Wigwam is the best Base blockchain crypto wallet

Base Blockchain Review

Base is a blockchain solution that offers users low-cost, fast transactions and has Ethereum security level. The Base blockchain is designed on Optimism’s OP stack technology and provides a secure environment for developers to create diverse decentralized applications (dApps).

Origin and Vision

After operating for many years as a crypto exchange platform, Coinbase launched the Base blockchain in August 2023, which is developer-friendly and facilitates the creation of low-cost dApps. It serves as an Ethereum layer-2 platform enabling the development of inventive projects by providing access to Coinbase tools and products.

Key Milestones                

Developers tested the network, which amassed $139 million in Total Value Locked (TVL) committed to protocols and apps before the Base blockchain officially launched on August 9, 2023. Its eye-catching performance continued, recording 1.41 million daily transactions twelve days later.

One month later, the chain reached an unprecedented milestone with 1.88 million daily transactions. One of the factors that sped up Base growth was the creation of FriendTech, a social application on Base that generated $709k in Revenue and $1.42M in Fees within 24 hours in August.                            

What Consensus Algorithm Does Base Blockchain Use?

Designed on Optimism’s OP stack technology, the Base ecosystem enables secure transactions, efficient dApp development and  has integrations with Coinbase  products. It reaches consensus by bundling multiple entries and processing them off-chain, reducing network congestion and increasing network capabilities.

Furthermore, the mechanism sends data results to Ethereum as one transaction, where on-chain validators can confirm and add it to the network.

How Base Technically Solved Problems with Scalability, Decentralization, and Speed

To technically solve issues related to decentralization, scalability, and speed, the Base blockchain uses Optimism’s OP stack technology. It makes the chain scalable by handling bulk transactions off-chain and transmitting relevant data to Ethereum. This enables the network to process large transactional volumes in a short period. Also, the mechanism decentralizes the network by allowing users and community members to participate in governance.

DeFi Ecosystem on Base

Base DeFi offers users various decentralized exchanges to connect with digital asset traders and explore diverse trading options. Among others, ‘Base Swap’ and ‘DackieSwap’ are popular on the network because of their easy-to-use interfaces. To find more DeFi projects, you may visit the DefiLama or the Base official website. To start working with these dApps we recommend using Wigwam DeFi wallet that has already integrated Base as one of the default networks.

Base NFTs Marketplaces

Many Base NFT platforms offer users a collection of rare digital items and facilitate the creation and trading of artworks. ‘ImaginAIry NFTs’ and ‘OpenSea’ are popular examples.

OpenSea is a dynamic space to create, buy, sell, and auction creative artworks today. Also, ImaginAIry NFTs leverage artificial intelligence to help users produce and sell unique digital art.

Tokenomics and Gas Usage on Base

Ethereum token is the native gas fee of this blockchain because Base didn’t issue an official network coin. This open-source solution has no plans to release a token in the future.