Original compilation: GaryMa Wu said blockchain
Original compilation: GaryMa Wu said blockchain
Coinbase's official announcement to incubate the L2 network Base once made the market boil. According to the official description, Base is an Ethereum two-layer network built based on the OP Stack technology stack. This article summarizes several major points related to it for the convenience of readers.
1. No currency will be issued, and part of the service fee will flow into OP Collective
At present, the official has made it clear that Base will not issue coins and will use ETH as the network fee gas; in addition, in the future, part of the Base transaction fee (maybe 20%) will flow into OP Collective to further promote the development of OP Stack.
2. The relationship between Base and Coinbase, ecological projects, ecological funds
Base is Coinbase's native blockchain network, which will run all of Coinbase's on-chain products, built by Coinbase, and serve Coinbase users. Coinbase will encourage platform users to transfer assets to the Base chain. Of course, this is also an open ecosystem where anyone can build on top of it. This is very attractive to developers. After all, Coinbase has 100 million+ Potential users and asset scale of hundreds of billions of dollars. At present, Coinbase has also announced the first batch of partners of Base, and there are many projects we are already familiar with, such as Chainlink, QuikNode, Axelar, LayerZero, Gelato, Ribbon Finance and nearly 50 projects. In addition, the official has announced the establishment of the Base Ecological Fund, which will invest in and support early projects based on Base that meet the requirements.
3. Why choose OP Stack?
Since the second half of 2022, Coinbase and OP Labs have jointly started to study EIP 4844, namely proto-dank sharding, which can effectively reduce the transaction fee of the L2 network by 10 to 100 times. Both parties share the same philosophy and vision of expanding Ethereum. Later, Coinbase\Base also joined the research team of OP Stack, and said that in the future, part of Base transaction fees (maybe 20%) will flow into OP Collective to continue to promote the development of OP Stack.
4. Base's attitude towards decentralization?
At present, Coinbase will be the only sorter on the Base L2 network, but eventually it will move towards a permission-free set of sorters. Decentralization has always been the pursuit of OP Stack. The current unique sorter is only a temporary trade-off. Base and OP Labs will promote the decentralization process in a decentralized manner.
5. Account abstraction? Smart contract wallet?
In the official document description of Base, it is mentioned that it will have the function of account abstraction and smart contract wallet. Gnosis Safe official also tweeted that it will cooperate with Base to realize the function of account abstraction to achieve mass adoption by users.
After understanding the above key points, what we need to clarify most is what is the special significance of such an L2 network Base incubated by Coinbase:
● Combined with technologies such as Coinbase Wallet and account abstraction smart wallet, Coinbase’s current user base is expected to be diverted to Base, which greatly reduces the threshold for users to understand and can promote the large-scale adoption of Web3; you must know that Coinbase currently has a certified user base of 100 million+ and With an asset scale of nearly 100 billion U.S. dollars, Base also stated that it positions itself as a "bridge" for users to enter the encrypted economy.
● The user group of Coinbase has been authenticated by real name. In the past, Base will be associated with the mission account, similar to Binance’s previous soul-bound token BAB. Is it possible to expect more on-chain assets to be derived, such as RAW , on-chain credit, etc.
