PDAX Learn Primer: What is the Base network?

What is the Base network?

Base is a secure, low-cost, builder-friendly Ethereum Layer 2 (L2) designed to help bring a billion users and a million developers onchain with an ecosystem of onchain applications.

Base-typical transaction costs of less than one cent and speeds of just a few seconds make onchain technology more accessible to everyone. Base offers a 24/7 global payment rail which operates at the speed of the internet. It’s a low-cost technology layer that anyone can use to create onchain applications (i.e. socials, media, gaming, entertainment).

As an open and permissionless platform, Base wants to make it as easy and rewarding as possible for anyone to build and create on Base, to maintain ownership over their content, and earn revenue for their work. It’s committed to engaging with and educating the developer community as Base believes developers who build consumer applications are the key to unlocking an onchain future for all. 

The Base network’s mission and initiatives

In 2024, Base declared that its mission was “to bring a billion people onchain, and to build a global onchain economy that increases innovation, creativity, and freedom”. It’s focused on the following initiatives:

• Accelerating decentralization while increasing network availability
• Driving down fees across the board
• Making smart wallets the default
• Making it dead simple to on and offramp
• Bringing Coinbase onchain — and using those lessons to help others
• Making the Superchain seamless and effectively governed

The Base network by the numbers (as of December 2024)

• $13+ billion in assets on platform (the #2 across all Layer 2s)
• $3.8+ billion total value locked (#1 across all Layer 2s)
• 70-90+ transactions per second (processing 5x+ transactions more than Ethereum L1 at 13-15 tps)
• #1 L2 by transactions per second
• Median transaction cost of less than 1 cent (compared to $0.5 - $5 on the Ethereum L1). 

Since its launch in August 2023, Base’s consistent growth has solidified it as a crucial onchain network and a key part of the onchain ecosystem.

The Base network on PDAX

Here in PDAX, users have the option of using Base for its $USDC and $ETH trades. With Base, typical transactions cost less than one cent. That’s on top of the other benefits of trading on PDAX, such as participating in the Hold & Earn program for $USDC stablecoin rewards. Check the program page for terms and conditions at www.pdax.ph/hold-and-earn.

Ready to trade on Base? Download the PDAX app today!

For inquiries or complaints, please contact us through the following channels: Chatbot: https://pdax.ph or https://web.pdax.ph/ (click webchat feature); ‘Customer Support’ webpage at https://support.pdax.ph; Email: support@pdax.ph. Please provide us your name, email address, and any other information that we may need to identify you, your PDAX Account, and the particulars of the Order and/or Transaction on which you have feedback, questions, or complaints. If you already have a registered PDAX account, please provide us your registered name and use your registered email address.

Philippine Digital Asset Exchange  (PDAX), Inc. is an entity regulated by the Bangko Sentral ng Pilipinas (BSP) https://www.bsp.gov.ph. You may get in touch with the BSP Consumer Protection and Market Conduct Office through the following channels:

Email: consumeraffairs@bsp.gov.ph;

Webchat: http://www.bsp.gov.ph (click webchat feature);

Facebook: https://www.facebook.com/BangkoSentralngPilipinas;

Direct Line: (02) 5306 2584 / (02) 8708 7087;

 Trunk Line: (02) 8708 7701 loc. 2584;  or

SMS: 21582277 (for Globe subscribers only).

For further details, you may refer to BSP's Inclusive Finance - Consumer Protection.