Base is a layer-2 solution<\/a> (L2) built on the OP Stack<\/a> architecture from Optimism<\/a>.\u00a0<\/p>\n Backed by the crypto exchange Coinbase, the platform \u201coffers a secure, low-cost and developer-friendly way to build decentralised applications.\u201d It operates as a network of rollup<\/a> on Ethereum.<\/p>\n Base integrates with the American company\u2019s core products, including Coinbase Wallet.\u00a0<\/p>\n The exchange collaborates with Optimism as a core developer of OP Stack. A portion of transaction fees on Base flows to the Optimism Collective treasury<\/a>.\u00a0<\/p>\n Coinbase and its venture arm have also launched the Base Ecosystem Fund, which invests in early-stage projects building on the new L2.<\/p>\n The Base testnet went live on February 23. On July 13 the project opened mainnet access to dapps<\/span> developers. Builders gained access to a range of services, including:<\/p>\n Once mainnet opened, a wave of memecoins flooded the chain, some rising a hundredfold.\u00a0<\/p>\n Base\u2019s full public launch came on August 9, alongside functionality for interacting with non-fungible tokens. Users could mint commemorative NFTs, complete quests for rewards and reserve crypto handles in Coinbase Wallet.\u00a0<\/p>\n On the eve of the full launch, the team rolled out the official cross-chain bridge<\/a>.<\/p>\n Coinbase is America\u2019s largest publicly traded crypto exchange. Its user base exceeds 100m.\u00a0<\/p>\n Analysts at CoinGecko believe<\/a> Base is \u201ca starting point for introducing\u201d the exchange\u2019s customers to DeFi. For developers of existing dapps, the new protocol offers incentives to integrate and access a large user base.<\/p>\n Jesse Pollak, Coinbase\u2019s head of protocols, said he was confident<\/a> the company would generate additional revenue from launching its own blockchain.<\/p>\n \n\u201cAt the current stage, Base will be monetized through sequencer fees, which are charged for any operation on the platform,\u201d the CoinGecko experts noted.<\/cite><\/p><\/blockquote>\n However, as Pollak stressed, the developers are \u201cfocused on expanding [the protocol\u2019s] applications\u201d and plan to reinvest proceeds in innovation.<\/p>\n From the testnet launch, the team made clear that the L2 would not issue a token\u2014ETH is used to pay transaction fees.<\/p>\n 2\/ Important: Base is *not* a token<\/p>\n We do not plan to issue a new network token for Base and will use ETH as the native gas token.<\/p>\n \u2014 Coinbase ?\ufe0f? (@coinbase) February 23, 2023<\/a><\/p><\/blockquote>\n \n
Why does Coinbase need an L2?<\/h2>\n
Does Base have, or plan, a native token?<\/h2>\n
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