ShinChan's Crypto Digest - Your Ultimate Guide to Base
Time to grind for OG benefits and alpha on Base, a L2 network built using Optimism's OP Stack.
I'm thrilled to be writing my first-ever blog post on Substack. Thanks for taking the time to check it out.
In this post, I'll be dishing out some basic intel about Base, along with tips on how to navigate Base Testnet, as well as the protocols that are worth checking out (with the potential for airdrops and alpha releases).
Warm Reminder
Just a quick heads up before you get started on grinding alpha and airdrop - never ever use your main wallet to do so. Seriously, it's just not worth the risk of getting tangled up with a dodgy dApp and losing all your hard-earned crypto. Better safe than sorry, right?
So be smart and create a separate wallet for this stuff, and keep your assets safe and sound.
Disclaimer: The protocols and projects mentioned in this blog should not be considered as financial or investment advice. It is important to do your own research and due diligence before investing in any project. Please make sure to review the team behind the project and ensure they are reputable and trustworthy.
About Base
A couple of weeks back, Coinbase made a major announcement regarding the launch of Base, a Layer 2 network constructed using Optimism's OP Stack. As of now, the network is still in the testnet stage.
Even though Coinbase claims that they do not intend to introduce a fresh network token, it could be a smart move to speculate on protocol airdrops and the benefits that early adopters might receive based on the narrative.
How to use Base Testnet
There are two main pathways to gain access to Base testnet:
(i) Coinbase wallet - select Base Goerli Testnet in the network settings
(ii) Other wallets such as Metamask - manually add the relevant network (see Coinbase’s documentation)
But what about obtaining test coins, you may ask?
Right now there are several faucets available for users to acquire these coveted tokens. Utilizing Base's official faucet is one option, with Coinbase wallet users also able to obtain 0.1 test coins directly in their developer settings.
Alternatively, you can also claim testnet tokens from other faucets such as Coinbase Faucet and Quicknode.
You can also explore the option of bridging from ETH Goerli to Base Goerli. One straightforward option involves using Base's official cross-chain bridge.
Finally, for those looking to expand their involvement with Base's testnet, the option exists to deploy one's own Base Goerli node. This may be done at no cost through either QuickNode or BlockDaemon, with Infura currently in the process of opening its own Base Goerli node waitlist. All in all, Base's testnet presents a wealth of opportunities for users to explore, experiment, and hone their skills in the dynamic world of blockchain technology.
Protocols on Base to Watch Out for
Minting of domain is live on ETH miannet at 0.0067ETH.
>4K handles have been minted to date.
BaseLend
This lending protocol is non-custodial and open-source, and it supports LSD, FX stablecoins, and NFT tokens.
They haven't shared anything on Twitter or their website yet, so it's still pretty early imo.BaseDex
Website and Twitter accounts for BaseDEX are scant on details at the moment, but the upcoming exchange has big plans to offer users minimal trading fees (small fees!) and utilize aggregator technology to secure the best prices for its users (big features).
Safe
Safe {Core} Account abstraction SDK enables app developers to integrate account abstraction features into their dApps.
Keep an eye out for upcoming news on Base in March, as it was mentioned in the tweet.
Wen👀?
0:46.1/ 🔵 We’re excited to announce @BuildOnBase. Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps. Our goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy. https://t.co/RmwZFJzGGs
Coinbase @coinbaseEuler Finance
Another lending/borrowing protocol deploying on Base testnet.
Euler 💙 CoinBASED We are thrilled to be participating in the testnet for @BuildOnBase, a new Ethereum L2 incubated by @coinbase. This is a huge step in scaling Ethereum, and in line with our commitment to high-performance, decentralized financial tools for all.🔵 All your Base are belong to you. https://t.co/LAqs8rEWuJ
Base @BuildOnBaseLayerZero
Just in today!
A blockchain-based trading card game that recently started its closed alpha testing. It raised at $500M valuation from Paradigm back in Oct 2021.
The team airdropped $PRIME a week ago, and the token has also been listed on Coinbase.
We are excited to share that Parallel will be using Base for in-game reward emissions of PRIME.1/ 🔵 We’re excited to announce @BuildOnBase. Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps. Our goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy. https://t.co/RmwZFJzGGsCoinbase @coinbase
GMX fork on Base. Protocol is live on Fantom and just rebranded.
And that's a wrap for today! If you come across any other protocols deploying on Base or new projects launching, don't hesitate to slide into my DMs on Twitter or Telegram. I'll be keeping a running list on Twitter or Notion to make sure everyone stays in the loop : )