Recently, the cooperation between Coinbase and Optimism has become the hottest news in the Web3 industry. As soon as the news came out, it quickly dominated the headlines of various social media. The influence it brings is self-evident. The price of the partner $OP also moved accordingly. Next, let us go into Base and take a deeper look at this Layer 2 based on Ethereum.
What does Base do?
Base is an Ethereum Layer 2 network that provides a secure, low-cost, developer-friendly way for anyone to build decentralized applications anywhere. Base's goal is to make onchain the next online network that carries 1 billion+ users into the crypto economy. Base will allow users to be brought on-chain and build a bridge between L1, other L2, and mainstream ecosystems such as Bitcoin and Solana.
Although it is a bit regrettable, Base publicly stated in its official media that it will not issue its own native governance token and will use ETH as GAS fee.
What are the main areas of cooperation with Otimism?
Coinbase's collaboration with OP began as early as the launch of EIP4844 in 2022, when it reached a consensus with OP Labs (the first core developer of the OP stack) on how to scale Ethereum to facilitate web3 developers, users, and the broader crypto-economic system. To achieve this vision, Coinbase worked with Optimism Collective (the DAO that now manages Optimism) to design and build a protocol that can sort many L2s and provide more interoperability and composability between them through OP Stack.
In order to accelerate the development and decentralization of Superchain and OP Stack, Coinbase has reached further cooperation with OP Labs and Optimism Collective and joined as the second core development team (i.e. Base). The cooperation focuses on the following aspects:
● Accelerate activities in the hyperchain
Base is the second L2 deployed by Optimism Mainnet after OP Stack and is intended to be part of Superchain. Base will bring Coinbase's on-chain products and user base into the "Superchain" ecosystem, increase Superchain's activity, and enable Coinbase users to seamlessly interact with dapps and move assets across the ecosystem.
●Add value to the super chain
Provide a percentage of transaction fees to the Optimism Collective to become part of the Hyperchain and fund the core public product infrastructure of the Hyperchain and the wider crypto economy.
●Promote the developer ecosystem
Working closely with OP Labs and Optimism Collective to make it easier for developers to build new L2s and rollups and deploy their applications on Hyperchain.
●Building an interoperable crypto-economy
Both Base and Optimism Mainnet will operate as independent L2s in the short term, providing a set of products for the crypto economy, such as Swap, lending, etc. In the long run, it makes more sense for applications to be deployed on Optimism Mainnet or Base, giving developers the flexibility to deploy on the L2 that best suits their application.
What does Base want to achieve? What are its advantages?
Many people may not understand what Base is trying to achieve after reading this. What are its advantages?
1. Create a friendly regulatory sandbox
Base is currently positioned to develop applications around the existing Coinbase architecture. Many of Coinbase's businesses are currently subject to compliance supervision, such as wallets, KYC tools, cryptocurrency trading, etc. The birth of Base can solve these problems to a certain extent, and is more like a regulatory-friendly sandbox to attract more developers and users.
2. Join forces with OP to gain an advantageous position
On the one hand, it can guide the ecology of OP to each other, and together occupy a relatively advantageous position in the Layer 2 track. Currently, the main competitors in the Layer 2 track are Arbitrum and zkSync.
3. Danksharding Sharding
Coinbase has always insisted on the development of Danksharding sharding function, which is expected to achieve further optimization of Layer 2 processing speed and GAS.
4. Build a super application chain
There are many public chains on the market, but no super application chain has been born so far. Base is likely to take advantage of this cooperation opportunity to build a super application chain around its existing ecosystem to better serve its existing business development.
5. Entry point for compliance supervision
Base has the opportunity to become the first decentralized compliant entry into ETH
Latest Developments of Base
Base will integrate the two products of Coinbase Self-Hosted Wallet and Coinbase Dapp Wallet;
The free mint NFT will last for one week, and OP also has a free NFT in the mint;
BuildOnBase has now announced 57 launch partners
