08 Aug 2023
How to get started with Base
Base has emerged as a promising layer 2 network for on-chain applications. Being incubated by coinbase and using the OP Stack, it has already caught the attention of users because of the the memecoin Bald.
Introduction
Base is a Layer 2 blockchain network on Ethereum, incubated by Coinbase. It's designed to be a "safe", affordable, and user-friendly platform for building on-chain applications, with full decentralization as its goal, thanks to collaboration with Optimism.
Base caught attention with the meme coin Bald, named after Coinbase's CEO. It soared to a market cap of over 90 million, mainly from the creator's 40 million in liquidity. The creator later withdrew the liquidity, gaining over 3000 ETH. This is what usually happends in the early stages of a new blockchain.
In July, developers were given access to Base to test products, followed by the mainnet launch for builders on July 13. From August 9, Coinbase users will be able to deposit crypto directly into Base, making it more accessible. Some early users have lost millions due to the bald rugpull. The official launch is slated for August 9, with the bridge now ready for end users. Additionally, a special event called "Onchain Summer" will grant over 100 Ether to developers and creators. In this article, we'll guide you through the process of connecting MetaMask to Base and using the Base bridge to get you on Base mainnet. If you want to have a thorough understanding of this blockchain first, read this deep dive on Base.
How to Get started
Starting with Metamask
MetaMask is the most used wallet for EVM blockchains, such as Base. Firstly, let's focus on connecting MetaMask to Base. This connection can be done via the Chainlist platform. Initiate the process by opening your web browser and navigating to https://chainlist.org. On the site, locate "Base" using the search bar. Under "Base", you will find "Connect Wallet". Selecting this option will send requests to MetaMask. Subsequently, choose "Add to MetaMask" also under "Base". MetaMask will then seek your approval for the addition of a new network and the network switch. Upon clicking "Approve" for both prompts, your MetaMask wallet will connect with Base.
In addition to the Chainlist process, Base can be added to MetaMask manually. This can be done by choosing "Add Network" or "Custom RPC" in the network selection dropdown menu. To configure the settings for the eSpace mainnet, use the following values.
- Network Name: Base
- New RPC URL: https://mainnet.base.org
- Chain ID: 8453
- Currency Symbol: ETH
- Block Explorer URL: https://basescan.org/
By following these steps, you should successfully link your MetaMask wallet to Base.
Bridging to Base
For users seeking to bridge to Base, the most reliable bridge is the Base Bridge. This is the official Base bridge which will allow ussers to to synchronize their Ethereum Wallets that support both the Ethereum mainnet and Base, and swiftly transfer whitelisted ERC-20 tokens, including but not limited to ETH, Coinbase-ETH, USDC and DAI, to Base mainnet at low costs.
To execute this process, please follow the steps outlined in this guide:
- Navigate to Base Bridge: Begin by navigating to Base Bridge and proceed with connecting your compatible Ethereum Wallet.
- Choose Tokens and Quantity: Next, choose the token you wish to bridge and indicate the quantity.
- Review and Confirm Transaction: Review the details of your transaction and confirm the process by clicking 'Transfer'.
- Wait for Transfer: You can expect your tokens to be transferred within a span of 10 minutes.
By following these steps, you can seamlessly bridge your assets to Base using the Base Bridge, ensuring a secure and efficient transfer process.
The Base Ecosystem
The Base ecosystem is just starting and is a thriving network of innovation, comprising of different projects, protocols, and applications that collectively drive the growth and creativity of the Base platform.
Void Exchange, a PERP DEX with a unique twist to the GMX model, is currently building isolated vaults and is in testnet mode. It includes a funding payout to the weaker side, adding an innovative layer to the trading experience. Gridex Protocol stands out as the first order book on Base and a cross-chain protocol. Gridex wants to replace centralized exchanges using advanced algorithms and the novel GMOB model.
Yieldbase Financeis a multi-layered yield farming protocol that employs real yield strategies. Unlike traditional models, Yieldbase pays yield in ETH and USDC. Floatcoin, an Anti-inflation Protocol, safeguards users' purchasing power by anchoring to the US CPI basket and over-collateralizing with LP tokens from various trading pairs.
Final Thoughts
Base has emerged as a promising platform for on-chain applications. With its incubation by Coinbase and collaboration with Optimism, it aims for full decentralization, affordability, and user-friendliness. The network has already caught attention with events like the meme coin Bald and has shown both the potential and risks in the crypto space.
The accessibility of Base has been enhanced through MetaMask, allowing users to connect easily. The Base Bridge further simplifies the process of bridging assets, making the transfer of whitelisted ERC-20 tokens swift and secure.
The Base ecosystem, rich with innovative projects like YieldBase, Void Exchange, and Gridex Protocol, showcases a diverse range of services. From trading platforms to yield farming protocols, it offers something for every trader, developer, or crypto enthusiast. The upcoming official launch and special events like "Onchain Summer" only add to the excitement surrounding Base.
Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.
