Potential Airdrop from Base Mainnet
Base is a project that has been incubated by Coinbase, one of the largest cryptocurrency exchanges in the US, and has emerged as a beacon of innovation and hope in the ever-evolving crypto space. Designed as a Layer 2 (L2) scaling solution, Base endeavors to mitigate the inherent challenges faced on the Ethereum mainnet, namely high fees and prolonged transaction times. In essence, Base delivers the strength and security that is synonymous with Ethereum, supplemented by the unparalleled expertise of Coinbase.
Emerging from Coinbase's dedication to the evolution and stability of the Ethereum ecosystem, Base adeptly blends the solidity of the Ethereum Virtual Machine with considerably reduced expenses. With its mantra of "Big features, small fees," Base delivers the full power of EVM at minimal cost, while also championing the advancement of the developer platform. Developers can effortlessly initiate gasless transactions for their dApps using intuitive APIs for account abstraction, and also craft secure multichain applications via user-friendly bridges. Crafted on the MIT-licensed OP Stack in collaboration with Optimism, Base ensures open-source availability, bolstering its relevance and trustworthiness. Its tight-knit integration with Coinbase facilitates smooth fiat conversions and connects with Coinbase's vast user base. At its core, Base envisions a global crypto economy that is both inclusive and expansive.
Recent data underscores Base's soaring trajectory. As per DefiLlama insights, Base's TVL (Total Value Locked) experienced a meteoric rise in just the span of a month, from August 2023. Starting with a modest 13.43 million USD, it catapulted to a staggering 194.97 million USD by August 24, 2023 – a testament to its booming success.
Base's Total Value Locked
August 9, 2023, marked a significant milestone with the official launch of the Base mainnet. The million-dollar question, of course, surrounds the issuance of a new network token, which has not yet occurred. In their inaugural documentation titled "Introducing Base", the project clarified their stance, declaring that there are no plans to do so. However, history has taught us that such declarations from other L2 blockchains have then become U-turns, ultimately leading to token rewards for their users. Of course, the point of airdrops is not merely to widely distribute new tokens, but also to infuse life into a project through volume, community strength, and participatory governance.
Base mainnet launch announcement
While Base’s current position is that there won’t be a token, the evolving nature of the crypto landscape implies that nothing is set in stone. Bearing this in mind, crypto enthusiasts would do well to align with Base from the outset, immersing themselves as genuine community members and bolstering the project. Any subsequent airdrop or reward would be a bonus, reminiscent of the unexpected windfall many received with the Arbitrum airdrop. When airdrop announcements remain under wraps, fewer participants are in the game. Thus, early adopters and genuine supporters stand to reap the most substantial benefits if such an event materializes.
Base for everyone and decentralization
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Summary of the steps
Step 1 - Add Base network to your wallet (-)
Step 2 - Bridge from ETH mainnet to Base mainnet (*)
Step 3 - Trade and provide liquidity (*)
Step 4 - Complete quests (*)
Step 5 - Dive into NFT minting (*)
Step 6 - Acquire your domain from Base name service (-)
Step 7 - Connect on social media (-)
* Activities to be undertaken on a weekly basis. Refer to analyst tips for detailed insights
- Actions required only once
Estimated time: 50 minutes
Airdrop: Mainnet recently launched, potential airdrop
Cost: Minimum required to get started between 500 USD - 1,000 USD
Fees: Starting from 10 USD (subject to change)
Add Base Network to your wallet
First, it's essential to integrate the Base network into your digital wallet using ChainList, a central hub for Ethereum Virtual Machine (EVM) chains. If you're unfamiliar with ChainList, think of it as a comprehensive resource that aggregates data from diverse EVM networks, facilitating smooth connections between them and your wallet. Most EVM-compatible wallets align well with ChainList. Here's a step-by-step guide to get you started:
- Navigate to the ChainList website and connect your wallet
- After successfully linking your wallet to ChainList, browse through the array of networks available
- Identify and select the Base network from the dropdown
- Select "Integrate with wallet." For illustration purposes, we'll demonstrate using MetaMask, a popular choice for ChainList interactions. However, you can use alternative EVM wallets like Trust Wallet, Frame, Taho wallet, or any other supported Ethereum wallet
- Follow the on-screen instructions to add the network to your wallet
- Well done! The Base network is now seamlessly linked to your wallet
You can also directly input the Base network specifications into your wallet by using the Network Details
Adding Base Network to your wallet
Bridge ETH from the Ethereum mainnet to the Base network mainnet
The official way to bridge funds from the Ethereum mainnet to the Base mainnet is through Base’s bridge, but you can also bridge ETH funds from other bridges to the Base network. You can find more information about this in the tip section.
Now, to bridge ETH from Ethereum to Base using Base bridge, follow these steps:
- Visit Base’s official website and click on the “Bridge” section
- Make sure to connect your wallet
- Click on “Deposit”, then select the amount of ETH you want to deposit on the Base network
- Click on "Deposit ETH" and follow the instructions by your on-screen wallet device
- Now, you will receive a notification indicating that the transaction is in progress
- Now, click on the “Transactions” section to verify the transaction status
- For optimal results, we recommend you carry out the funds bridging a minimum of twice weekly
- While the bridge sum provided is just for demonstration, it's typically recommended to transfer substantial amounts, beginning with a baseline of 500 USD or more, for enhanced benefits
- Consider consolidating your efforts: Here's a list of token-free bridges that have already incorporated Base: Bungee Exchange, Orbiter Finance, Wormhole and Stargate Finance
Bridging ETH funds from ETH Mainnet to Base Mainnet
Deposit in transit to Base
Withdrawing your funds from the Base network to the Ethereum mainnet
Currently, your only transfer route is to the Ethereum mainnet. However, when you do, you're not limited to just ETH. There are additional choices at your disposal such as cbETH, DAI, USDC, COMP, BAL, RPL, rETH and SOFI.
To withdraw your funds from the Base network, follow these simple steps:
- On the same page, click on the "Withdraw" button
- Choose to withdraw from the Base network to the Ethereum mainnet
- Choose the amount to withdraw and decide if you want the funds back in ETH or in any of the other assets we have mentioned
- Click on “Withdraw” and that's it! Your funds will be withdrawn from the Base network
Withdrawing your funds
As the Base Network is built on the OP Stack from the Optimism network, withdrawals may take up to 7 days. The Optimism network employs Optimistic rollup technology, and the 7-day delay for withdrawals on Optimistic rollup is a precautionary measure to allow sufficient time for the publishing of fraud proofs and the possibility of canceling any potentially fraudulent withdrawals. This delay is an integral part of the challenge process, ensuring that all claims go through a rigorous validation process before being processed.
Trade and provide liquidity
Several DEXs are now up and running on the Base network. Here's a brief overview:
- Base Swap is an Automated Market Maker (AMM) that operates within the Base network. It's essentially a fork from Uniswap v2, with a TVL of 54.91 million USD. Its token is called BSWAP. As a note of caution, this project hasn't been audited yet. As of now, Baseswap holds the distinction of having the highest TVL in the Base ecosystem
- Swap Based is another AMM DEX fork of Uniswap v2. It boasts a TVL of 19.32 million USD and uses the BASE token. It's still awaiting an audit
- SushiSwap V3, derived from Uniswap V3, is an AMM DEX with a TVL of 15.57 million USD. The associated token is SUSHI, and it has been audited. You can click the following links to read more about the audit reports for the core and periphery contracts if you wish
- Balancer v2 is also an AMM DEX with a TVL standing of 3.96 million USD. Its token is BAL, and it has been successfully audited
- Synthswap, one of the earliest DEXs with an AMM in the Base ecosystem, was forked from Uniswap v3. It has a TVL of 2.56 million USD and its token is SYNTH. It's been audited and approved
- Uniswap V3 is another AMM DEX with a TVL of 5 million USD. It operates with the UNI token and has been audited
- RocketSwap is an AMM DEX forked from Uniswap v2, with a TVL of 1.96 million USD. It uses the RCKT token and is audited
- HorizonDEX, an AMM DEX, comes from the Uniswap v3 lineage, has a TVL of 600,431 K USD and utilizes the HZN token. HorizonDEX has been successfully audited by three independent auditing firms: Hacken, SolidProof, and DefiMoon.
Other DEXs that don't have a token:
- Slingshot is a comprehensive DeFi application that allows users to search for, send, receive, and swap across a vast array of over 50,000 cryptocurrencies. Users get the best rates and also benefit from zero swap fees. Slingshot has been audited and their security has been optimized. You can find more about their audit findings here
- Odos stands out with its unique patented AMM path-finding algorithm. It's designed to aggregate various DEXs, pinpointing the most optimal routes for token swaps. This approach ensures users save money on their trades. Odos’ smart contracts have been audited
For those seeking a more exhaustive list of DEXs, DefiLlama has a dedicated section that is worth exploring
Another thing to do to increase your level of activity is engage in quests available on Coinbase, part in "Welcome Base Mainnet & Onchain Summer” on Galxe, and also check out the "Celebrate Onchain Summer on Base" quest offered by Layer3.
Dive into NFT Minting Post-Onchain Summer event
Although the Onchain Summer event officially concluded on August, 31, the ripple effects of its minting opportunities still echo. This initiative by Coinbase's Base blockchain celebrated the public debut of its Base mainnet, aimed at driving adoption of the Base ecosystem. While the main event of Onchain Summer has wrapped up, there are still numerous NFTs awaiting your mint. Thanks to some of these NFTs having an extended expiration date, ranging from several weeks to even 100 days, you have more time to be part of this legacy.
So, where can you still mint these NFTs and find them? Just head over to the Onchain Summer page. To give some context: Throughout August, new NFTs were introduced daily for minting. Base's account, on X, served as the primary source for daily NFT announcements, detailing the number and pricing of the NFTs available each day. If you've previously engaged with Onchain Summer, you might recall that prices began at 0.00077 ETH, with fluctuations depending on the day.
Even though Onchain Summer concluded on August 31, numerous NFTs remain available for minting. Some of these have an extended expiration date or deadline, spanning up to 100 days or a few more weeks. It's worth checking the provided list to see which ones are still available.
Acquire your Domain from Base Name Service
While the decentralized world can sometimes be hard to navigate with its lengthy hexadecimal addresses and intricate procedures, the Base network aims to streamline this experience. One of the ways it is doing this is through the introduction of the Base Name Service (BaseNS).
What is the Base Name Service?
Base Name Service (BaseNS) is the pioneering decentralized identifier on the Base mainnet. To put it simply, it introduces a revolutionized way of identifying data in the digital realm. Decentralized Identifiers (DIDs) are a step away from traditional centralized methods, which means they're not tied to any central registry or authority, resulting in more flexibility and information at your fingertips.
Why Opt for BaseNS?
- User-friendly integration with the Base mainnet: As the Base Name Service runs on the Base mainnet, using it inherently means you're deepening your interaction within the Base network’s ecosystem
- Ease of transactions: With a Base domain, transferring or receiving digital assets becomes a cinch. Instead of sharing or inputting complex blockchain addresses, users can simply use a friendly name, simplifying the entire process, especially for those who are new to the decentralized world
- Personalized blockchain address: Acquiring a domain on BaseNS means you can choose a unique name that's linked to your blockchain address. This not only adds a personal touch but also ensures that others can engage with you effortlessly, without needing to deal with complicated addresses
Potential airdrop bonus
Sometimes in the decentralized landscape, projects reward their communities by offering airdrops to those who have interacted comprehensively with their platforms. Given that Base Name Service is built on the Base mainnet, using it is equivalent to actively engaging with the Base network.
Should the Base network decide on a potential airdrop in the future, it's likely that users who have acquired domains or shown active participation on BaseNS will stand a better chance at being recognized and rewarded.
So, are you ready to get your own Base domain? Follow these instructions:
To start, ensure you have sufficient funds in your Base network account. If you're short on funds, you can revisit Step 2 and bridge additional funds. This can be done from the ETH mainnet using Base’s bridge or from several other L2 chains, such as Bungee Exchange, Orbiter Finance, Wormhole or Stargate Finance. Of course, it’s better to use a chain that is already integrated with Base.
Once the previous step has been solved, head over to the Base Name Service website and click on “LAUNCH APP”. Ensure you connect your wallet and switch it over to the Base mainnet. Now, you're set to register your .base domain name. Feel free to use letters or numbers in the provided box (Note: Emojis and special characters aren't supported yet). On the right side, you'll see an option to check the availability of your chosen name. If it shows as “Available,” click on it to move to the next phase.
Next, decide the duration of your registration - each increment corresponds to one year. The longer the duration, the higher the cost. Use the “+” symbol to extend the duration. When you are content with your choice, click on “Request To Register with ETH” to continue. Follow the prompts provided by your wallet to confirm the transaction.
Once you've done this, you should receive a notification confirming your successful Base domain registration. You can verify this by clicking on “My Profile”, where you'll see your new .base domain name, complete with its expiration date. Enjoy your new domain!
You should be cautious and only obtain a domain from the official Base Name Service X account due to the presence of a fraudulent account circulating on X, promoting fake airdrops with the intention of deceiving people.
Click on LAUNCH APP
Make sure your network is connected to Base Mainnet
Registering your Base Domain Name
Setting Registration Period + Request
Base Domain registered
Your new acquired .base domain name
Click on “My Profile”
Connect on social media
Stay updated by following Base, Coinbase and Brian Armstrong on X. These accounts provide key insights into Base ecosystem's developments. Don't forget to also join Bases’ Discord Server for real-time discussions and updates.
- Volume matters when bridging funds: When transferring funds between Ethereum mainnet and Base mainnet, the volume plays a significant role. For an example of this, Arbitrum's airdrop eligibility criteria can be referenced. Aim to transact values ranging from 500 USD to 1,000 USD, especially when bridging to the Base network
- Engage with the Base ecosystem: Base's ecosystem is growing daily. Ensure you interact with it regularly, engaging with Base bridge and other ecosystem components on a weekly basis to leverage the best opportunities
- Transaction metrics: Always consider the number, frequency, and volume of your transactions
- Safeguarding access to funds: Concerned about granting access? Utilize the REVOKE platform, which allows you to revoke transaction approvals post-completion. Here is a step-by-step tutorial for guidance
- Optimizing transactions and reducing fees: When sending ETH from the Ethereum mainnet to the Base mainnet, tools like the Ethereum Gas Tracker can be invaluable as you can monitor real-time gas fees to execute transactions more efficiently, saving on costs. You can also use ETHGas Alerts application as it will send you notifications based on the gas value thresholds you set. By setting multiple alerts, you'll receive timely notifications on your devices, aiding you with making well-informed transaction decisions
- Beware scams and misinformation: With the recent introduction of Base L2, the likelihood of scams has surged. Be vigilant as nefarious actors might exploit this new development to deceive users. Scams, fake profiles, and misleading announcements are ever-present dangers in the crypto realm. It's crucial that you always cross-check with official profiles and, in this case, Bases’ Official Discord server to ensure you're shielded from potential pitfall
- A word on Friend.tech: Friend.tech, the decentralized social media dApp has recently gained significant traction within the crypto community. Despite its rapid success, though, there are alarming concerns regarding user data and the past endeavors of its creators. The platform has reportedly exposed associations between users' public wallet addresses and X usernames, compromising user privacy. Additionally, team members were previously linked to the Kosetto project, which was abandoned without notice after significant user investment. Furthermore, Friend.tech's backers, Paradigm, invested heavily in the failed FTX exchange, whose founder now faces serious legal charges. Given these multiple red flags, along with a few others and the volatile speculative nature of the project, we recommend you approach Friend.tech with extreme caution. Always conduct thorough research before engaging with new crypto platforms
- Maximizing airdrop opportunities: To increase the likelihood that you secure this potential airdrop, continuous engagement and financial allocation are key. Use the tips in this guide and try them out at least three times a week to improve your chances
Why Base stands out in the Layer 2 space. Let’s take a deeper look
- Base's unique advantages and strategic partnerships
Base's L2 isn't just another addition to the blockchain. It has been meticulously designed to be secure, affordable, and developer-friendly, ultimately providing dApp creators with the opportunity to realize their full potential. The crypto community has taken note, with industry leaders like Blockdaemon, Chainlink, Etherscan, QuickNode, Aave, Animoca Brands, and several others all having pledged their commitment to build on Base.
- Growing and synergizing with the L2 community
Base's construction on the MIT-licensed OP stack in association with the layer-2 blockchain Optimism has only helped to establish its credentials. But Base and Optimism aren't competitors, they're collaborators. Optimism's open-source stack, which is integral to the Web 3.0 community, showcases the cooperative ethos of this new digital age, distinctly contrasting the competitive ethos of the Web 2.0 era. Open-source development ensures collective benefits without redundancy.
- Fees structure
Base's initial transaction fees are set between 0.10 and 0.20 USD, aligning with prominent L2 solutions like Arbitrum and Optimism. As L2s enhance the Ethereum network's capacity and efficiency, the Base team is optimistic that these fees could eventually drop to as low as 0.01 USD.
- Developers will have the capability to integrate their products directly with "Base"
"Base" will also include features for fiat currency onramps, which allow users to buy cryptocurrencies using their traditional (fiat) currencies.
This integration implies that Coinbase's user base, which is thought to be over 110 million, can interact with decentralized applications (DApps) on Ethereum Layer 2 through "Base"
- Purpose and role of Base
Base is described as an experimental platform, or "battleground," where developers and cryptocurrency-based companies can test and showcase their products and projects. This means Base will provide a sandbox-like environment for innovations in the crypto space
- Strengthening the Base ecosystem
Coinbase has initiated the "Base Ecosystem Fund" which is a testament to their commitment to nurturing early-stage endeavors developed on the Base ecosystem. This fund is purpose-built to provide the necessary boost to projects that align with Coinbase's stringent investment criteria
- Token speculation and beyond
While Coinbase has announced that there is no intention to launch a supporting token, history tells us that things can change. Many L2 blockchains have, after initial hesitation, embraced token airdrops to boost user engagement and community involvement. When Arbitrum and Optimism launched their mainnets in August and December 2021, respectively, both deployed token rewards and airdrops to supercharge early usage.
Thus, engaging with Base now might place users in a privileged position if such rewards do appear.
- Decentralization at Base's hear
Base's documents exude a clear commitment to decentralization, which emphasize:
- Collaboration and interoperability: Base envisions a united crypto-economy where collaboration reigns. Their dedication to decentralization nurtures partnerships and synergy, propelling Ethereum and the broader blockchain realm forward
- Openness and accessibility: Decentralization ensures that the crypto-economy remains inclusive, resisting undue control or censorship. Base embodies this ideal, championing a future where everyone, irrespective of location or means, can actively participate
- Trust and security: Base's blueprint for transitioning between rollup stages promises enhanced security and scalability, appealing to its user base
- Community engagement: Base believes in collective growth. By inviting the community's active involvement, Base is truly democratizing its ecosystem
Given the emphasis on decentralization, the potential for Base's token launch remains an open discussion. Decentralization often necessitates a shift from a solitary controlling entity to a more distributed governance model. Tokens can be instrumental in this transition, empowering users to actively partake in the network's governance, thereby dispersing and diversifying control. Airdrops, while tantalizing, remain speculative. Joining the journey now might just be a strategic move for future success, but of course it could be more.
It is also essential to recognize that the path to decentralization varies across projects. Not all decentralized initiatives necessarily culminate in the launch of a proprietary token. Some might lean on established tokens, harnessing their existing credibility and user base. Yet, for others, introducing their own token can be a strategic move, granting them nuanced control over their platform's functionalities and features.
That said, while the prospects of airdrops can be enticing, they come with their own set of uncertainties. Predicting a potential airdrop and the accompanying criteria is more of an art than an exact science. The specifics regarding eligibility for a potential airdrop on Base are not crystal clear. However, proactive engagement with the platform, like bridging assets or regularly minting NFTs, could position users favorably if an airdrop does materialize in the future.