Base is an Ethereum Layer 2 platform solution powered by Coinbase, the largest US based cryptocurrency exchange. Its L2 solution is based on OP Stack technology in collaboration with Optimism. The main goal of the project is to expand web3 accessibility to a broader user base by offering a secure, affordable, and user-friendly platform for developers.

History

In February 2023, Coinbase announced the testnet launch of Base, a platform where the company plans on utilizing as its on-chain products’ layer. ^[1]

Today, we’re excited to announce the testnet launch of Base, an Ethereum layer 2 (L2) network offering a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps or “dapps” onchain. We’re incubating Base inside of Coinbase, leveraging the last decade of our experience building crypto products, and plan to progressively decentralize the chain over time,” Will Robinson, vice president of engineering at Coinbase

Coinbase said it intends for the governance of Base to be fully decentralized, although it won’t be that way at the start. ^[2]

“Coinbase is going to gradually transition into a role where we’re a contributor to Base, we provide services and products that are built on top of Base, and we are not the decision maker for everything in the Base network—that’s being done through more decentralized governance,” - Jesse Pollak, Coinbase Senior Director of Engineering

Base has announced a launch with numerous partners, including Chainlink, an oracle network, Etherscan, an Ethereum block explorer, and Aave, a DeFi protocol.

Coinbase has also introduced the Base Ecosystem Fund to invest in promising early-stage projects that meet specific investment standards and are built on the Base network. There are currently no plans to issue a new network token by Coinbase. ^[3]

Overview

Base leverages the security and scalability of Ethereum, along with Coinbase's best practices, to provide a secure platform for decentralized app development. It also supports onboarding from Coinbase, Ethereum L1, and other interoperable chains. ^[2]

Base provides access to Coinbase's products, users, and tools, making it easier for developers to build decentralized apps. The L2 includes seamless Coinbase product integrations, simple fiat onramps, and acquisition tools which allow developers to reach Coinbase's 110 million verified users and $80 billion+ assets in the Coinbase ecosystem.

Base is compatible with Ethereum Virtual Machine (EVM) and offers a cost-effective solution for developers. It enables gasless transactions for dApps, supports account abstraction, and allows for the secure development of multichain applications with simple bridges.

Base aims to be an open source, permissionless platform that supports the creation of a standard, modular, rollup agnostic Superchain powered by Optimism.

Base x Coinbase

The development of Base is being carried out in partnership with Optimism, using the open source, MIT-licensed OP Stack on Ethereum to ensure decentralization. As an incubation project within Coinbase, Base is benefitting from the company's expertise in developing crypto products over the past ten years. Coinbase intends to decentralize the chain progressively in the future. ^[4]