- BASE launched on February 23, becoming the dedicated L2 solution by Coinbase.
- The BASE project will draw in developers with support and special events.
- BASE is also offering a near-free mint of NFT with utility still to be announced.
BASE is a new Layer 2 solution that aims to scale the Ethereum network, with a specific focus on helping Web3 developers to integrate their products. BASE recently partnered with 0x Protocol, one of the most successful projects in blockchain in the past five years. The 0x Protocol has been part of the infrastructure of Web3, offering trading, liquidity and fast transactions.
BASE is already available as a testnet, with a fund to encourage the first developer teams to deploy Web3 projects.
BASE is one of the L2 solutions specially incubated by Coinbase, as a way to draw in new products, games, NFT collections and other tools. Built by a Coinbase team, BASE will remain an open project with no limitations to using the L2 scalability.
The Coinbase brand gives BASE a high-profile acceptance, despite being launched at a time where most of the big Web3 platforms are already established. BASE has the ambitious goal of reaching up to 1B potential Web3 users. This foray into Web3 extends the Coinbase NFT marketplace for premium items and high-priced collections.
BASE will have the advantage of high visibility and the potential to support and sponsor teams. With that backing from Coinbase, BASE will line up with other project curation platforms such as Binance Smart Chain.
BASE Extends Free Mint
BASE is also holding a free NFT mint with just gas fees to cover costs. The event will be extended in the next few days to boost adoption and popularize the brand.
The mint is highly active, though fees for users remain low. BASE NFT are sent as ERC-271 tokens, and the supply is growing, to above 371K items. The extended mint caused some concerns of diluting the value of the items.
For now, BASE has not promised any utility for the mints, which incur a small gas fee and Zora market fee for eventual sales. BASE is seen as a high-profile attempt to solve a scalability problem, but still has to face competition and draw in real games.
