Base founder Jesse Pollak plans to build a “dream wallet,” which will revolutionize the Web2 space by making on-chain storage better than online storage.
The Layer-2 (L2) network remains one of Coinbase’s best success stories, elevating the exchange’s business model from a centralized crypto exchange to a Web3 gateway.
Base L2 Flywheel Continues to Accelerate
Pollak’s “dream wallet” could enter the market within the next 6 to 12 months. The Base executive promises a product that is ten times better than anything currently available in Web2 or on-chain. While the launch timeline remains uncertain, Pollak highlighted the importance of refining the product to ensure users are comfortable with the unified account experience.
“I sketched out my ‘dream wallet’ that would be 10X better than anything in web2 or onchain today. Need to solve a bunch of hard challenges, but I think we can get there in the next ~6-12 months. Onchain is going to be 100X better than online,” Pollak shared.
Pollak’s vision for the dream wallet has sparked concerns about data control mechanisms and transaction costs. In response, he invited developers to join the Base team to address these challenges.
Meanwhile, assets are steadily flowing into the Base blockchain, with more being locked into its DeFi protocol. According to DefiLlama, Base’s Total Value Locked (TVL) has surged by an impressive $6.4 billion since August 8. This sharp increase reflects rising user participation and growing confidence in the platform.
Read More: What is Base Chain? Everything You Need to Know
The growth can be attributed in part to Base’s close affiliation with Coinbase. The two platforms share a symbiotic relationship, with Base enhancing Coinbase’s position as a DeFi powerhouse.
“As you may know, our goal is to bring a billion users onchain. To make that happen, we are working toward making onchain technology as fast, cheap, and easy to use as possible. Our new smart wallet is one example of how we’re doing this – it’s a leap forward that allows people to get started in just a few seconds and with just a few clicks. And with Base, onchain transactions can now often cost less than 1 cent. We’re continuing to work to make onchain technology even better in the future,” Coinbase spokesperson shared with BeInCrypto.
This partnership encourages existing decentralized applications (Dapps) to build on Base, giving projects access to Coinbase’s wide range of products and large user base. This helps them reach a new audience beyond traditional DeFi users. Base currently ranks as the second-largest Layer-2 network by Total Value Locked (TVL), with only Arbitrum (ARB) ahead of it.
As a Layer-2 solution, Base makes it easy for users to create new meme coin tokens, providing access to a broad audience and high trading volume through Coinbase. This ease of access has been crucial to the network’s growth, domiciling popular meme coins like Brett (BRETT), Degen (DEGEN), and Toshi (TOSHI), among others.
Read more: 7 Best Base Chain Meme Coins to Watch in 2024
However, the meme coin frenzy also brought challenges for Base. As reported by BeInCrypto, the network has faced several issues, including security vulnerabilities related to its meme coins. These vulnerabilities have exposed users to potential losses and negatively impacted Base’s TVL.
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