In the world of decentralized finance and cryptocurrency, protocols and platforms are continuously evolving to provide enhanced security, scalability, and interoperability. Coinbase, one of the leading cryptocurrency exchanges globally, has recently introduced a Layer2 protocol known as BASE protocol. This article aims to shed light on what BASE is, the concept of Layer 1 and Layer 2 solutions, and how to engage with BASE.
Before diving into the specifics of BASE, let’s take a moment to understand the concepts of Layer 1 and Layer 2 solutions.
What is Layer 1 Protocol?
Layer 1 refers to the underlying main blockchain architecture. In the context of Ethereum, Layer 1 represents the Ethereum mainnet itself where all the transactions are processed and validated by the network’s nodes. Layer 1 solutions aim to improve the scalability of the blockchain, but these improvements are limited as they require significant changes to the blockchain itself.
What is Layer 2 Protocol?
Layer 2 solutions are secondary frameworks or protocols built on top of the existing blockchain (Layer 1). They are designed to handle transactions off-chain, thus enhancing the speed and scalability of the network without congesting the main blockchain. Examples of Layer 2 solutions include the Lightning Network for Bitcoin and Optimism for Ethereum.
What is BASE Protocol?
BASE is a Layer 2 protocol launched by Coinbase to address the issues of scalability and transaction fees on Ethereum. BASE allows users to interact with Ethereum’s underlying technology at a fraction of the cost by taking transactions off the main chain, thereby relieving congestion and providing faster and more cost-effective operations.
As with any high-reward opportunity, BASE carries its own set of risks. It’s crucial to remember that engaging with Layer 2 solutions like BASE entails a high level of risk. As an individual investor, it’s essential to do your research and be aware of the risks involved before diving in.
BASE Tutorial: How to Get Started with BASE
To begin using the BASE protocol, one needs to bridge Ethereum (ETH) to the BASE network. The bridging process involves sending ETH to a specific address. After approximately five minutes, the ETH will be on the BASE network.
Please use the address mentioned below to bridge your ETH:
0x49048044D57e1C92A77f79988d21Fa8fAF74E97e
Note: It’s important to verify this address before initiating any transactions.
How to add BASE RPC to Metamask
Metamask, a popular Ethereum wallet, can be configured to interact with the BASE network. You can add the BASE Remote Procedure Call (RPC) to your Metamask by clicking here.
What is BASE Explorer BaseScan?
Much like Etherscan for Ethereum, BaseScan serves as the block explorer for BASE. You can view transactions, addresses, and other network activities on the BASE network via BaseScan.
How to Monitor BASE Listings
To keep an eye on every new listing on the BASE network, a bot is available which you can add by following this link.
Bridging Back from BASE
Bridging assets back from BASE to Ethereum is still a relatively new process. An experimental option currently exists, but it hasn’t been widely tested yet. Here is the link to the experimental bridge: okok.network
Note: Please proceed with caution when bridging assets back to Ethereum from BASE.
Conclusion
BASE is an innovative Layer 2 solution introduced by Coinbase to address the growing demand for scalable blockchain solutions. While it offers potential for lower transaction costs and higher transaction speeds, it’s essential to understand the risks involved before diving into any Layer 2 solution.