Coinbase’s launch of the Base Network platform
On August 9, 2023, Coinbase took a huge step towards shaping the future of crypto by launching a new platform called Base. They describe it as a “bridge” into the world of crypto, meaning it’s a way for more people and projects to enter the crypto space easily. Base is set to become a home for Coinbase’s own blockchain products and a playground for all kinds of new apps built on blockchain, called decentralized applications or dApps. In this article, we’ll break down what Base is, why it matters, and how it could change the crypto landscape.
Base is Coinbase’s own blockchain network, built on top of Ethereum to make things faster and cheaper. Coinbase created Base as a new way to support its own crypto services while also giving other developers a solid foundation for building their own crypto projects. Using a technology called “Optimistic Rollups,” Base can bundle transactions together, cutting costs and speeding things up.
Backed by Coinbase and compatible with Ethereum, Base is secure and trustworthy. It’s set up to be a place where developers can easily create apps for DeFi (Decentralized Finance), NFTs (digital collectibles), games, and much more. This approach not only benefits users who want low fees and fast transactions, but it also helps Coinbase establish itself as a leading force in the future of crypto. With Base, Coinbase hopes to make it easier for everyone to access and benefit from the world of blockchain technology.
Bridging Tokens to Base
Bridging tokens from other networks to Base allows users to access Base’s ecosystem and benefit from lower fees and faster transactions. Here’s a general guide on how to bridge tokens to Base:
- Choose a Bridge Service: Base is compatible with multiple Ethereum-compatible token bridges, like the official Coinbase Base Bridge, Synapse, and Hop Protocol. Pick one that supports your token and source network (e.g., Ethereum or Polygon).
- Connect Wallet: Open the chosen bridge interface and connect your cryptocurrency wallet (e.g., MetaMask) to initiate the bridge process.
- Select Tokens and Network: Choose the token you want to bridge and select Base as the destination network.
- Approve Transaction: After selecting the amount to bridge, approve the transaction and pay any associated gas fees. Fees vary by network but tend to be higher on Ethereum, so make sure to account for this in your wallet balance.
- Complete Bridging: The process may take a few minutes, and once complete, your tokens will be accessible on the Base network..
Why Projects are Using Base
Projects are drawn to Base for several key reasons:
- Cost-Effectiveness: Projects, especially those in DeFi, NFTs, and gaming, prioritize Base because it reduces transaction costs, attracting more users.
- Seamless Ethereum Integration: Projects already based on Ethereum find it easy to integrate with Base, benefiting from Ethereum’s robust developer tools while expanding to Base’s L2 environment.
- Security and Trust: Backed by Coinbase and secured by Ethereum, Base provides a trusted and secure environment for handling transactions and user funds.
- Developer Support: With the support and resources from Coinbase, developers find it easy to build and deploy on Base, as well as access a broader user base through Coinbase’s ecosystem.
