Every crypto cycle investor focus shifts to the next big shiny thing. Last market cycle everyone was fascinated with alternative layer-1s like Solana and Near. Part of the reason was because people had doubts about the shift to Ethereum’s ETH2.0 and had convinced themselves Ethereum would never scale. However, you can’t deny the obvious reason that people just like new things.
So it’s no surprise that crypto users are always searching for the next best blockchain layer. The hype around alternative layer-1 solutions has died down a bit but people now seek out layer-2s to save money on gas fees.
Polygon was one of the big winners in the layer-2 race and saw a ton of attention towards the end of the last bull market. Deservedly so, it has remained on the cutting edge of crypto tech. However, I’m here today to tell you that I think we may be witnessing the rise of a new layer 2 that could become a heavy weight as this cycle goes on.
The best part about this one is who is behind the project. It is built and managed by one of the largest and most well-funded crypto teams in the world. A team that has a proven track record for building good products with easy-to-use UI/UX. A team that works with regulators to stay on the right side of regulation.
If you haven’t guessed by now I’m talking about the Coinbase team and their new blockchain: Base.
did you know it’s wildly easy to bridge ETH to @base using @coinbasewallet? pic.twitter.com/nASbmAD53d
— drew coffman ???????? ???????????????????????? ???? (@drewcoffman) April 2, 2024
Coinbase launched the Base blockchain on August 9th of 2023, still in the doldrums of the bear market. Crypto was still relatively quiet back then and the launch didn’t make too big of a splash. Not to mention that Coinbase’s previous big launch of their NFT marketplace was a complete flop. So people weren’t super bullish on the release of Base, and not too many users made the initial transition.
Those that did have been rewarded with a robust, fast, and amazingly cheap ecosystem. With Ethereum’s latest upgrade and some tweaks to the code on Coinbase’s side, transacting on base is now extremely cheap.
I used Uniswap on base the other day and paid less than a penny to swap 1 ETH for another token. The best part is it seems painless making the switch from Ethereum to Base. To be honest it doesn’t even seem like a different blockchain. Well other than the drastically cheaper fees and faster speeds.
Considering that Coinbase is the average American retail investor’s first stop into the world of crypto, people are optimistic that base will grow. The theory makes sense, if investors put their money into Coinbase to buy their first cryptocurrencies, wouldn’t they then use base as their first blockchain?
Either way you slice the cake it seems like base has a bright future.
