What is Base?
Base is an Ethereum Layer 2 (L2) chain designed to offer a secure, low-cost, and developer-friendly platform for building decentralized applications. It operates on top of the Ethereum blockchain protocol, processing transactions off the Ethereum mainnet (Layer 1) to improve scalability and efficiency.
Developed in collaboration with Optimism and incubated within Coinbase, Base leverages the expertise of industry leaders to provide a robust solution for Ethereum scalability. With its focus on safety, affordability, and developer-friendliness, Base aims to empower developers to build innovative applications while offering a seamless experience for users.
For further information, please explore the official Base Network documentation available at: https://docs.base.org
What about the fees? A simple breakdown
Each Base transaction incurs two expenses: an L2 (execution) fee and an L1 (security) fee. The L2 fee covers transaction execution on the L2, while the L1 fee estimates publishing costs on the L1. Typically, the L1 security fee exceeds the L2 execution fee.
The L1 fee varies based on L1 transaction volume; flexible timing can reduce costs, such as submitting transactions during low gas periods (e.g., weekends). Similarly, L2 fees fluctuate based on L2 transaction volumes, using the same adjustment mechanism as L1.
Transacting with Base
Currently, Base does not feature its own native token. Instead, transactions on Base are facilitated through Ethereum (ETH) via Coinbase. Consequently, users are required to utilize ETH for transactional activities on Base, albeit at a fraction of the cost compared to the Ethereum mainnet.
If you're looking to swap to Base, you can easily do so using the Magic Eden Wallet.
A step-by-step guide on swapping to Base using Magic Eden’s wallet.
Open Magic Eden’s Web3 Wallet and select the “Swap” option in the bottom tab, represented by two arrows.
Choose the asset you wish to swap at the top section. Then, at the bottom, choose "Base" as the target asset for your swap. In the example below, we are swapping SOL to Base.
To finalize the transaction, simply click on 'Swap' to execute.
Ready to jump in?
You can now collect Base NFTs on our platform, by simply navigating to https://magiceden.io/base.
If you have any questions, feel free to reach out to our support team. Simply open a ticket by using the chat widget.