What is Base Network? A Deep Dive into Ethereum’s Layer 2 Scaling Solution

What is Base?

Base is an Ethereum Layer 2 (L2) blockchain officially launched by Coinbase on August 9, 2023. As the first blockchain introduced by the publicly traded company, it quickly garnered significant attention from the crypto community. Base was developed in collaboration with Optimism, leveraging the OP Stack-a standardized, open-source development stack that supports Optimism's Layer 2 blockchain.

Base allows developers to build decentralized applications (dApps) while tapping into Coinbase's extensive ecosystem, which includes over 110 million verified users and more than $80 billion in assets. The vision for Base is to create a "superchain" that uses Optimism's technology to boost performance and scalability. By fostering a developer-friendly environment and encouraging community participation, Base aims to become a major player in the Ethereum scaling space.

Will Base Issue Its Own Token?

According to the official roadmap and Twitter updates, Base has no plans to release a native network token. While some projects have initially claimed they wouldn't conduct airdrops, only to later distribute tokens to early adopters or contributors, Base has made it clear that they currently have no such intentions.

However, it's always wise to keep an eye on updates, as unexpected airdrops may be used to reward early supporters and those who contribute to the development and growth of the network.

How to Use Base Network on ELLIPAL?

Step 1: Update Your Cold Wallet and App

1. Update Your Cold Wallet: Follow the firmware update instructions to ensure your ELLIPAL cold wallet is running the latest version, which is required for Base network compatibility.
2. Update the App: Head to the Apple Store or Google Play, and download the newest version of the ELLIPAL app. This will enable you to seamlessly add and manage Base Network.

Step 2: Sync Your Cold Wallet with Base Network

1. Open the ELLIPAL app and navigate to "My Wallet."
2. Select your cold wallet, then tap "Manage Networks."
3. Add Base Network from the list and sync it with your cold wallet.

How to Use Base Network on ELLIPAL?

1. Swap Assets: Use the SWAP feature in the ELLIPAL app to exchange ETH or other tokens for assets on the Base Network, such as cbBTC. This is a simple and cost-effective way to access Base Network assets.
2. Receive Base Network Assets: Navigate to the "Receive" tab, select Base Network, and get your Base Network address to securely receive assets like cbBTC into your cold wallet.
3. Send Base Network Assets: Tap on "Send," enter the recipient's address and amount, and use your cold wallet to sign and broadcast the transaction. This ensures a secure and low-cost transfer of Base Network assets.

Integrating Base Network with ELLIPAL gives users a high-performance, cost-effective way to manage their crypto assets while benefiting from the security and scalability of an Ethereum Layer 2 solution.