< The Status and Vision of BASE Chain: Accelerating the Growth of the On-Chain Economy > (feat. @rainbowdotme) BASE is an Ethereum Layer 2 (L2) network incubated by Coinbase, the largest cryptocurrency exchange in the U.S. It aims to bring 'the next billion users to the web 3.0 on-chain' by providing a safe, affordable, and developer-friendly environment. 1⃣ Current Status and Achievements of BASE 1. Rapid Growth and Major Milestones Achieved Since its successful launch, BASE has shown rapid growth and has established itself as one of the major L2 networks in terms of active users and total value locked (TVL). Recently, the on-chain lending volume has surpassed $1 billion, demonstrating significant achievements in the decentralized finance (DeFi) sector. By obtaining Phase 1 decentralization status, BASE is enhancing security and openness according to the standards set by the Ethereum Foundation. This is thanks to the introduction of permissionless fault proofs, which allow anyone to contribute to network security. 2. Technology and Infrastructure Built on the security of Ethereum, it offers cheap and fast transactions (currently achieving transaction costs of under a few cents within seconds). It is built on the OP Stack and promises compliance with Optimism's 'Law of Chains,' participating in the Superchain vision. 3. Ecosystem Expansion Leveraging Coinbase's verified user base of over 110 million and platform assets worth $80 billion, it facilitates developers in building decentralized applications (dApps) and reaching users. Additionally, it is realizing the vision of 'a bridge, not an island' by announcing the exploration of open-source bridges to enhance interoperability with the Solana blockchain. 2⃣ Vision of BASE The vision of BASE aligns with Coinbase's long-term goal of 'building an open financial system to promote economic freedom.' 1. Brian Armstrong, CEO of Coinbase - On-Chain Economy and Growth CEO Armstrong mentioned regarding the on-chain lending volume surpassing $1 billion, "These adoption charts show the **'hockey stick growth'** that every product manager wants to see. The on-chain economy is thriving." He expressed confidence in BASE's explosive growth. - Decentralization and Token Exploration He revealed that they are actively considering the launch of a network token, stating, "The potential introduction of a network token could serve as a 'powerful tool' to accelerate decentralization and promote the growth of creators and developers within the ecosystem." He emphasized that this would be driven by the network's long-term mission, values, and principles. 2. Jesse Pollak, BASE Project Leader - Decentralization and Developer Support Leader Pollak introduced BASE as "a safe, affordable, and developer-friendly Ethereum L2 built to bring the next billion users to web3." He explained that token exploration aligns with efforts to "expand decentralization and support more opportunities for developers and creators." - Interoperability The announcement of a new bridge with Solana emphasizes that it is "important for developing more adoption and creating more pathways for collaboration between ecosystems," reaffirming that BASE will fulfill its role as a 'bridge' connecting various chains. 3. Paul Grewal, Chief Legal Officer (CLO) of Coinbase - Legal Clarity CLO Grewal argued that the BASE network should not be classified as an 'exchange,' emphasizing that BASE functions as blockchain infrastructure rather than a market for trading securities. He compared the sequencer to a cloud service provider, explaining that regulatory responsibility should lie with the applications operating on top of the infrastructure, not the infrastructure itself, demonstrating efforts to secure legal stability. Rainbow BASE aims to be **'a hub for an open and neutral on-chain economy'** beyond just a platform for Coinbase's products. 1. Decentralization Although incubated by Coinbase, it is committed to moving towards complete decentralization in the long term through collaboration with OP Stack. 2. Openness and Neutrality Through the principle of neutrality, BASE provides open and neutral block space to all builders and users without favoring specific users or transactions, adhering to the **'Law of Chains.'** 3. Bridge Role By serving as a 'bridge' that allows easy access to Ethereum L1, other L2s, and other L1 ecosystems like Solana, it aims to be a gateway for users to enter the broader cryptocurrency economy. ✅NO1. Wallet on BASE: Rainbow Wallet @rainbowdotme @cookiedotfun @base @wallchain_xyz @bankrbot @KaitoAI