Coinbase developed Base Network as a L2 on the Ethereum network. It uses ETH to pay transaction fees instead of having it own native Base token.
Note: Native tokens are normally used for transaction fees, network security (staking/mining), and governance on its parent blockchain.
Already knew that from when looking at the tokenized Coinbase stock COINON. At the time thought was cool the Crypto Bro decided not create Magic Internet Money out of thin air like the majority of blockchains.
Then tonight on the site bus to camp received this notification from Coingecko.
No I don’t remember BASE.
So what is BASE Token 🤷
This is a synthetic asset whose price is pegged to the total market cap of all cryptocurrencies at a ratio of 1: 1 trillion. BASE allows traders and investors to speculate on the entire crypto market with just one token. It is built on the Ethereum blockchain.
- $1.83 AUD
- 76,106.326 circulating supply
- $139,037 market cap
- #5294
- launched 2020
- baseprotocol.org official domain now serves an unrelated Vietnamese streaming site
Base Network
- no native token
- Ethereum L2
- launched by Coinbase
- built on the OP stack originally
- transitioned to it’s own consolidated “base/base” stack
- hub for institutional DeFi
- support for major projects like Uniswap
While both may share the name "Base," they serve different purposes and are not interconnected or related in any way. Well there you go.
DISCLAIMER: I promise no AI was harmed in the researching, editing and publishing of this. But lots of CO2 was produced, doing my bit to make planet earth green.
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