In 2023, Layer2 technology has seen explosive development. Various Rollup Layer2 solutions have emerged, attracting major cryptocurrency giants such as Coinbase and ConsenSys to actively participate. These companies have begun deploying native Layer2 networks. Among them, the Layer2 Base mainnet launched by Coinbase was officially launched on August 10th. So what exactly is Base? This article will explore the definition, development advantages, and challenges of the Base network.

Base Definition

Base is a Layer2 chain developed by Coinbase, built on top of Optimism, which is an important Layer2 scaling solution for Ethereum. Optimism aims to solve one of the three major challenges of blockchain, namely interoperability, composability, and scalability, through the Roll-up technology solution. And Base, incubated by Optimism, is built on this technology.

It is reported that Coinbase has been collaborating with Optimism for over a year, and the Base they have jointly launched aims to provide developers with a secure, low-cost, and user-friendly on-chain construction method, with the goal of attracting 1 billion users to join the blockchain.

Base Development Advantages

1. Ethereum Protection: Important transaction records of Base are protected by Ethereum.

2. Coinbase Support: The Base network is closely integrated with Coinbase's ecosystem, providing seamless services for many Coinbase users, covering multiple aspects such as products and users.

3. Low Transaction Costs: By increasing block space, the Base network has significantly reduced transaction costs, which may reduce transaction fees by 10–100 times.

4. Easy Cross-Transfer: In the Base network, cryptocurrencies can easily be converted between Layer1 and Layer2.

5. Open Source Features: Base aims to be decentralized and permissionless, allowing anyone interested in creating an Optimism-compatible superchain to participate.

Base Challenges

1. Financial Impact: The launch of Base may have a financial impact on Coinbase. Although Coinbase is optimistic about order volume, early operational costs remain a challenge.

2. Regulatory Issues: In an uncertain regulatory environment, Base is unlikely to introduce tokens at launch. The mainnet release roadmap also does not mention token plans.

The launch of Base marks an important development of Layer2 technology in the crypto economy and brings more practicality to the DeFi field, potentially driving widespread adoption of DeFi. Coinbase's choice to invest in this technology and embrace Layer2 to respond to market changes is significant. Although Base faces many challenges such as governance models, as a pioneering attempt, it is expected to inject new vitality into the cryptocurrency ecosystem in the future.

Reference article: Understanding Blockchain

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