In February 2023, Coinbase unveiled an ambitious project: Base, a new blockchain designed to be a low-cost, user-friendly platform tailored for developers. The decentralized nature of Base, combined with its integration with Ethereum, promised a robust and versatile platform. Coinbase’s vision was clear: to transition from a world where crypto is primarily a speculative asset to one where it’s an integral part of daily life.
Fast forward to today, 9 August 2023, a significant date in the Base journey. It marks the official launch of Base’s mainnet bridge. The Base Bridge allows users to bridge ETH from Ethereum to Base and vice versa.
The Base Bridge serves as a conduit for transferring specific digital assets and data between Ethereum and Base. Users can employ renowned Ethereum wallets such as Coinbase Wallet, MetaMask, and Rainbow Wallet for this purpose. The transfer process is bidirectional, allowing assets to move from Ethereum to Base and vice versa. While the transfer from Ethereum to Base is typically swift, taking only a few minutes, the reverse transfer from Base to Ethereum has a longer duration of about seven days. This extended timeframe is a security measure to bolster Base’s protection. However, for those unwilling to wait, third-party bridges offer quicker transfer options.
The Base Bridge system is designed to be cost-effective, with users only incurring network fees to cover gas costs on both Ethereum and Base. No extra charges are levied for using the bridge. One of the primary advantages of transferring assets from Ethereum to Base is the enhanced scalability and efficiency of Base. This translates to faster transactions, diminished gas fees, and access to unique dapps on the Base network. While the bridge is crafted to be user-friendly, catering even to blockchain novices, it’s always prudent to possess a foundational understanding of blockchain operations. Once assets are on Base, users can seamlessly interact with dapps present on the platform.
CoinDesk recently had an enlightening Zoom conversation with Jesse Pollak, the creator of Base and the head of protocols at Coinbase. Pollak emphasized the unique challenges and responsibilities of being a public company while launching a blockchain. He candidly shared that there’s no playbook for such an endeavor, highlighting the pioneering spirit of Coinbase in this venture.
Pollak’s insights during the conversation shed light on the intricacies of developing Base. He discussed the balance of maintaining transparency with stakeholders while ensuring the project’s success. The journey was filled with learning curves, especially given the public nature of Coinbase and the watchful eyes of its investors.
One of the standout points from the discussion was the importance of trust. For Base to succeed and for users to adopt it, trust in the platform and its parent company, Coinbase, is paramount. Pollak emphasized Coinbase’s commitment to building that trust, ensuring that Base meets and exceeds industry standards.
The conversation also touched upon the broader implications of Base for the crypto industry. With Base, Coinbase aims to bridge the gap between the current state of crypto and its potential to be a part of everyone’s daily interactions. Pollak expressed optimism about the next five years, anticipating a surge in blockchain innovations and the emergence of products that will redefine the crypto landscape.
Featured Image Credit: Coinbase