How To Buy, Sell, And Trade Crypto On The Base Network
January 28 2024 - 11:00AM
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The foundational infrastructure of the Base Network brings about
yet another Ethereum Layer 2 network, distinguished by its
scalability and empowerment through the notable association with
Coinbase. Coinbase is recognized globally as one of the most
trusted cryptocurrency exchanges and companies, Coinbase
effectively manages a diverse portfolio of crypto assets,
solidifying its status as a cornerstone within the digital currency
realm. Positioned as a pivotal solution to address the persistent
challenge of high transaction costs within the Ethereum network,
the Base Chain stands quite firmly to revolutionize transaction
fees, delivering a cost-effective alternative within the secure
Ethereum environment. The assurance of a safe and reliable
ecosystem is heightened by the affiliation with Coinbase, an
industry titan renowned for its unwavering commitment and
10-year-long track record of great service. Reasons To Trust The
Base Chain The current centralized phase of the Coinbase company,
with its owners and Devs known to the public, establishes a solid
foundation for users to place their trust in the Base chain. With
over a decade of extensive experience in the cryptocurrency space,
Coinbase has consistently demonstrated its expertise by developing
and launching numerous successful crypto products. Related Reading:
How to Buy, Sell, and Trade ERC-20 Tokens on the Ethereum Network
This wealth of experience instills confidence in the Base Chain as
it navigates its initial stages of centralization, with a strategic
vision to progressively evolve into a decentralized entity over
time. For those embarking on their journey within the Base Chain
ecosystem, it is imperative to keep certain key considerations in
mind. Firstly, the association with Coinbase serves as a testament
to the network’s reliability and credibility. Additionally, users
can anticipate ongoing enhancements and decentralization
initiatives as the Base Chain matures, aligning with the broader
ethos of blockchain technology. In summary, the Base Network,
fortified by its affiliation with Coinbase, emerges as a promising
Ethereum Layer 2 solution, poised to alleviate the burden of high
transaction costs while providing a secure and gradually
decentralized environment. Key Features To Note About Base Chain
Absence of Native Token: Notably, the Base Chain currently operates
without a native token. Instead, transaction fees within the
ecosystem are conducted using Base ETH. This choice streamlines
interactions on the Base Chain and positions it as a unique player
within the cryptocurrency landscape on the Ethereum chain. Some
chain accepts their native token for gas fees but the Base chain
accepts Base ETH. Layer 2 Security Powered by Ethereum: The Base
Chain distinguishes itself as a layer 2 chain, constructed upon the
robust Ethereum technology. This strategic integration ensures a
heightened level of security, leveraging the well-established
reputation of Ethereum as one of the most secure technologies in
the crypto community. Consequently, the Base Chain is anticipated
to offer a security profile close to the Ethereum Layer 1 network.
Related Reading: How To Buy, Sell, And Trade Tokens On The
Avalanche Network Developer Transparency and Coinbase Backing: In
contrast to many emerging chains, the Base Chain stands out due to
its transparent development process and substantial backing by
Coinbase. The association with Coinbase, a leading cryptocurrency
exchange, lends credibility and trust. Considering Coinbase’s track
record of providing crypto products to over 100 million users and
processing $80 billion worth of crypto assets without
controversies, users can confidently rely on the expertise of the
development team. Anticipated Low Gas Fees: One of the attractive
features of the Base Chain is the expectation of significantly
lower gas fees compared to the native Ethereum chain. This
affordability factor provides users with an opportunity to
experience Ethereum Layer 1 compatibility at a fraction of the
cost, enhancing the cost-effectiveness of transactions on the Base
Chain. Open Source Technology with Optimism Integration: The Base
Chain’s Open Source technology is powered by the Optimism Open
Source chain. This integration not only supports the overall
functionality of the chain but also simplifies the development
process for creators. Developers can anticipate a user-friendly
environment for building applications on the Base Chain, thanks to
the enhanced capabilities and support provided by the Optimism Open
Source chain. Expanding on the diverse utilities and
functionalities within the Base Ecosystem Bridging Utility: The
Base Ecosystem has a bridging utility, facilitating seamless
interoperability with other blockchain networks. This feature
enhances the overall connectivity of the Base Chain, allowing for
the fluid transfer of assets and data across different blockchain
environments. DeFi (Decentralized Finance) Utility: Positioned at
the forefront of decentralized finance, the Base Ecosystem provides
comprehensive support for DeFi applications. Users can engage in a
spectrum of financial services, including lending, borrowing, and
trading, all within the secure and efficient framework of the Base
Chain. Gaming Utility: Acknowledging the growing significance of
blockchain in the gaming industry, the Base Ecosystem integrates a
gaming utility. This functionality opens avenues for the
development and deployment of blockchain-based games, ensuring a
secure and transparent gaming experience for users. Social Utility:
Recognizing the social aspect of blockchain technology, the Base
Ecosystem incorporates a social utility. This facet enables the
creation and deployment of decentralized social applications,
fostering interactions, and transactions within a secure and
trustless environment. Related Reading: How To Buy, Sell, And Trade
Tokens on The Polygon Network NFT (Non-Fungible Token) Utility: The
Base Ecosystem extends its utility to support Non-Fungible Tokens
(NFTs), a rapidly evolving and popular aspect of the blockchain
space. Users can create, trade, and interact with NFTs seamlessly,
leveraging the secure infrastructure of the Base Chain.
Compatibility with EVM-Supported Wallets: The Base Ecosystem
ensures widespread accessibility by allowing users to utilize and
access its utilities through different Ethereum Virtual Machine
(EVM) supported wallets. This compatibility enhances user
convenience, as individuals can leverage familiar wallets to engage
with the diverse utilities offered by the Base Chain. How To Buy,
Sell, And Trade On The Base Network Select an EVM-Compatible Wallet
To be able to make any transactions on the Base network, you need
to have an EVM-Compatible Wallet. Click here to see a list of
wallet options you can select from but I would recommend you use
MetaMask, it is one of the most popular Ethereum Virtual Machine
(EVM)-compatible wallets and also one of the most used wallets for
Base Network transactions. If you are using a PC, install the
Metamask wallet extension by clicking on “Add to Chrome” to add the
extension to your Chrome browser, as shown below: Once installed,
open your MetaMask, set up your account, and make sure to keep your
secret phrase very safe, I would advise that you write it down on a
shit of paper, away from the internet where it can’t be hacked. Add
The BASE Network To Your MetaMask To add the Base Network to your
MetaMask, search for Chainlist on your browser, open it, connect
your MetaMask wallet, search for Base, and add it to MetaMask by
clicking on “Add to Metamask”, click on “Approve” and lastly click
on “Switch Network” on your Metamask. Acquire Base ETH To make any
transaction on the Base Network, you need Base ETH. Get your Base
ETH from these cryptocurrency exchanges such as Binance, OKX, or
KuCoin. Buy ETH on these platforms, go to the withdraw section,
making sure to choose the BASE network as your transfer Network,
which automatically converts your ETH to Base ETH as it gets to the
ETH wallet destination. Related Reading: How To Buy, Sell, and
Trade Tokens On The Arbitrum Network Alternatively, if you already
have native ETH in your Metamask wallet, you can use the BASE
bridge to bridge from the Ethereum Mainnet to the Base Network.
Bridging to Base Network ETH From Other Ethereum Layer 2s If you
wish to bridge your ETH to Base ETH from other Ethereum Layer 2
solutions, I would recommend secondary bridging platforms featured
on the BASE Bridge platform. These platforms facilitate a smooth
transition to the Base Network from various Ethereum Layer 2
environments, as shown below. Example Of Bridging to Base ETH From
Other Ethereum Layer 2s ACROSS PROTOCOL is the first secondary
bridging platform featured on the BASE Bridge platform as shown
above, all you need to do is connect your Metamask wallet and
select the amount of ETH you want to bridge to Base ETH and Bridge.
After Acquiring your Base ETH, you need to do your research and
know which token you want to buy on the Base Network on Coingecko
before heading over to Dexscreener to check for the token,
Dexscreener serves as a valuable tool for checking available tokens
on the EVM chain, including the Base Network. By selecting
the Base network on Dexscreener, you can access a comprehensive
chart of available Base tokens. Note that not all tokens are
supported on every DeFi DEX, search for the token you would like to
trade and select it. After selecting, look out for the Green Box
section selected in the image to identify which DeFi platforms
support the token you wish to trade. Obtaining Token Contract
Address Scroll down on the Dexscreener to find the token contract
address or go back to Coingecko and copy the contract address. This
address is crucial when trading on DeFi platforms. Copy the
contract address, and when you enter it in the swap section of a
DeFi platform like Uniswap, it will reveal the token. If the token
is not available on Uniswap, the Dexscreener will redirect you to
another supported DeFi where you can trade the token like
KyberSwap. Connect your wallet to KyberSwap, click on the
denominator token, and paste the contract address of the Base token
in the search box. Before initiating any trade on DeFi, confirm
that the network on the DeFi is on, in this case, the Base Network,
ensuring the token’s availability on the Base Network. If it’s not
initially on the Base Network, go to “Select a chain”, and select
the Base network to ensure compatibility. Choose the desired
pair of Base tokens and ETH (or other base pairs), specify the
amount you want to swap, and execute the trade. Related Reading:
How To Buy, Sell, And Trade Tokens On The BSC Network Reverse
Trading For Base Network ETH If you wish to trade from a BASE token
to Base ETH, simply reverse the order. Place the Base token at the
top and the ETH at the bottom, then proceed with the swap. This
allows you to exchange your Base token for ETH within the Base
Network. By following these steps, you can confidently navigate the
trading process on the Base Network, leveraging the features of
DeFi platforms and Dexscreener to make informed decisions and
execute trades seamlessly. Related Reading: How To Buy, Sell, And
Trade Tokens On The Optimism Network Conclusion The Base Network is
another Ethereum Layer 2 network which is also affiliated with
Coinbase, which is one of the most trusted cryptocurrency exchanges
and companies in the crypto space with over 100 million users and
processing $80 billion worth of crypto assets. Base Network has a
lot of features which I have pointed out in the article already,
although the Base Network does not have its Native token yet, it is
still trusted and reliable due to its affiliation with Coinbase.
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