New chain integration: Base is now live @ HYVE!
Second Era launched on HYVE, and things are getting better every day! We are restarting our token integration and blockchain integration series where we integrate all day, every day! This week we are integrating Base, a Layer-2 scaling solution for Ethereum built by Coinbase which aims to make transactions faster while leveraging the security of the Ethereum mainnet. Yes, you heard it right, Coinbase!
As we continue to implement the many advantages of web3 within traditional freelancing, our partnership with Base is a testament to our commitment to providing the best for our community. Therefore, don't forget to join the revolution of work now!
What is Base?
Developed by Coinbase, the leading centralized cryptocurrency exchange, Base is a Layer-2 blockchain that utilizes the Optimism OP Stack to offer a host of benefits. At its launch in August 2023, Base debuted with over 100 decentralized applications (dapps) and service providers, offering almost negligible gas fees, quick transactions, and enhanced security, thanks to Ethereum's underlying stability.
With a decade of experience in creating cryptocurrency solutions, Coinbase has played a crucial role in incubating Base, aiming for a gradual transition towards decentralization. Base's design is decentralized, open, and permissionless, embracing the modular and rollup agnostic superchain vision shared by the OP Stack, facilitating seamless asset transfers across chains built on the OP Stack.
It's noteworthy that Base wasn't developed from scratch by Coinbase but rather on the foundational OP Stack, enabling anyone to create their own Ethereum Layer 2 solutions. The network's testnet was released in February 2023, followed by a developer-focused rollout in July, culminating in the official mainnet launch on August 9, 2023, during the "Onchain Summer" event.
How did Base start?
In its early stages, the Base ecosystem supports a vast array of blockchain applications and services, thanks to its fast, cost-effective transactions, interoperability, and smart contract capabilities. Users on the Base network can engage with decentralized exchanges (DEXs), DeFi platforms, manage Ethereum tokens and NFTs, among others. Notably, several leading Ethereum services and platforms, such as Aave, Chainlink, Etherscan, and Sushi Swap, now operate on the Base network due to its foundation on the OP Stack and its status as an Ethereum Layer 2.
Next up, we will be highlighting a few prominent platforms within the Base ecosystem:
- Aerodrome stands out as the central AMM and liquidity pool, developed by the team behind Velodrome on Optimism, aiming to support public goods projects and developers on the network.
- Seamless Protocol, Base's premier decentralized lending and borrowing protocol, originated from Aave and offers users a straightforward method to bridge and swap tokens across blockchains.
- Friend.tech represents an innovative decentralized social network that enables users to monetize their online presence through the purchase and sale of "keys" for accessing private chat rooms, marking a significant, though slowing, attempt at decentralized social networking since its high-profile launch in August 2023.
How does Base work?
As we previously mentioned, Base leverages the OP stack technology, incorporating the advantages and mechanisms of Optimistic roll-ups—a key innovation in the Ethereum Layer 2 landscape designed to significantly lower gas fees and transaction costs.
Utilizing Layer 2 solutions, Base enhances cost efficiency while maintaining Ethereum's comprehensive functionality, achieving this by establishing a parallel blockchain network atop the primary Ethereum blockchain that acts as a supplementary layer. This Layer 2 network processes transactions for Base participants, and upon validation, these transactions are batched and forwarded to the Ethereum mainnet (Layer 1). The main Ethereum blockchain then integrates this batched data into its ledger, effectively including it in the main chain.
The core of Base's efficiency lies in its use of the "rollup" technique, which compiles data from multiple transactions into a single bundled transaction. This method of aggregating transactions enables Base to further diminish the costs associated with recording transactions on the Ethereum blockchain. This way, Base emerges as a budget-friendly platform for Ethereum developers and users, offering a significantly cheaper avenue for transactions.
Does Base have a token?
Currently, Base has no plans to release a distinct network token, opting instead to use ETH as its native gas token. Users should be wary of potential scammers promising or distributing counterfeit Base tokens.
Should Base decide to issue its own token in the future, participation within the ecosystem could enhance the likelihood of eligibility for any potential Base token airdrops.
Next up on HYVE...
The first parts of our Updated Roadmap have been out for a while now and truth be told you can now read them directly on X! Make sure to give us a follow and be ahead of the curve in terms of info on HYVE.
— HYVE - Web3 Jobs Marketplace (@join_hyve) April 13, 2024
Yesterday we released our Q1 Recap and despite not being as busy as the past, we still accomplished a lot. Now we are already in the First Era, as we are currently building some cool features such as the AI Agents, New Browsing Mode and the beginning of our rebranding process through enhanced UX/UI!
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