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In a bold stride forward, Coinbase, a global powerhouse in the realm of cryptocurrency, has unleashed a game-changing innovation known as Base. This cutting-edge layer-two (L2) blockchain network is poised to reshape the landscape of decentralized application (dApp) development, particularly on the Ethereum platform, one of the most prominent cryptocurrencies worldwide.
Base is now open for bridging
Base opens for everything on August 9
We’re helping throw an onchain festival to celebrate
ɪᴛ'ꜱ ᴏɴᴄʜᴀɪɴ ꜱᴜᴍᴍᴇʀ 🟡https://t.co/p8KTcnkbbx
— Base 🛡️ (@BuildOnBase) August 3, 2023
At its core, Base is an embodiment of technological prowess, capitalizing on the Optimism L2 scaling solution to tackle the age-old blockchain trilemma with finesse. This trifecta of challenges—security, scalability, and decentralization—has long confounded the industry.
However, Base, built on the premise of optimistic rollups, boldly steps forward as a solution. By conducting transactions off-chain and periodically substantiating them through proofs on the main Ethereum chain, Base deftly mitigates congestion and high fees, all the while preserving the integrity and seamless interoperability of the primary network.
Base to Serve over 110 Million Users on Coinbase
What puts Base in a league of its own is its inherent adaptability. Serving as a secure bridge, it eases the transition for users migrating from Coinbase, Ethereum L1, and other interconnected chains.
Leveraging Coinbase’s expertise, Base seamlessly integrates with Coinbase products, streamlining fiat onramps for effortless accessibility. This empowering fusion positions developers at the helm, equipped with an array of potent acquisition tools, set to cater to a staggering 110 million verified users and a colossal $80 billion in assets flourishing within the Coinbase ecosystem.
Anchoring its distinction is Base’s remarkable compatibility with the Ethereum Virtual Machine (EVM). This translates into a frictionless migration for existing smart contracts and dApps, warranting only minimal adjustments. Notably, Base pioneers gasless transactions for dApps, complemented by developer-friendly APIs for account abstraction. Such features champion a new era of multichain applications marked by seamlessness and efficiency.
While currently only accessible on the testnet, Base beckons developers to immerse themselves in its potential. The impending mainnet launch promises a paradigm shift in Ethereum dApp development, potentially inviting an unprecedented influx of users into the realm of cryptocurrency.
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