But one option that has superseded others are Layer 2 solutions such as Polygon, Optimism, and Arbitrum.
But what is Coinbase’s Base, and how does it work?
What Is Coinbase’s Layer 2 Base internet?
With the introduction of this web connection, Coinbase is looking to expand its ecosystem.
Baseis a cost-efficient scaling solution for the Ethereum web connection.
It offers a completely secure and decentralized environment for developers to build Web3 apps.
It offers Optimism rollups that take mainnet traffic to L2.
As a result, the data pipe not only optimizes transaction speed but also cuts down the fee.
Optimism also has an open-source development resource for Ethereum called OP Stack.
Using the online grid’s OP Stack, Base offers an EVM-like environment.
It gives you a complete toolkit for developing DApps on a scalable data pipe.
Besides, Base brings efficiency to the Ethereum blockchain.
Since it is a Layer 2 solution, it does not perform entire transactions on the mainnet.
Instead, it shifts transactions on its chain and uses its own storage.
This allows Ethereum to run swiftly while still maintaining its security.
What Can Be Built With Base?
Coinbase has designed the Base L2 internet to provide a complete solution for the developers.
The crypto platforms part of its ecosystem allows you to build decentralized apps or DeFi projects.
Base can work as a platform where developers can experiment and test their crypto offerings.
Besides, the developers' team behind the Coinbase L2 solution uses OP Stack.
The primary reason is to create a platform for developers to use OP Stack resources freely.
Leverages Ethereum’s Security
The Base web connection banks on the security of the Ethereum blockchain.
Besides, Coinbase also ensures your data safety by maintaining its best practices.
Due to its security and scalability, Base can be a complete platform for launching DApps.
EVM Equivalence
Base also has thefeatures of an Ethereum Virtual Machine (EVM).
It provides an interactive environment for you that offers EVM equivalence.
EVM compatibility usually offers an environment that can solve Ethereum’s problems.
However, it has its limitations.
EVM-compatible L2s are still not the same as L1s.
It means you may have to customize the code of smart contracts to make it work on EVM-compatible L2.
Paradoxically, you would rewrite code on a platform promising “EVM compatibility.”
On the other hand, EVM equivalent L2s work the same way as Ethereum L1.
Cost-Efficient
Base makes the Ethereum web connection scalable and cuts down its costs.
Furthermore, it shifts the transaction processing off-chain, which reduces the gas fee.
In addition, the platform may move towards gasless transactions in the future.
Base does not have a separate native token.
It uses ETH for all native token purposes.
That’s why you also have to pay gas fees in ETH.
However, Coinbase is keen to reduce the fee.
In the coming years, gas fees may drop to the minimum amount of $0.01.
The platform also claims to decrease costs by around 10x.
Integrates Coinbase’s Products
Coinbase is one of the largest platforms in the crypto space.
It offers a wide range of crypto products and partners with cryptocurrency firms.
Base allows seamless integrations with Coinbase products.
It includes fiat-to-crypto onramps and crypto-to-fiat offramps.
Moreover, it gives you access to over $80 billion worth of digital assets.
you could also reach out to over 110 million users of the Coinbase platform.
Developer Friendly
Along with its security, scalability, and decentralization, Base is also easy to use.
It offers simple APIs and other toolkits that help you build anything freely.
As the platform offers Ethereum equivalence, you’re free to directly implement code without changing it.
Why Is Coinbase Building an Ethereum Layer 2 Platform?
Coinbase is developing a platform that has the potential to bring billions of non-crypto users into the crypto market.
There are some core principles behind Base.
In addition, Coinbase wants the platform to be open-source and free to use for everyone.
It will give developers a chance to reach out to the large audience of Coinbase.
It may also promote the platform’s products and help Base become a serious contender among L2 networks.
This makes it an ideal platform for developing decentralized apps (DApps).
In addition to its security and scalability features, the Base connection is easy to use for developers.
They can conveniently use smart contract code from L1s with minimal customization.
They can also integrate numerous apps from the Coinbase ecosystem.
This integration creates a seamless user experience and will help bring more users into the crypto economy.
