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Base

Base is an L2 Chain created by the team at Coinbase.

It's built on top of the Ethereum chain and is intended to help solve scalability and cost issues associated with the chain.

Below you'll find a number of the best dApps and propjects that support Coinbase's Base chain.

No. of Nodes:
Unknown
Type of chain:
Layer 2 Ethereum chain
Consensus mechanism:

Proof-of-stake

Pros

  • Coinbase’s L2 Chain is accessible to all levels of developers.
  • Open source Javascript architecture
  • Full backwards Ethereum compatibility
  • Built-in support for Ledger device
  • Stablecoin bridge

Cons

  • Potential centralization of crypto trading at Coinbase
  • Potential regulatory issues

Features

  • Superior scalability
  • Context-aware channels
  • Multi-signature Wallets
  • Versatile Blockchain Designs
  • Easy Integration With Coinbase Stack

User review highlights

Popular dApps on

Base

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Deperp

Deperp
Supported chains
Description:
Decentralized perpetual exchange empowering self-custody and transparency.
Pros:
  • Self-Custody Asset Management
  • Transparent On-Chain Transactions
  • Advanced Technology
  • User-Friendly Interface
  • Liquidity Provision and Fees
Cons
Description:
Infura simplifies blockchain app deployment with easy access to Ethereum and IPFS.
Pros:
  • Free Service (pay only for what you need in-development)
  • Supports multiple network endpoints
  • Quick and reliable access to Web3 networks.
  • No need for time-consuming node syncing for Ethereum and IPFS connections.
  • Cost-effective alternative to storing the full Ethereum blockchain.
  • Expert support teams available 24/7.
  • Faster request response times compared to other services or self-hosted solutions.
Cons

User reviews of

Base

What is Base? 

Base is the new chain offered by Coinbase. 

It's an L2 chain built on top of Ethereum.  

Coinbase had previously considered launching its own blockchain twice, but opted against it due to worries that it would create a siloed ecosystem that wouldn't be interoperable with the rest of the crypto universe.

Honestly, this is one of the biggest issues with blockchain right now. The silos and lack of interoperability are huge issues.  

Optimism's OP Stack has provided the necessary foundation for the Coinbase Base Chain to launch, which includes scalability and interoperability so Coinbase can take part in the existing Ethereum-based network.

The Base chain is designed as an alternative layer which will be used to speed up transactions and reduce fees for users using Coinbase products.

This means Coinbase users now have access to faster transactions and cheaper fees through this new solution, helping both traders and developers make their transactions even more cost-effective than before.

The best Base blockchain dApps

It's still far too early to talk about this.

The chain itself has just been properly announced. So knowing which apps are the best is too early. We'll need to wait to see who will support Base chain and then we can understand the value they offer.  

It's a safe bet that a lot of the most popular dApps out there will be building some functionality and support for Base into their projects.  

Pros of Base chain

  1. Coinbase’s L2 Chain is accessible to all levels of developers.
  2. The open source architecture is built with plain JavaScript and enables a wide range of applications across the industry.
  3. All users will receive access to the same standard suite of tools and features available on the mainnet platform, including wallets and a secure infrastructure.
  4. With full backwards compatibility, users will be able to take advantage of existing development tools compatible with Ethereum and other chains.
  5. Built-in support for Ledger device security makes transactions safer than ever before, as well as faster settlement times versus traditional financial systems.
  6. Stablecoin bridge enables users to transfer currency within seconds via their existing fiat wallets for added convenience and decreased risk of loss in value due to market volatility . 

Cons of Base chain

  1. The alternative chain could lead to a centralization of cryptocurrency trading at Coinbase, which would be detrimental for the decentralized finance sector.
  2. Since it’s backed by Coinbase, investors may gain less control over their own funds as compared to other decentralized exchanges from outside entities.
  3. It also increases security risks since there is potential within any platform owned by a third party to be hacked or targeted with a malicious attack.
  4. There may be regulatory issues posed by creating two different versions of their blockchain, as authorities might not want this level of fragmentation in an already volatile market sector.

Features of Base chain

  1. Superior scalability: Base will be a highly scalable blockchain platform on the market with the ability to process hundreds of thousands of transactions per second.
  2. Context-aware channels: Base allows open access to multiple parallel blockchains in a single channel, allowing developers to build complex applications without sacrificing performance or privacy.
  3. Multi-signature Wallets: Base offers clients higher security and control over funds by allowing them to set up multi-signature wallet accounts with more than one key holder required for signing off on transactions.
  4. Versatile Blockchain Designs: Clients can customize their own base chains and choose between various features such as consensus mechanisms, decentralization levels and mining algorithms, providing them with unparalleled flexibility in terms of application design and implementation.
  5. Easy Integration With Coinbase Stack: Coinbase allows clients to easily integrate its core services into their base chain implementations, such as digital asset issuance, tokenization and management capabilities.

Does Base have its own token? 

Base Chain has made it clear that they will not be creating their own token for the platform.

Base mention of not including a new token with the new chain

This is likely a disappointing result for many users who were hoping to receive a BASE token upon sign up or after completing certain tasks.

Not only would it have been an attractive incentive for users to join the network, but it could have also driven further adoption.

Despite this news, however, the network should still remain viable and successful.

The platform allows users to pay ether (ETH) as gas fees which is sure to remain a popular choice among users and investors.

Additionally, Base Chain offers some of the fastest transaction times with one of the lowest latency periods on the market - undoubtedly driving even more appeal towards the platform and its services.

In summary

Coinbase's decision to launch its Layer-2 solution is a strong endorsement of the Ethereum network and DeFi protocol.

Despite the similarity in design between Base and BSC Chain, the two offerings have their own set of distinct features and benefits.

Although Coinbase customers are generally less familiar with DeFi than those of Binance, Coinbase offers an array of resources to ease customers into Web 3.0 and DeFi technologies.

All in all, Coinbase's entrance into this arena can further solidify Ethereum’s footing as the dominant platform for DeFi applications.

All told, it is clear that the layer 2 solution provided by Coinbase will continue to close the gap between centralized finance services and Decentralized Finance protocols even further.

Coinbases push into DeFi solutions gives more credibility to Ethereum as a prominent baselayer protocol while also providing new opportunities for traditional financial players to enter the space.

It remains to be seen if this will spark increased interest in decentralized solutions, but regardless it has highlighted just how far widespread adoption progress we have made as a blockchain community over time.

Other chains to explore