As Coinbase’s Ethereum Layer 2 blockchain, Base, gears up for its Mainnet launch on August 9, the buzz is palpable. Base promises to be a “secure, low-cost, developer-friendly Ethereum L2” capable of drawing the next billion users into web3. But how does Base differentiate itself from a myriad of Ethereum scaling solutions? Let’s delve into the five key attributes that set Base apart.
Base’s Foundations in OP Stack
Coinbase harnessed OP Stack to create Base. Originating from the minds behind Optimism, OP Stack is an open-source, modular framework that’s a favorite among L2 developers employing optimistic rollups. While the Base Mainnet will operate distinctively from Optimism, its reliance on OP Stack ensures seamless interoperability between the two. This shared foundation reinforces Base and Optimism’s joint ambition for a decentralized, interconnected “Superchain” of L2s. Echoing this collaborative spirit, Base pledges to share transaction fees with the Optimism Collective.
No Native Token for Base
Contrary to other L2s, Base won’t have its distinct token and isn’t planning on launching one. Its token-free structure is likely buttressed by Coinbase’s backing. Since its mainnet introduction, the Base blockchain has seen its total value locked (TVL) surge to about 61,000 ETH or roughly $112 million. A substantial chunk of this is presumably Coinbase’s contribution to fortify the network’s liquidity. By eschewing its own token, Base seeks to remain closely aligned with Ethereum, replicating its attributes while concurrently enhancing its scalability.
From Coinbase’s Playground to a Wider Ecosystem
Initially financed by Coinbase, Base is destined to power a range of the company’s products. However, the broader aspiration for Base is fostering an expansive ecosystem akin to the BNB chain’s evolution from Binance’s incubation. Leveraging Coinbase’s robust brand equity, Base aims to captivate a broad user base. It’s pertinent to note that achieving Base’s lofty ambition of enticing a billion Web3 users necessitates it to venture beyond mere cryptocurrency trading. Encouragingly, numerous testnet participants have already flocked to Base, with an open call for more developers to join.
A Steady March towards Decentralization
Despite being birthed by Coinbase, Base has set its sights on decentralization. Presently, Coinbase is the lone sequencer on the Base network, exclusively validating transactions. Yet, Base envisions a shift towards a model more reminiscent of Ethereum’s decentralized essence. A phased transition is envisaged, commencing with transferring decision-making from Base’s core team to a “security council” of pivotal stakeholders. As the ecosystem flourishes, Base plans to introduce more participatory governance frameworks.
Championing Account Abstraction
In Ethereum’s lexicon, users engage via externally owned accounts (EOAs), the sole means to activate transactions or execute smart contracts. The idea of account abstraction allows users to interact without actually holding the base account. This innovative approach empowers third-party EOAs to carry out transactions for another party, obviating the need for users to pay gas fees or manage private keys. Two firms, Gelato and Safe, joined forces to usher in account abstraction on Base. With the launch of Base Mainnet, an account abstraction Software Development Kit (SDK) will be available, assisting Web3 developers in integrating this feature seamlessly into their apps.
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