The Base Network is gaining more and more attention as a people’s chain, or differently put, an affordable chain where memecoins can be launched and liquidity can be provided. So, how do you use this new chain from OG exchange Coinbase? In this guide, we’ll dive into the steps to get assets into a wallet on the Base Network and how to utilize the applications available on it.
What is Base?
To start off, what exactly is ‘Base’? Well, Base represents an Ethereum Layer 2 platform developed under the wing of CoinBase, one of the leading cryptocurrency exchanges in the world. The network was launched publicly on August 9th, following its testnet debut in late February of the same year, and uses optimistic rollup technology to enhance Ethereum’s scalability.
By processing bundles of transactions on its network and finalizing them on the Ethereum mainnet, Base significantly increases transaction throughput and lowers the transaction fees that are very high on the ETH mainnet.
Built on the OP Stack, an open-source framework developed by OP Labs and actively contributed to by Coinbase, Base supports Ethereum’s vision of a “Superchain” – a concept that envisions a future where multiple L2s using the OP Stack could interoperate seamlessly.
As an EVM-equivalent platform, Base allows for all Ethereum code, tools, and infrastructure to function without any alterations. This means the interfaces you are used to when using ETH mainnet are similar, and just the underlying network will differ.
Setting Up a Crypto Wallet for Base Network
If you want to use it, you need to set up a wallet beforehand. You’ll need a crypto wallet and can choose from many wallets, such as MetaMask, Trust Wallet, and Rabbi, and so on.
For setting up a wallet, check out our articles here. In this case, we provide more information on MetaMask, the setup of which is a quick process, taking roughly about five minutes.
Once your wallet is ready, you’ll be able to receive coins, and after setup, you can import your wallet into any of these clients and use it across various devices. It’s as simple as that.
How to Add the Base Network to MetaMask
With certain wallets, such as MetaMask, you may need to manually add the Base Network to see and use any coins sent to you. In MetaMask, you’ll find a list of networks. If the Base Network isn’t there, you can add it manually.
Simply go to “Add Network,” and you should see an option for the Base Network. You can easily switch back and forth between networks.
Your Ethereum address remains the same across all networks; what changes is the network from which you’re sending the coins. Ensure that you’re withdrawing from the correct network when sending coins to your wallet on the Base mainnet.
How to Send ETH to the Base Network?
Base operates as a layer two on top of Ethereum, which means it uses ETH to pay for transaction fees. Before you can use the network, you need to buy some ETH and send it to your wallet address (on Base).
After setting up your wallet on the Base mainnet, copy your wallet address from MetaMask or your chosen wallet, then purchase ETH from a centralized exchange.
When sending ETH to your wallet, it’s crucial to select the Base mainnet to ensure that the coins are sent over the correct network.
To send ETH over the Base Network, you’ll need a compatible exchange such as Bybit that supports the Base network. You should:
- Obtain your Base network address.
- Choose the Base network on your exchange when sending ETH.
Remember, the process might vary slightly depending on the exchange you use, but the key point is to ensure that you select the Base network as the destination for your ETH.
How to Bridge ETH Tokens to the Base Network Without an Exchange
You can bridge ETH tokens directly to the Base network without using an exchange. You can use a bridge service like LI.FI to transfer your ETH from the Ethereum mainnet to the Base network.
It’s important to compare the costs of gas fees for bridging directly versus transacting via an exchange to decide the most economical method. Most of the time, the fees for bridging will be higher than withdrawing from a centralized exchange.
How Do I Connect My Wallet to Bridge ETH?
To bridge ETH to the Base network, you can use the Jumper bridge.
- Visit the Jumper bridge.
- Connect your wallet (e.g., MetaMask) by following the on-screen instructions.
- Make sure your wallet is on the Ethereum mainnet.
- Select the amount to bridge and follow the prompts to complete the transaction.
Remember, bridging will incur transaction fees, which can vary based on network conditions.
What Steps Should I Follow to Swap Crypto on Base?
To swap crypto on Base:
- Receive the bridged ETH in your Base network wallet.
- Visit a DeFi platform that supports the Base network, such as Uniswap.
- Connect your wallet, ensuring it’s on the Base network.
- Select ETH as your “swap from” currency.
- Choose the token you want to swap into, like USDC.
- Confirm the swap details and execute the transaction.
From here, you can start swapping any memecoins you like.
How Can I Add Tokens to MetaMask That Are Not Automatically Displayed?
If your wallet doesn’t automatically display the tokens you own, you can add them manually:
- Visit a coin registry such as CoinGecko.
- Find the token you want to add, and get its contract address for the Base network.
- Copy the contract address.
- Go back to your wallet, select ‘Import Tokens’, and paste the address.
- The wallet should recognize the token; confirm and add it to your wallet.
How to Avoid Scams on Base Network?
Because anyone can launch a coin on Base and everyone wants to become rich, a lot of people are scamming one another. It’s not always easy to spot fake tokens from real ones. But luckily, CoinGecko offers their Gecko Terminal that helps in doing so.
Gecko Terminal is a decentralized exchange (DEX) screener that provides valuable insights into the trading volumes and activities of all coins. It serves as a crucial tool for traders looking to find legitimate trading opportunities among a sea of potential scams and meme coins.
Steps to Assess Token Validity Using Gecko Terminal
- Visit Gecko Terminal: Navigate to Gecko Terminal to examine the trading volumes and activity.
- Check Trending Coins: Use the ‘Show Trends’ feature to view trending coins by trading volume and top gainers.
- Analyze Top Volume Tokens: Focus on tokens with the highest traded pools, such as USD Coin (USDC) against Ethereum (ETH), to find normal and reliable trading pools.
- Examine Detailed Token Information: Click on a specific pair to view comprehensive trade details, including transaction history and price changes over time.
Conclusion
Now that you know how to send or bridge funds over to the Coinbase Base network, you can start looking for the next memecoin and use the Gecko Terminal to navigate the volatile crypto space more confidently. But remember, the hype in crypto quickly dies out, so who knows what the next narrative will be on Base. Always check your own Base, so to speak.
