Table of Contents

What is base blockchain?

Base is an Ethereum layer 2 blockchain developed by Coinbase. It is 10x cheaper than Ethereum
The mainnet is launched on 9th august 2023. It is designed to make it easier and more affordable to build decentralised applications (dApps) and bring more people onchain.

Rapid growth in one year:

Since its launch, it has experienced remarkable growth. In just one year, it has attracted a significant number of developers and users, let’s take a look at growth metrics

Total value locked: according to Defillama, they have $1.472b TVL as of 16th August 2024 their USD inflow for the last 24 hours is $2.13m. Take a look at the below image for USD inflows and TVL. Inflow refers to the total amount of capital or assets entering a DeFi protocol or platform.

Image of analytics of Base blockchain's TVL, Fees, active addresses

Total UAW: according to Dapradder, they have 9.64M total unique active wallets from 30 days

Transactions: according to Dapradder, they have 27.67M transactions on the chain inside a dapp’s smart contract in the last 30 days

Dapps: 386 total number of dapps tracked by on DappRadar on their chain. dApps across various sectors, including decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs), etc

Initiatives to support builders and creators:

They have launched several initiatives to foster support for developers who are building the future of decentralized applications (dApps) and creators. Here are some of the key initiatives:

Base grant: They have introduced Builder Grants aimed at providing resources and support to innovative blockchain projects. These grants help the development of new dApps and creativity within their ecosystem. You can check Grant if you are building on Base.

Base Bootcamp: They have also introduced the Bootcamp, a program aimed at educating and supporting developers who are new to building on the platform. You can check updates about bootcamp from here

Onchain summer:

The OnChain Summer Hackathon is an initiative that encourages content creators, developers, and enthusiasts to participate in building and showcasing projects on the platform.
The hackathon is open to all. You can join as individuals or in teams to work on your projects. You can access valuable resources, mentorship, and guidance from experienced developers and industry experts, helping you with your projects and acquire new skills. You will have networking and collaboration opportunities throughout the hackathon.
You can participate from Onchain Summer or Devfolio

Base Builds initiative:

Share about what you are building in base-builds channel on Warpcast. Share updates about your products, your learning, educational content, etc. By posting about your work on the Base Builds channel, you can earn rewards in the form of ETH.
According to their cast, over 230 contributors have earned a share of a 2.25 ETH pool via this program for their work on projects.

To participate, you can post about what you are building, on the /base-builds channel on Warpcast from Friday to Monday each week to be eligible for the weekly rewards

Future plans:

Coinbase tweeted,

cbBTC.
— Coinbase 🛡️ (@coinbase) August 13, 2024

Jesse Pollak, who is a builder at Base, shared his excitement about building a strong Bitcoin economy on this platform. He tweeted,

to say it out loud: I love bitcoin, am so grateful for it's role kickstarting crypto, and we're going to build a massive bitcoin economy on @base.
— Jesse Pollak (jesse.xyz) 🛡️ (@jessepollak) August 14, 2024

cbBTC, anticipated to be wrapped Bitcoin on Base, could signify Coinbase’s strong belief in the Bitcoin ecosystem. This proves Coinbase is a big believer in the Bitcoin ecosystem. Going forward, we will see Bitcoin not just as an asset used for storing value, but also as a gateway to numerous DeFi opportunities. Currently, over $1 trillion in liquidity is available in Bitcoin. Having DeFi possibilities will enable these holders to earn a yield on their store of value.

Muneeb Ali, the co-founder of Stacks and CEO of Trust Machines, shared his insights on the potential impact of cbBTC on the Bitcoin ecosystem. He believes that putting Bitcoin on programmable platforms like this represents a significant and untapped market, with the potential for over $100 billion in Bitcoin to become wrapped and programmable in the coming years. Ali suggests that Coinbase’s move to offer cbBTC will likely encourage other exchanges to follow suit, leading to improved user experience and liquidity for Bitcoin in decentralized finance (DeFi). He also points out that centralized wrapped versions like cbBTC can coexist with decentralized options, creating trading opportunities that enhance liquidity for both markets, ultimately benefiting Bitcoin’s overall growth.

This ecosystem is making significant progress in the blockchain world by providing a user-friendly platform for developers and creators. They have started programs like Grants to give money to good ideas, Bootcamp to teach people how to build on their platform, and OnChain Summer Hackathon and a warpcast channel to help creators. All these things show that they want to encourage creativity and support those building on their network. Do check out and Keep an eye on them as they continue to grow and evolve.

Also check this out, Superteam: A community helping individuals and startups in web3

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