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From 5 points, read the Coinbase L2 network Base

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Do not issue coins, join OP ecology, introduce 100 million users......

Five Key points of Coinbase L2 Network Base: Not issuing coins, joining OP Ecosystem and introducing 100 million users

GaryMa Wu says blockchain

Coinbase officially announced the incubation of L2 network, which once made the market seething. According to the official description, Base is an Ethereum layer 2 network built on the OP Stack technology stack. This article summarizes several major points related to it for the convenience of readers.

1. No currency is issued, and part of the commission goes into OP Collective

At present, the government has made it clear that Base will not issue coins, and ETH will be used as network handling gas. In addition, a portion of Base transaction fees (possibly 20%) will flow to OP Collective in the future, further boosting OP Stack.

2. Relationship between Base and Coinbase, ecological project and ecological fund

Base is Coinbase's native blockchain network that will run all of Coinbase's on-chain products and is built by Coinbase to serve Coinbase users. Coinbase encourages platform users to transfer their assets to the Base chain. Of course, this is also an open ecosystem that anyone can build on, which is very attractive to developers, given Coinbase's 100 million + potential users and hundreds of billions of dollars in assets. Coinbase has also announced its first batch of Base partners, including nearly 50 projects we already know: Chainlink, QuikNode, Axelar, LayerZero, Gelato, Ribbon Finance, and more. In addition, officials have now announced the establishment of the Base Ecology Fund, which will invest in support of early stage projects that meet the requirements of the Base architecture.

从 5 个要点，读懂 Coinbase L2 网络 Base

3. Why choose OP Stack?

Since the second half of 2022, Coinbase and OP Labs have been working together on EIP4844, proto-dank sharding, which can effectively reduce the cost of L2 networks by 10-100 times. Both sides share the same philosophy and vision of expanding Ethereum. Coinbase has since joined OP Stack's research team and has stated that a portion of Base transaction fees (perhaps 20%) will flow to OP Collective in the future, continuing to drive OP Stack.

4. Base's attitude toward decentralization?

For now, Coinbase will be the only collator on the Base L2 network, but eventually it will move to a license-free collection of collators. Decentralized properties have always been the pursuit of OP Stack. Currently, the only sorter is a temporary tradeoff. Base and OP Labs will promote decentralization in the way of decentralized collaboration.

5. Account abstraction? Smart contract wallet?

Gnosis Safe also tweeted that it would work with Base to implement account abstraction as well as a smart contract wallet. Gnosis Safe also tweeted that it would work with Base to implement account abstraction for mass adoption.

After understanding the above key points, what we need to clarify most is the special significance of having more L2 network Base incubated by Coinbase:

Combined with Coinbase Wallet, account abstract intelligent wallet and other technologies, Coinbase's current user Base is expected to be transferred to Base, greatly reducing the threshold for users to enter the understanding and promoting the large-scale adoption of Web3. Coinbase, which currently has more than 100 million authenticated users and nearly $100 billion in assets, says it is positioning itself as a "bridge" to the crypto economy.

The user group of Coinbase has been real-name authentication. In the past, Base was associated with the mission account, similar to Binance's previous soul binding Token BAB. Can we expect more on-chain assets to be derived, such as RAW, on-chain credit, etc.?

As the forerunner of OP Stack technology stack, it is expected to promote the Rollup application chain narrative and erode the Cosmos application chain narrative.