Coinbase, one of the leading cryptocurrency exchanges globally, has officially announced the launch of its anticipated Network. This state-of-the-art platform is set to offer an array of features to its users. In this article, we talk about how to use Base network.
What is Base Network?
At its core, the Coinbase Base Network is designed to serve as a platform facilitating various decentralized applications (dApps) and smart contracts. Its infrastructure is geared to accommodate the growing needs of the DeFi sector, ensuring seamless and efficient interactions.
Features and Functionalities
Beyond its primary functionality, this network aims to offer more. Users can now directly integrate their wallets, facilitating easier transaction processes. This wallet integration feature is particularly appealing to developers looking to expand their projects on the platform.
Furthermore, the network offers staking options, providing users with opportunities to earn rewards by securing the network. This staking feature not only incentivizes participation but also enhances the overall security of the platform.
How to Use Base Network
1- Bridge on Base
Users now have the ability to transfer Ether (ETH, currently valued at $1,842) from the mainnet to Base via the official Base bridge. This bridging interface was officially launched on Aug. 3. Additionally, on Aug. 9, the Wormhole cross-chain bridging protocol declared its availability on the Base platform.
2- Exchange Tokens on Base
Several decentralized cryptocurrency exchanges (DEXs) have unveiled their operations on Base. Among these, Uniswap, a pioneering decentralized exchange from the Ethereum ecosystem, marked its transition to Base on August 7th.
A day later, on August 8th, Maverick Protocol launched its version on Base. Maverick touts its model as superior in terms of capital efficiency and offers more customization options compared to other platforms.
LeetSwap, another DEX on Base, experienced a pause in operations due to a vulnerability exploit on August 1st. Originally functioning during the exclusive “builders only” phase, the team plans to reintroduce the platform in the foreseeable future. Promoting itself as a DEX tailored for “leet degens”, LeetSwap introduces a distinctive “dual-token farm rewards” feature to optimize yield. For users keen on token trading or looking to bolster liquidity, these platforms present promising avenues.
3- Pay on Base
There’s a payment application available for Base. Beam, an online application, offers the functionality to process transactions using either the U.S. Dollar Coin (USDC) or Beam’s own digital currency, Eco. The creators of the app have ensured that there’s no obligation for users to keep seed phrases or have Ether for gas payments. Conveniently, users can sign in through their Twitter profiles and utilize either USDC or Eco to cover gas charges. The application further includes an integrated system to convert fiat to crypto and vice versa. On July 27, it publicized the introduction of Beam to its network.
4- Purchase a Base Username
On August 8, Masa Finance unveiled its soulbound token protocol, introducing the ability for users to register usernames with the “.base” Masa extension on the fresh platform. These specific usernames could potentially be utilized for credit assessments and other services that comply with Know Your Customer (KYC) regulations.
Masa Finance reported that, since the commencement of the builder phase, they’ve successfully created over 280,000 such usernames on Base.
5- Launch a DAO on Base
Aragon, a protocol for creating decentralized autonomous organizations (DAOs), has unveiled its “code-free Aragon app” and the “versatile Aragon OSx” on Base. This launch aims to simplify the process of DAO formation on the new network. While primarily tailored for developers, the platform also empowers everyday users to set up DAOs on Base using Aragon.
6- Mint an NFT on Base
Several brands and initiatives are gearing up to offer exclusive NFT minting on Base in the upcoming weeks of August and early September. This lineup features prominent names such as Coca-Cola, Coinbase’s “Stand With Crypto” movement, Showtime, Atari, Optimism, and OpenSea, among others. Each of these NFTs is set for release on distinct dates during the Onchain Summer festival. Notably, Showtime’s NFT is scheduled for release on August 18, followed by Atari’s NFT drop on August 25.
A Vision for the Future
The launch of the Coinbase Base Network isn’t merely about the present. It indicates Coinbase’s forward-thinking approach to ensuring that it remains at the forefront of the crypto revolution. By providing a comprehensive platform that caters to both developers and general users, Coinbase is cementing its position as a leading player in the crypto world.
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