This evening, the US cryptocurrency trading platform Coinbase announced the launch of the Ethereum layer 2 network Base testnet based on OP Stack.
Base is a secure , low-cost, developer -friendly Ethereum L2 that aims to bring the next billion users to web3. Coinbase has no plans to issue a new token for Base and will continue to use ETH as the native GAS token. To commemorate this event, Coinbase launched a commemorative NFT - "Base, Introduced", which can be minted for free by all addresses, and the total amount of this NFT is limited for a limited time (click to jump to the MInt webpage) . In addition, Coinbase also announced that it will launch the Base Ecosystem Fund, which will invest in and support early projects based on Base that meet its investment criteria.
Optimism officials subsequently announced that they would upgrade the positioning of Optimism, and OP would be upgraded to a multi-chain L2 platform built on OP Stack. In this cooperation with Coinbase, Base is a new L2 blockchain built on OP Stack. Base will return part of the transaction fee income to the Optimism Collective treasury. In the near future, this cooperation will focus on upgrading the Optimism mainnet, Base and other L2 to the initial superchain structure, and share bridging and sorting.
In terms of price, the Optimism token OP soared from US$2.8 in the evening to over US$3, with an increase of more than 21% in the past 24 hours. It has now fallen back to around US$2.9; Coinbase's stock price did not fluctuate significantly, down 0.1% to US$61.11.
The following is the introduction of Base project in Coinbase blog, compiled by Odaily Odaily:
Today, we are excited to announce the launch of the Base testnet, an Ethereum L2 network that provides a secure, low-cost, developer-friendly way for everyone to build decentralized applications or "dapps" on-chain. Base's goal is to bring billions of users into the crypto market. To achieve this goal, Base will serve as the home for Coinbase's on-chain products and an open ecosystem for anyone to build on.
We are incubating Base within Coinbase, leveraging our experience building crypto products over the past decade, and plan to gradually become more decentralized over time. We have no plans to issue a new network token. Developers can log in to base.org now to start building projects on Base.
What is Base? We built Base to be one of the best places for developers to develop on-chain.
Secured by Ethereum: Base has the security and scalability needed to support decentralized applications. It leverages Ethereum's underlying security and Coinbase's best practices, allowing you to safely and confidently access Base from Coinbase, Ethereum L1, and other interoperable chains.
Powered by Coinbase: Base makes it easy to build decentralized applications with access to Coinbase’s products, users, and tools. Seamless Coinbase product integrations, simple fiat on-ramps, and powerful acquisition tools enable developers to serve over 110 million verified users and access the Coinbase ecosystem’s $80 billion worth of assets on the platform.
Powerful, low-fee: Base provides full EVM equivalence at a very low cost and is committed to driving the development of the developer platform. Use a simple developer API to set up gas transactions for your Dapps for account abstraction, and use easy-to-use bridges to securely build multi-chain applications.
Open Source: Base aims to be decentralized, permissionless, and open to anyone to create a standard, modular, rollup agnostic superchain driven by Optimism. We will join Optimism as a core developer of the open source OP Stack and are committed to creating a thriving community of other developers.
To get started, Base developers can build on Base using our RPC testnet endpoints, or choose from a selection of node providers: QuickNode, Infura , and Blockdaemon.
Why are we building Base? In order to bring billions of users into the crypto economy, dapps need to be easier, cheaper, and more secure to interact with. To achieve this, we need to make it easier for developers to build these dapps. As we build Base, we explicitly follow a few core principles:
(1) A bridge, not an island
We are designing Base to provide simple, secure access to Ethereum L1, other L2s, and other L1 ecosystems like Solana . We encourage them to start with Base and go anywhere: we see Base as a “bridge” for users to enter the crypto economy. It is an easy-to-use, default on-chain experience that can access products on other chains. As Base builds interoperability with other chains, we will also continue to support as many blockchains as possible in Coinbase products.
(2) Open Source
The foundational software for the global crypto economy should be fully open source and freely available. Base, in partnership with Optimism, is built on the MIT-licensed OP Stack. We joined as a second core development team working on the OP Stack to ensure it is a public product available to everyone. We see this toolkit as an open platform that anyone can contribute to, fork , and extend to help scale the crypto economy.
(3) Decentralization
Decentralization is critical for the crypto economy to remain open, global, and accessible to everyone. While we have begun incubating Base within Coinbase, we are firmly committed to moving towards full decentralization in the coming years. With the increased resources Coinbase brings to the OP Stack, we are confident that Base will be able to upgrade from Phase 0 to Phase 1 rollup in 2023 and complete Phase 2 rollup in 2024.
(4) For all
The vision for Base is to be an open ecosystem, seeded by Coinbase products, users, and assets. We will work with the broader community to bring Base to life. We are excited to have a vibrant community who will contribute to making Base a strong ecosystem.
Base Ecosystem Fund. We also announced the Base Ecosystem Fund, which invests and supports early-stage projects built on Base that meet our investment criteria. If you are interested, please fill out the form here.
What’s next? Our focus is on ensuring the success of the testnet. In the coming weeks, we will share our mainnet roadmap and provide more developer resources for building on Base.
