=\"font-weight: 400;\">$300 million<\/span><\/a><span style=\"font-weight: 400;\"> in <a href=\"https:\/\/www.techopedia.com\/definition\/total-value-locked-tvl\">total value locked<\/a> (TVL).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This achievement is even more remarkable because &#8216;Base&#8217; does not intend to introduce a native token for its Layer-2 chain. Instead, Coinbase&#8217;s strategy focuses on delivering a seamless user experience and valuable services.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the absence of a native token aligns with Coinbase&#8217;s belief, it also marks a fresh of breath air from the multiple crypto projects that launch tokens only as a way to siphon money from the market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Coinbase&#8217;s Base also benefits greatly from the popularity of Coinbase as a major <\/span><a href=\"https:\/\/www.coindesk.com\/tech\/2023\/08\/09\/coinbase-officially-launches-base-blockchain-milestone-for-a-public-company\/\" target=\"_blank\"><span style=\"font-weight: 400;\">publicly traded crypto exchange<\/span><\/a><span style=\"font-weight: 400;\"> in the U.S. Market watchers opine that Coinbase&#8217;s popularity will give Base adoption a boost and enable them to capture a global market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, when it&#8217;s all said and done, what features make up Base?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Well, Base is built on Ethereum and, therefore, benefits from the security and scalability that comes with Ethereum. Simply put, it takes advantage of Ethereum&#8217;s security protocol and combines it with Coinbase&#8217;s mainstream features, such as fiat payment integration. These two components make Base a <a href=\"https:\/\/www.techopedia.com\/definition\/decentralization\">decentralized<\/a>\u00a0and <a href=\"https:\/\/www.techopedia.com\/definition\/33409\/decentralized-application-dapp\">dApp<\/a> development platform that bridges the gap between Web2 and Web3 for the next cohort of crypto users at cost-effective prices.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another important feature of Base is also the fact that it is cheap with relatively negligible <a href=\"https:\/\/www.techopedia.com\/definition\/gas-fee-ethereum\">gas fees<\/a>. This means developers can tap into mainstream markets with dApps that enable fiat-to-crypto payments instantly \u2014 and near-zero cost to the end user. This is set to expand the dApp ecosystem and lead to a shift into Web3.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of now, Base operates as a <a href=\"https:\/\/www.techopedia.com\/definition\/zero-knowledge-rollups-zk-rollups\">roll-up<\/a> agnostic superchain powered by Optimism, further enhancing its efficiency.<\/span><\/p>\n<h2><span id=\"no_network_token_no_problem\">No Network Token, No Problem<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Interestingly, Base is taking a different approach compared to many other layer-2 networks. Given the wild success of Binance&#8217;s BNB on the Binance Smart Chain, many in the crypto space were surprised to learn that Base won&#8217;t be introducing a network-specific token.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instead, Coinbase&#8217;s strategy revolves around building excellent products as a means to drive user activity. This approach will very likely bring Base to the top as competition for bandwidth and attention on the Base chain increases.<\/span><\/p>\n<h2><span id=\"key_partnerships_and_decentralization_goals\">Key Partnerships and Decentralization Goals<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Base<\/span><span style=\"font-weight: 400;\"> is not walking this path alone. It has established strategic partnerships with industry giants like <\/span><a href=\"https:\/\/twitter.com\/chainlink\/status\/1688945402903400449?s=20\" target=\"_blank\"><span style=\"font-weight: 400;\">Chainlink<\/span><\/a><span style=\"font-weight: 400;\">\u00a0and <\/span><a href=\"https:\/\/app.aave.com\/governance\/proposal\/?proposalId=299\" target=\"_blank\"><span style=\"font-weight: 400;\">Aave<\/span><\/a>,<span style=\"font-weight: 400;\"> among others. Coinbase also has ambitious plans for Base&#8217;s governance, aiming for <\/span><a href=\"https:\/\/www.coinbase.com\/blog\/coinbases-neutrality-principles-for-base\" target=\"_blank\"><span style=\"font-weight: 400;\">full decentralization<\/span><\/a><span style=\"font-weight: 400;\"> in the future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Coinbase&#8217;s commitment to Base&#8217;s success is evident in its decision to become a core developer on the open-source OP Stack alongside Optimism. This collaboration is poised to bring about significant innovations in Ethereum&#8217;s layer-2 ecosystem.<\/span><\/p>\n<h2><span id=\"the_bottom_line\">The Bottom Line<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In just a short time since its unveiling, &#8216;Base&#8217; has already made waves as a pioneering layer-2 network. As it continues to evolve and expand, the cryptocurrency community eagerly anticipates the transformative changes it may bring to the world of decentralized finance and applications.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Earlier this year, Coinbase, one of the leading cryptocurrency exchanges, unveiled its very own Ethereum layer-2 network, aptly named &#8216;Base&#8217;. This development marked a significant milestone in the crypto space, as Coinbase emerged as the first publicly traded company to launch a layer-2 blockchain network on top of Ethereum (ETH). Beyond being just another layer-2 [&hellip;]<\/p>\n","protected":false},"author":286676,"featured_media":115877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[601,602],"tags":[],"category_partsoff":[],"class_list":["post-115872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Exploring Coinbase&#039;s &#039;Base&#039;: $300M Enters Platform in Two Months<\/title>\n<meta name=\"description\" content=\"It&#039;s been two months since Coinbase&#039;s Layer-2, Base, was first opened up to developers and users \u2014 so where are we today?\" \/>\n<meta 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