History of Base

In early 2023, Coinbase, one of the biggest names in the cryptocurrency world, made a significant move by launching Base, its own layer-2 Ethereum blockchain. This was a strategic step into the booming layer-2 space, aimed at creating a secure, cost-effective, and developer-friendly environment. Base is designed to leverage Coinbase's strong infrastructure to bring web3 to a billion new users.

Keynote Achievements

The Universal Builder's Incentive (UBI) introduced on Base is indeed tied to the platform's community on Warpcast, specifically through the Base Builds initiative. This program is an experimental Universal Builder Income aimed at fostering continuous development and innovation on the Base platform. Builders who actively contribute by posting their projects and updates on the Base Builds channel on Warpcast can earn rewards, which are scaled based on the number of participants and the impact of their contributions

This initiative has been a critical part of Base’s strategy to attract and retain a vibrant developer community, ensuring the ecosystem's growth and sustainability.

Another significant achievement was the launch of EURC on Base. By introducing a Euro-backed stablecoin, Base has enhanced its appeal to European users and businesses, facilitating seamless transactions and expanding its global reach.

In addition, the Introduction of Base Names has simplified the user experience by providing readable and memorable addresses for wallet users. This has been a critical step in driving mainstream adoption, making blockchain interactions more user-friendly.

The Onchain Summer Buildathon was another highlight of the year, bringing together developers and creators to build, experiment, and push the boundaries of what’s possible on Base. This event not only showcased the platform’s capabilities but also catalyzed the creation of new and innovative projects.

Growth and User Adoption

Base’s user growth has been nothing short of phenomenal. From a modest 40 daily active users at its inception, Base now boasts over 4 million daily active users. This massive growth has been fueled by the platform's developer-friendly tools, low transaction costs, and integration with Coinbase's vast user base. Moreover, Base has become one of the leading Layer-2 solutions, with its Total Value Locked (TVL) surging from $437 million in early 2024 to over $1.6 billion by mid-year.

Future Prospects

Looking ahead, Base is set to continue its upward trajectory. The platform plans to further decentralize its operations, enhancing its security and resilience. Additionally, Base is focused on improving interoperability with other blockchain networks, which will broaden its ecosystem and attract even more projects.

Base’s commitment to scalability, reduced transaction costs, and enhanced user experience positions it as a key player in the future of blockchain technology. As Base continues to innovate and grow, it remains on track to achieve its ambitious goal of bringing the next billion users on-chain.

Conclusion

Base has quickly established itself as a leading Layer-2 solution, thanks to its robust infrastructure, innovative initiatives, and rapid user growth. As we look to the future, Base’s continued development and expansion will undoubtedly cement its position as a cornerstone of the blockchain ecosystem.

Base’s first year has been nothing short of spectacular, and the future looks even brighter.