In the evolving world of DeFi, Base is emerging as a standout platform, offering distinct advantages for speculators and investors. With its cost-effective gas fees, robust security from its foundation on Ethereum, and the influential backing of Coinbase, Base could be a competitor for most used L2. Let us take a look as we delve into the dynamics of Base’s impact on the future of DeFi.
What is Base?
Base is becoming a notable go-to within decentralized finance, due to several compelling features. It not only offers cheap gas fees, but uses the security of Ethereum. Additionally, Base’s credibility is enhanced by the backing of Coinbase, one of the most recognizable names in the cryptocurrency industry and in this space since 2014.
Checkout the current chart here.
As an L2 solution, Base helps in scaling the Ethereum network by handling transactions off the main Ethereum chain, thus enhancing throughput and reducing costs while still maintaining security through its connection to Ethereum. This scalability solution makes Base an attractive platform for DeFi applications and people who value lower fees.
How Has Base’s Popularity Changed Over Time?
The growth in popularity of Base can be observed through its monthly active addresses, which serve as a key indicator of user engagement and network activity. At the start of the year, Base had less than 1 million active addresses.
However, recent data indicates a substantial increase, with over 13 million monthly active addresses now recorded on the platform. This represents a parabolic growth trajectory, and could highlight a rapidly expanding user base and increased adoption of Base for DeFi activities.
How to bridge to Base Network?
Base operates as a layer two on top of Ethereum, which means it uses ETH to pay for transaction fees. Before you can use the network, you need to buy some ETH and send it to your wallet address (on Base).
After setting up your wallet on the Base mainnet, copy your wallet address from MetaMask or your chosen wallet, then purchase ETH from a centralized exchange.
When sending ETH to your wallet, it’s crucial to select the Base mainnet to ensure that the coins are sent over the correct network.
To send ETH over the Base Network, you’ll need a compatible exchange such as Bybit that supports the Base network. You should:
- Obtain your Base network address.
- Choose the Base network on your exchange when sending ETH.
Remember, the process might vary slightly depending on the exchange you use, but the key point is to ensure that you select the Base network as the destination for your ETH.
For detailed info on getting onto Base network check out our previous article here.
The post Why Now Is the Time to Explore Base: Insights into Its Surging Popularity appeared first on YourCryptoLibrary.