As we approach the Base Mainnet’s launch on August 9, buzz is growing around Coinbase’s avant-garde Ethereum Layer 2 (L2) solution. After a successful testnet in February, Base emerges, promising a “secure, low-cost, and user-centric Ethereum L2 tailored for web3’s future billions.” Amid a plethora of Ethereum scaling avenues that are influencing the realm of blockchain development, how does Base stand out?
Here’s a deep dive into five distinct facets of Base:
Utilizing OP Stack Framework
Coinbase, in constructing Base, has tapped into the potential of OP Stack, a flexible open-source framework from the minds behind Optimism. While Ethereum evolves towards rollup-centric mechanisms, OP Stack gains traction among L2 developers. Even though Base functions independently from Optimism, using OP Stack ensures robust cross-functionality.
The Base squad, in close alliance with OP Labs, has been instrumental in shaping this. Their shared dream? A cohesive, decentralized ‘Superchain’ of L2s, initiated by Optimism. Solidifying this vision, Base pledges to allocate a portion of its transaction revenue to the Optimism Collective.
A Unique Tokenless Approach
The question might arise – what’s Base’s native token? But here’s the twist: Base eschews a distinct token, with no intention of releasing one. This non-token stance is buoyed by Coinbase’s backing, lending the Base chain a significant weight of credibility. Instead of token incentives, Base has witnessed a total value locked (TVL) skyrocketing to roughly $112 million, largely thanks to Coinbase’s push for increased liquidity.
This decision encapsulates Base’s ambition to mirror Ethereum closely, offering a familiar ground for Ethereum developers while amplifying its prowess.
Coinbase’s Brainchild with Expansive Vision
While Base’s inception and funding trace back to Coinbase, which envisions using Base for diverse products, the ultimate goal is broader: curating an expansive ecosystem open to multiple applications. This strategy mirrors the trajectory of the BNB chain, which, though initiated by Binance, now largely operates independently. With Coinbase’s extensive user base and $120 billion in crypto assets, Base is well-positioned.
However, for Base to be the bridge to a billion web3 users, its utility must transcend the confines of crypto trading. The Base team is already in collaboration with early testnet players and beckons more innovators to the platform.
Unwavering Focus on Decentralization
Naysayers might opine that Base, under Coinbase’s umbrella, leans towards centralization. But Base is resolute in its decentralized aspirations. As of now, Coinbase stands as the singular sequencer on the Base network. But there’s a shift on the horizon, with plans to democratize its operation and governance, gradually aligning more with Ethereum’s ethos.
The preliminary step involves transitioning decision-making from core developers to a representative “security council.” As Base blossoms, more inclusive governance models will take shape, reflecting its diverse community.
Championing Account Abstraction
Ethereum aficionados are familiar with its dual account types: Contract accounts and Externally Owned Accounts (EOAs). Account abstraction, in essence, lets users engage with the network indirectly. Meaning, third-party EOAs can perform transactions for someone else, eliminating hassles like gas fees or private key storage. Base brings this concept to the forefront with the aid of Gelato and Safe, paving the way for easy integration for Web3 developers via an Account Abstraction Software Development Kit (SDK).
In summation, Base, with its innovative twists, is poised to redefine the Layer 2 landscape, carving its niche in the bustling world of blockchain.
