Table of Contents
What is Base?
Base is a Layer 2 (L2) blockchain built on Optimism's OP Stack, incubated and developed by Coinbase, the largest US cryptocurrency exchange. Launched in August 2023, Base aims to bring the next billion users onchain by providing a secure, low-cost, developer-friendly Ethereum L2.
Key Feature
Base has no native token - it uses ETH for gas fees. This means no token speculation or governance token complexity. Coinbase backs the chain with its reputation and $130B+ in quarterly trading volume.
Base benefits from Coinbase's 110+ million verified users, providing a direct onramp from centralized exchange to onchain activity. Users can bridge ETH directly from their Coinbase account with zero fees.
No Token
Uses ETH for gas. No governance token complexity or speculation.
Coinbase Backed
110M+ verified users with direct onramp to Base.
OP Stack
Built on Optimism's battle-tested rollup technology.
OP Stack Architecture
Base is built on the OP Stack, the same technology powering Optimism. As an optimistic rollup, Base bundles transactions off-chain and posts them to Ethereum L1 for security. Base is part of the Superchain vision - a network of interoperable OP Stack chains sharing security and communication.
How OP Stack Works
Transaction Sequencing
The sequencer (currently run by Coinbase) orders transactions and produces L2 blocks every 2 seconds.
Batch Submission
Transaction data is batched and posted to Ethereum L1 as calldata or EIP-4844 blobs for data availability.
Fraud Proofs
A 7-day challenge window allows anyone to submit fraud proofs if the sequencer posts invalid state transitions.
Superchain Vision
Base is part of the Optimism Superchain - a network of interoperable L2s sharing security, communication, and a development stack. This enables seamless cross-chain interactions.
Shared Sequencer Future
The roadmap includes shared sequencing across Superchain networks, enabling atomic cross-chain transactions and shared liquidity between Base, Optimism, and other OP Stack chains.
EVM Equivalent
Not just EVM compatible - EVM equivalent. Every opcode, every precompile works exactly as on Ethereum mainnet. Zero migration effort for existing dApps.
Ethereum Security
All transaction data is posted to Ethereum L1, inheriting its full security guarantees. Your assets are always backed by Ethereum's validator set.
Gas Fees vs Ethereum L1
One of Base's biggest advantages is dramatically lower gas fees compared to Ethereum L1. Thanks to EIP-4844 blob transactions (Dencun upgrade), Base fees have dropped to fractions of a cent.
Gas Fee Comparison
Average transaction cost by network
Base leverages EIP-4844 blob transactions to achieve the lowest fees among Ethereum L2s. A simple ETH transfer costs less than $0.01.
Cheaper than Ethereum L1
Simple ETH transfers
Complex DeFi swaps
EIP-4844: The Game Changer
EIP-4844 (Proto-Danksharding) introduced "blob" transactions to Ethereum in March 2024. Instead of posting transaction data as expensive calldata, L2s like Base now use temporary blob space that is 10-100x cheaper.
Top DeFi on Base
Base has rapidly become a DeFi powerhouse with over $6 billion in TVL, making it one of the largest L2 ecosystems by value locked.
Aerodrome Finance
#1 DEXAerodrome is the central liquidity hub on Base, using the ve(3,3) model pioneered by Solidly. Lock AERO tokens as veAERO to vote on pool emissions and earn trading fees. Over $1.5B in TVL makes it the most dominant DEX on any single L2.
Uniswap V3
$500M+ TVLThe king of DEXes expanded to Base early. Concentrated liquidity positions and deep trading pairs for all major tokens.
Morpho
$400M+ TVLOptimized lending protocol that offers better rates than traditional lending pools. Permissionless market creation and risk-isolated vaults.
Extra Finance
$200M+ TVLLeveraged yield farming protocol allowing up to 3x leverage on LP positions. Automated strategies for maximum yield.
Moonwell
$300M+ TVLCompound-fork lending and borrowing protocol native to Base. Simple UI, competitive rates, and strong community governance.
Social Apps on Base
Base has become the home of onchain social applications, with Farcaster leading the charge in decentralized social media.
Farcaster / Warpcast
500K+ UsersFarcaster is a sufficiently decentralized social protocol built primarily on Base. Warpcast is its flagship client, offering a Twitter-like experience with onchain features: Frames (mini-apps in posts), tipping with DEGEN tokens, and NFT minting directly in the feed.
Friend.tech
Social trading platform where you buy "keys" to access private chats with creators. Pioneered the SocialFi movement on Base with millions in trading volume.
Degen Chain (L3)
A Layer 3 built on top of Base specifically for social and gaming applications. Uses DEGEN as its gas token, creating a unique social-first blockchain layer.
Social Tokens
DEGEN tips on Farcaster, HIGHER for optimistic culture, and creator-specific tokens have created a vibrant social token economy unique to Base.
Onchain Publishing
Platforms like Paragraph and Mirror enable writers to publish content onchain, building audiences with blockchain-verified subscriptions and token-gated access.
Meme Coins on Base
Base has developed a vibrant meme coin culture, with several tokens reaching significant market caps and strong community followings.
BRETT
#1 Meme Coin on BaseBased on "Boy's Club" character by Matt Furie (Pepe's creator). BRETT became the largest meme coin on Base, reaching billions in market cap. The "Pepe's best friend" narrative resonated strongly.
DEGEN
Social Tipping TokenBorn from Farcaster culture, DEGEN is used for tipping quality content. It grew from a meme to having its own L3 chain. The DEGEN ecosystem shows how social tokens can create real utility.
TOSHI
The Cat of BaseNamed after Brian Armstrong's (Coinbase CEO) cat, TOSHI is the unofficial mascot meme coin of Base. The connection to Coinbase's CEO gives it cultural significance in the ecosystem.
HIGHER
Culture TokenMore than a meme - HIGHER represents onchain optimism and the "up only" culture. Used across Farcaster as a symbol of positive sentiment and community alignment.
Onchain Summer Culture
Base's "Onchain Summer" campaigns have become cultural events in crypto. Free NFT mints, new protocol launches, and community activities create seasonal excitement. This cultural approach differentiates Base from purely technical L2s and attracts creative builders and communities.
NFTs on Base
Base has emerged as a leading platform for NFTs and onchain art, powered by ultra-low minting costs and platforms like Zora.
NFT Platforms
- Zora - Leading onchain media platform, free mints
- mint.fun - NFT discovery and minting aggregator
- OpenSea - Full Base support on largest marketplace
- Highlight - Generative art and editions
Onchain Art Movement
- Base Paint - Daily collaborative pixel canvas
- Onchain Summer NFTs - Free commemorative mints
- Farcaster Frames - NFTs minted from social feeds
- Sub-$0.01 minting costs enable experimentation
Why NFTs Thrive on Base
The combination of near-zero mint costs, Coinbase's user base of 100M+ verified users, and tight integration with social apps like Farcaster creates a perfect environment for NFTs. Creators can mint and distribute art without worrying about gas costs eating into margins.
Bridging to Base
Getting assets onto Base is straightforward with multiple bridging options ranging from Coinbase's native integration to third-party bridges.
Coinbase Direct Deposit (Easiest)
If you have a Coinbase account, you can withdraw ETH directly to Base network. No bridging needed - it's like a native transfer. Free withdrawals from Coinbase to Base.
Official Base Bridge
The official bridge at bridge.base.org moves ETH from Ethereum L1 to Base. Deposit takes ~1 minute, but withdrawal back to L1 takes 7 days due to the optimistic rollup challenge period.
Third-Party Bridges (Fast)
Across Protocol, Stargate, and Orbiter Finance offer fast bridging (minutes, not days) from any chain. They use liquidity pools to provide instant transfers, bypassing the 7-day withdrawal window.
Buy ETH for Base with 20% Off Fees
Sign up on Binance with code TRADEOFF20 and get a lifetime 20% discount on all trading fees. Buy ETH and bridge to Base.
Developer Ecosystem
Base has invested heavily in developer tooling and community building, with grants programs, bootcamps, and comprehensive SDK support.
Thirdweb
Full-stack web3 development platform with SDKs, smart contracts, and infrastructure. Deploy to Base with one click. Used by thousands of developers.
Base Bootcamps
Free developer bootcamps run by Coinbase. Learn Solidity, smart contract development, and Base-specific features. Certificate of completion for graduates.
Grants Program
Base distributes grants to promising projects building on the chain. From small builder grants to large ecosystem development funding. Powered by OP governance.
Smart Wallet (ERC-4337)
Coinbase Smart Wallet uses account abstraction (ERC-4337) to enable gasless transactions, social recovery, and passkey login. Eliminates the seed phrase barrier for new users.
Developer Tooling
Since Base is EVM equivalent, all existing Ethereum tools work seamlessly:
Future of Base
Base's roadmap focuses on further decentralization, Superchain integration, and bringing the next billion users onchain.
Superchain Integration
Deeper integration with the Optimism Superchain for seamless cross-chain messaging, shared upgrades, and unified governance. Base contributes a percentage of sequencer revenue to the Optimism Collective.
Decentralized Sequencer
Currently Base runs a single sequencer operated by Coinbase. The roadmap includes progressively decentralizing the sequencer to eliminate single points of failure and censorship risk.
Shared Liquidity
Shared sequencing and interop protocols will enable liquidity to flow freely between Superchain networks. This means deeper pools, better prices, and a unified DeFi experience across all OP Stack chains.
Mass Onboarding
With Coinbase Smart Wallet, passkey login, and gasless transactions, Base aims to make onchain as easy as using a regular app. The goal: bring Coinbase's 100M+ users onchain.
Long-Term Outlook
Base is uniquely positioned as the L2 with the strongest distribution advantage - Coinbase's massive user base. Combined with a thriving developer ecosystem, strong DeFi and social apps, and deep integration with the Optimism Superchain, Base is poised to be a leading chain in the multichain future.
Key Takeaways
Base is Coinbase's L2 built on the OP Stack - no separate token, uses ETH
Gas fees are 99%+ cheaper than Ethereum L1 thanks to EIP-4844
Aerodrome is the #1 DEX with $1.5B+ TVL using ve(3,3) model
Farcaster makes Base the home of decentralized social
BRETT, DEGEN, TOSHI lead a vibrant meme coin culture
Superchain integration and Smart Wallet aim for mass adoption
Explore the Base Ecosystem
Aerodrome
DEX (ve(3,3))
#1 DEX on Base, veAERO model
Uniswap V3
DEX
Largest multi-chain DEX
Morpho
Lending
Optimized lending protocol
Extra Finance
Leveraged Yield
Leveraged yield farming
Moonwell
Lending
Compound-fork lending
Seamless
Lending
Native Base lending