Base is a Layer 2 blockchain developed by Coinbase that is built on top of the Ethereum mainnet using the OP Stack
Base (website) is a Layer 2 blockchain developed by Coinbase that is built on top of the Ethereum mainnet using the OP Stack. The purpose of Base is to provide a secure, low-cost, and developer-friendly environment to build on-chain applications. Base has diverse use cases, including payment apps, token swaps, liquidity provision, token bridging, and launching DAOs. Base is committed to sharing the network's transaction fees with the Optimism Collective, and it aims to create a Superchain powered by Optimism supported by a community of developers. The Base Mainnet functions as a separate network from Optimism, but the decision to use OP Stack means there will be a high level of interoperability between the two networks. Base does not have its own token, and it is secured by validators on the Ethereum blockchain, who are informed of block information by a sequencer (validator in the Optimism network).
The purpose of Base is to provide a secure, low-cost, and developer-friendly environment to build on-chain applications. Base is compatible with all EVM-wallets and the Coinbase wallet. It has diverse use cases, including payment apps, token swaps, liquidity provision, token bridging, and launching DAOs. Base is committed to sharing the network's transaction fees with the Optimism Collective, and it aims to create a Superchain powered by Optimism supported by a community of developers. The Base Mainnet functions as a separate network from Optimism, but the decision to use OP Stack means there will be a high level of interoperability between the two networks. Base does not have its own token, and it is secured by validators on the Ethereum blockchain, who are informed of block information by a sequencer (validator in the Optimism network).
The organizational structure of the Layer 2 blockchain Base is intertwined with its development by Coinbase. Base is initially highly centralized in terms of block production, with Coinbase acting as the sole operator. This structure enables Coinbase to experiment with decentralized finance (DeFi) applications and collect fees, potentially representing a new revenue stream for the company
Based on the information gathered, Base, the Layer 2 blockchain developed by Coinbase, has a trajectory towards decentralization as part of its developmental plans, though initially, it is launched with a degree of centralization with Coinbase as the sole operator. Jesse Pollak, Head of Base and Head of Protocol at Coinbase, mentioned that the near-term plan for Base is to transition towards decentralization upon entering the mainnet. As for governance, specific details regarding the governance model of Base are not announced yet. However, it's noteworthy that Base does not have its own native token; instead, it utilizes ETH for transaction fees, which could be a governance-related decision to avoid regulatory hurdles and ensure organic growth of the network.
Base currently does not have a token and does not plan to issue a new network token.
