Base Chain

Base is a Layer 2 (L2) blockchain built on Ethereum, designed to provide a secure, low-cost, and developer-friendly environment for decentralised applications (dApps). Developed by Coinbase and launched in 2023, Base operates as an optimistic rollup using the OP Stack, a modular open-source framework co-developed with Optimism.

Base functions as a rollup chain that processes transactions off the Ethereum Layer 1 (L1) mainnet, aggregating them before submitting batches back to Ethereum for settlement and security. This approach significantly reduces transaction costs while maintaining Ethereum's decentralised security guarantees.

Base offers full Ethereum Virtual Machine (EVM) compatibility, allowing developers to deploy existing Ethereum smart contracts without modifications. The network supports tools commonly used in Ethereum development, such as Hardhat, Foundry, and thirdweb, and provides compatibility with wallets like Coinbase Wallet and MetaMask.

Base operates both a public mainnet (Base Mainnet) and a testnet (Base Sepolia) for development purposes. Transactions on Base use ETH as the native asset, and users can bridge assets from Ethereum and other compatible chains using integrated cross-chain protocols.

Base was created to serve as a scalable infrastructure for various use cases within the Ethereum ecosystem, including:

• Decentralised Application (dApp) Development: Base offers a cost-effective platform for developers to deploy smart contracts and build dApps with significantly lower gas fees compared to Ethereum Layer 1.

• Scalability and Cost Reduction: As an L2 rollup, Base batches multiple transactions off-chain before submitting them to Ethereum for final settlement, reducing congestion and gas fees while retaining Ethereum's security.

• DeFi (Decentralised Finance): Base supports the development of decentralised exchanges (DEXs), lending protocols, yield aggregators, and stablecoin platforms that benefit from reduced costs and faster settlement times.

• NFTs and Digital Assets: The platform enables lower-cost minting, trading, and management of NFTs, making it suitable for NFT marketplaces, digital art platforms, and tokenised assets.

• Interoperability and Cross-Chain Transactions: Base supports cross-chain interoperability through the OP Stack, allowing assets and data to move seamlessly between Ethereum and other OP Stack chains. Bridges like Superbridge and Brid.gg facilitate the movement of ETH and ERC-20 tokens between Ethereum and Base.

• Onchain Identity and Naming Services: Base offers "Basenames," a naming system similar to ENS (Ethereum Name Service) that allows users to register human-readable names linked to their wallet addresses.

• Institutional Integration: Base benefits from Coinbase’s infrastructure, offering institutional-grade security and integration with Coinbase products, including fiat onramps and millions of verified users.

• Open-Source Collaboration: Base is part of a broader initiative to support a "Superchain" – a network of interoperable Layer 2 chains built on the OP Stack. It contributes to the shared infrastructure alongside Optimism, aiming to scale Ethereum in a decentralised and collaborative way.

Base was created by Coinbase, a leading US-based cryptocurrency exchange founded in 2012. The blockchain was incubated within Coinbase and launched in 2023 as part of the company's long-term strategy to expand the use of onchain financial systems.

Coinbase collaborated with Optimism during the development of Base, becoming the second core development team working on the OP Stack – an open-source framework for building Layer 2 rollups. The OP Stack provides the foundation for both the Base network and the Optimism Mainnet.

Coinbase’s vision for Base aligns with the company’s broader mission of increasing global economic freedom by expanding the accessibility of blockchain technologies. The platform is intended to be progressively decentralised, starting under Coinbase's guidance but moving towards a permissionless, community-governed network.