April 17

Learn more about Base, The NEW Powerful Level 2 by Coinbase

Base.org by Coinbase

About Base.org

Before we get into Base I think it is fitting to cover a bit about Coinbase and Coinbase Ventures. As Base is the "NEXT BIG THING" coming from Coinbase & Coinbase Ventures.

So let's provide you with a "base" of knowledge (or foundation) first.


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About Coinbase:

Coinbase is one of the most well-known and widely used cryptocurrency exchanges in the world. It was founded in 2012 by Brian Armstrong and Fred Ehrsam and is based in San Francisco, California.

Coinbase provides a platform that allows users to buy, sell, and store various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others. It offers both a website and mobile app interface, making it easy for individuals to access and manage their cryptocurrency holdings.

One of the key features of Coinbase is its user-friendly interface, which has helped onboard millions of people into the world of cryptocurrencies. It supports various fiat currencies, making it accessible to users from different countries. Additionally, Coinbase provides a range of services beyond basic trading, including cryptocurrency custody, staking, and a professional trading platform called Coinbase Pro (now referred to as Coinbase Advanced Trading)

Coinbase has played a significant role in the mainstream adoption of cryptocurrencies and has become a trusted platform for both retail investors and institutions alike. In April 2021, Coinbase went public through a direct listing on the NASDAQ stock exchange, further solidifying its position as a leader in the cryptocurrency industry.

About Coinbase Ventures:

Coinbase Ventures is the venture capital arm of Coinbase, one of the largest cryptocurrency exchanges in the world. Founded in 2018, Coinbase Ventures focuses on investing in early-stage companies and projects within the cryptocurrency and blockchain space.

The primary goal of Coinbase Ventures is to support and accelerate the development of the cryptocurrency ecosystem by providing funding, mentorship, and resources to innovative startups. Through its investments, Coinbase Ventures seeks to identify promising projects that have the potential to drive growth and adoption within the industry.

Some notable investments made by Coinbase Ventures include projects related to decentralized finance (DeFi), blockchain infrastructure, non-fungible tokens (NFTs), and cryptocurrency protocols. By leveraging its expertise and network within the crypto space, Coinbase Ventures aims to contribute to the long-term success and sustainability of the broader blockchain ecosystem.

Highlights:

  • What is Base.org?
  • Base is a tokenless Layer-2 blockchain
  • Base is built and maintained by Coinbase
  • How to Buy Coins on Base in 3 Easy Steps
  • Is BASE the Land of "Hidden Gems" & "Crypto Wonders"?
  • Read the Base.org Whitepapers

About Base.org by Coinbase

Clearly, there are more opportunities beyond what can be found on Ethereum. And while you’re now prepared to target anything on the Solana or Ethereum networks, we think you can still do more.

In fact, a new network has emerged as a leader in producing similar crypto wonders. Naturally, that would mean you need additional tools to target them. 

But we feel the opportunities that can be found there are worth a few additional steps. 

There are a few cryptos that have caught our attention on this network, but none are quite ready to hop into. 

That’s okay. It gives you time to prepare …

Introducing Base:

Base is a tokenless Layer-2 blockchain.

Layer-2 chains, you’ll recall, are sidechains built alongside base networks to act as a scaling solution. 

Base specifically offers cheaper, faster processing than Ethereum, which it’s built to scale. But it benefits from all the security of Ethereum. Plus, its technology is totally compatible with Ethereum. 

That means pre-existing Ethereum decentralized applications — or dApps, platforms like Uniswap, for example — can run on Base without time-consuming conversion or modification. 

This cross compatibility is a key reason total value locked on Base is growing like gangbusters. 

As a reminder, TVL is one of the best measures of a DeFi protocol’s usage and adoption.

1-Month TVL Growth

Figure 2: Base has the largest 1-month change in TVL among top-10 coins, +127% vs. +50.18% for Layer-1 darling Solana (SOL).

Part of this rapid growth stems from Base becoming a virtual hothouse for creating and launching new cryptos. 

Now, here’s why we’re excited: Base is built and maintained by Coinbase. Meaning the Base to Coinbase pipeline is already there.

Not every new crypto launched on Base will be listed by Coinbase, naturally. However, we believe there are substantial opportunities for top performers to make the jump from DEX to CEX. 

You’ll need three tools to target new crypto wonders on Base.

  1. You’ll still need your centralized exchange on-ramp to convert fiat into crypto. 
  2. You’ll still need a self-custody soft wallet. But for opportunities on Base, we recommend using Coinbase Wallet. 
  3. You’ll still need Uniswap. But this time, you’ll need to switch its underlying blockchain to the Base chain.

You should already have your CEX account set up. If not, you can review how to do that here.

And we previously showed you how to set up a Coinbase Wallet here

Remember, this is not the same as the built-in wallet that stores your crypto when you buy on Coinbase. This is a separate, self-custody wallet that only you can control. 

Please make sure you have this set up before you proceed.

We now show you how to use it to buy on-chain coins on Base. 

How to Buy Coins on Base in 3 Easy Steps

Here is a brief overview …

Step 1: Make Sure Your Coinbase Wallet Has Been Properly Set Up

Step 2: Send ETH from Coinbase CEX to Your Coinbase Wallet 

Step 3: Connect Your Wallet to Uniswap on Base

Step 1: Make Sure Your Coinbase Wallet Has Been Properly Set Up

If you haven’t already, set up your Coinbase Wallet using this guide we prepared.

Step 2: Send ETH from Coinbase CEX to Your Coinbase Wallet

Once you have set up the wallet, you should see the following screen: 

  • Click the Coinbase Wallet icon (the blue circle around the white “C”) on your browser extension list. That will open your Coinbase Wallet in a pop up, highlighted by the red box above. 
  • Click the double box icon marked by the yellow 2 to copy your wallet address. This will actually open a second pop-up with several addresses: 

       [ Images in our Downloadable PDF ]

Base.org

  •  Click the double box next to your Ethereum address to copy that one. (Confusingly, the Base and Ethereum addresses are one and the same. You will need this address for the next section.)

Next, using your internet browser, navigate to the Coinbase exchange and log in to your account. You should see the following screen: 

Click here to see full-sized image.

We already covered how to buy ETH on Coinbase in our video guide. If you don’t have ETH already in your Coinbase account, please put some in now, before continuing.

For the purpose of this guide, you just need a small amount to fund your Coinbase Wallet.

  • Hit the blue Send & Receive button at the top-right corner. The following screen will pop up:

[ Images in our Downloadable PDF ]

  • Make sure the Send toggle, marked by the yellow 1, is selected.
  • In the field marked by the yellow 2, key in the desired amount of ETH you wish to send. This is the amount you will invest in a coin. Remember to add not just the ETH you want to swap into our recommended crypto, but also a little extra to pay gas fees. Typically, $20 of ETH should be more than enough to cover fees. For the purposes of this guide, however, we’d recommend only sending a small amount of ETH as a test.
  • Next, hit the To button marked by the yellow 3. That will open a new pop-up which allows you to choose the network of the transaction:
[ Images in our Downloadable PDF ] 


  • Select Base as the destination network. 

The transaction fees are displayed on the right for each network. This fee will be deducted from the ETH you send out. And you can see just from this how much cheaper Base is compared to Ethereum.

Once you select Base as your network, a new screen will show allowing you to paste your Coinbase Wallet address (marked by the yellow 1 below).

[ Images in our Downloadable PDF ]
 

If you’ve sent crypto to your Coinbase Wallet before, the address will show below, in the area marked by the yellow 2 above. 

Once you’ve entered your address, you’ll return to the original swap tab:

Click here to see full-sized image.

 

  • Hit Preview Send, marked by the yellow 3, and you will see the following confirmation screen: 
[ Images in our Downloadable PDF ]

 

Make sure the details are correct. In addition to checking you have the correct network, amount of ETH and fees, we recommend comparing the first three and last three characters of your wallet address against what you see in your Coinbase Wallet browser extension. 

This is to help confirm you’ve pasted the correct address. Remember, if you mess up your address, there is no way to reclaim your lost crypto.

  • When you’re satisfied the details are correct, click Send now

Your Coinbase Wallet will pop up asking you to verify the transaction. And if you set up two-factor authentication, you may have more steps to approve the swap.  

Once everything has been approved and confirmed, you can now navigate back to your wallet screen by clicking the Coinbase Wallet icon on your browser extension tab. 

After a few minutes, your ETH balance should be updated, as shown below: 

[ Images in our Downloadable PDF ]
 

Step 3: Connect Your Wallet to Uniswap on Base

Now, move on to Uniswap. 

We have previously bought coins on Uniswap using MetaMask on the Ethereum network. 

This time, we will use Uniswap to buy coins using the Coinbase Wallet on Base.

So, connect your Coinbase Wallet to Uniswap.

  • Click this link: Uniswap, then click Connect in the upper-right corner, marked by the yellow 1 (below).
[ Images in our Downloadable PDF ]
 
  • You’ll then see the following drop-down menu. Select Coinbase Wallet then click Connect in the next screen.  

[ Images in our Downloadable PDF ]

Now your wallet is connected. But it’s on the Base network and Uniswap is still on Ethereum. 

To change that, go back to the Uniswap home page.

Then, find the diamond icon right next to where your wallet address is now displayed, in the top-right corner, marked by the yellow 1 below.  

[ Images in our Downloadable PDF ]
 
  • That diamond icon tells us we’re still on the Ethereum network. Click it to open a drop-down menu, as shown below.
[ Images in our Downloadable PDF ]
 
  • Select Base, as that’s the network we want.

Perfect! Now you’ve connected your Coinbase Wallet and switched Uniswap to run on the Base network. That means you can swap for any new crypto wonder built on the Base network.

Now, you just use Uniswap the way you have for past recommendations. The network has changed, but its user interface is still the same.

This is prime hunting ground for New Crypto Wonders.

Base is the New Land of "Hidden Crypto Gems" 


[ Images in our Downloadable PDF ]

Conclusion:

This completes our Buying Guide on Base.

Being able to buy coins on Base enables access to a wider variety of new cryptos before they’re listed on CEXes.

This is prime hunting ground for New Crypto Wonders. 

But as you’ve seen, this may also require recalling certain topics previously covered. That’s why we make sure to link or include everything you’ll need to act on our recommendations when we send them.

So, expect to see this issue linked again in the future. 

Being able to buy coins on Base enables access to a wider variety of coins. And this guide allows you to act immediately once our “buy” alert is issued. 

[ Images in our Downloadable PDF ]


 

David Jamison Florida Djamoney on StockTwits
Cryptojamz Online Courses


* Post content inspired by an EMAIL from: Juan Villaverde with Dr. Bruce Ng of Weiss Crypto Wonders. *

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