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.
How to swap wETH & More on Base with Magic Eden
Looking to swap wETH to ETH—or other supported tokens? Magic Eden makes it fast, easy, and secure. Whether you're managing your assets or preparing for your next NFT purchase, our swap tool has you covered.
For global users: https://magiceden.io/swap
For U.S. users: https://magiceden.us/swap
Just connect your wallet, select Base as your network, and instantly swap Wrapped Ether, ETH, and tokens from other chains with confidence.
If you’d like to learn more, check out our guide here.
If you're looking to swap to Base on Mobile, you can easily do so using the Magic Eden Wallet.
Ready to jump in?
You can now collect Base NFTs on our platform, by simply navigating to https://magiceden.io/base. (Please note that US users will be redirected to https://magiceden.us/base)
If you have any questions, feel free to reach out to our support team. Simply open a ticket by using the chat widget.