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Cryptocurrency News Articles
Base Ecosystem: The Vibe, The Numbers, The Tech, and How to Use It
Jun 07, 2024 at 05:46 am
The Base ecosystem, while backed by Coinbase, is designed to be a cornerstone for the decentralized future of blockchain technology.
Base, a Layer-2 scaling solution, is making waves in the crypto space. Here's a closer look at the ecosystem's growth, key projects, and a step-by-step guide to using Base.
The Base ecosystem has seen impressive growth since its launch in August 2023. Backed by Coinbase, Base aims to enhance scalability, reduce transaction costs, and improve user experiences for decentralized applications (dApps) on the Ethereum blockchain.
Despite its ties to a centralized exchange, the project emphasizes progressive decentralization, which is crucial for an open cryptoeconomy. Built on the OP Stack, Base ensures security, stability, and scalability for on-chain applications.
Coinbase's vast user base significantly benefits the Base ecosystem, contributing to rapid user adoption and project integration. Being the largest centralized crypto exchange in North America, Coinbase boasts nearly 100 million users.
This integration enables seamless fiat onramps and access to a龐大 user base. While Coinbase supports the ecosystem, Base maintains its decentralized nature by operating independently, utilizing the OP Stack for scalability and security.
Developers can reap various benefits from the Base blockchain, extending beyond financial investments. The Base ecosystem fund frequently offers developer grants and organizes hackathons. So far, it has extended support to projects like Aerodrome, a next-generation AMM aiming to serve as Base's central liquidity hub.
Base's Coinbase link opens up possibilities for partnerships with institutional investors, enterprises, and developer communities. These partnerships could lead to larger-scale projects and collaborations that drive substantial value for the ecosystem.
Base experienced its first notable surge of activity and total value locked (TVL) in September 2023, with a more significant spike in Q2 2024.
Base's blockchain total value locked in 2024 is nearly $2 billion as of writing.
Base's daily transactions jumped from 500,000 in March 2024 to over 3 million in April 2024.
Around the same time, Base crossed the $1 billion mark in total value bridged and currently boasts about $2.1 trillion in total value bridged, with ETH accounting for the vast majority.
By April 2024, Base had over 400,000 sign-ups and a cumulative trading volume exceeding $1 billion, largely driven by a memecoin frenzy.
Base Explorer is the recommended chain explorer for up-to-date network information.
Like other “optimistic rollups,” Base assumes transactions are valid initially, reducing computational overhead. Suspicious transactions undergo fraud-proof verification, maintaining low costs.
Definition: optimistic rollup (noun)– Transactions are initially assumed to be valid, hence “optimistic,” and are later validated on-chain. A fraud-proof mechanism is triggered to verify its validity if any transaction is suspected to be fraudulent. This allows for significant scalability and efficiency improvements while leveraging the underlying blockchain's security. Several other blockchain projects also utilize optimistic rollups for scaling, including the pioneering Optimism, Arbitrum, and Boba Network.
Base is designed to seamlessly integrate with Ethereum L1, Coinbase, and other chains. It offers cost-effective EVM features, developer-friendly APIs, and smart contract wallets. As the second core dev team on the OP Stack, Base collaborates with OP Labs to build a robust, interoperable web3 ecosystem.
The Base RPC Endpoint is here: https://mainnet.base.org
Network information can be found here: https://docs.base.org/docs/network-information
Using Base, or any Layer-2, requires jumping through a few hoops. Basically, you’re going to move funds from the Ethereum base layer onto Layer-2.
Choose your Wallet: Use MetaMask or Coinbase Wallet.
Change/Add Network (top left corner)
You’ll probably see Base pop up, but just make sure it matches the below criteria:
RPC Endpoint: https://mainnet.base.org`
Chain ID: 8453
Currency Symbol: ETH
Bridge ETH: Bridge ETH from Ethereum or other EVM chains to Base once connected.
Most Popular Base Projects
The most active (based on unique active wallets) dApps in the Base ecosystem are decentralized exchanges like Uniswap V3, Uniswap V2, 1inch Network, SushiSwap V3, and Compound.
Aerodrome, a next-generation AMM designed to serve as Base's central liquidity hub, is a stand-out infrastructure in the Base ecosystem.
Memecoins like TOSHI, TYBG, NORMIE, and BRETT contribute significantly to trading volumes and overall activity on Base.
As of writing, the $BRETT memecoin is enjoying a moment in the spotlight.
Other Base Ecosystem dApps
Dmail Network is a social messaging platform that offers email and marketing services, aiming to facilitate secure
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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