Overview:
Base is an open-source, developer-friendly L2 EVM blockchain, built on the MIT-licensed OP Stack. Base is being incubated inside of Coinbase and will serve as both a home for Coinbase’s onchain products and an open ecosystem for permissionless development. Coinbase has partnered with Optimism throughout the inception and launching of Base to help realize the Optimism’s superchain vision. Base testnet is currently live, with docs available here. Mainnet launch is tentatively scheduled for summer 2023.
There is strong potential for Base to generate high TVL on and introduce millions of new users to Synapse because of
(1) Base’s plan to natively integrate with Coinbase products (110 million users)
(2) the 50+ dapps that have committed to deploying on Base
(3) Base testnet numbers:
Motivation:
- Access to a massive target audience: BASE provides access to Coinbase's vast user base of over 110 million verified users. By integrating with BASE, Synapse Protocol can tap into this significant user pool and expose them to rest of DeFi. This exposure to Coinbase users can lead to substantial growth in the Synapse Protocol community and attract new sticky users who prioritize fast and secure cross chain interactions.
- Revenue opportunities and user growth: Building on BASE provides valuable revenue opportunities for Synapse Protocol. By leveraging Coinbase's products and distribution channels, including seamless integrations, fiat onramps, and access to a vast user base with billions of dollars in assets, Synapse Protocol can capture the growth and the interest of users within the Coinbase ecosystem.
- Early mover benefits: As one of the first projects to activate on the Base mainnet, Synapse can enjoy early mover advantages. This includes attracting sufficient volume and joining a community of well-established DeFi giants such as Aave, Balancer, and Uniswap on Base mainnet.
- Shared values with Coinbase: Base wants to provide easy and secure access to Ethereum L1, other L2s, and various L1 ecosystems. Base is fully open -source and aims to progress towards full decentralization. Base has a vision to be an open ecosystem inviting a group of Day 0 builders and projects to contribute on Base and bring it to life. Synapse Protocol aligns with these values.
Implementation:
I suggest Synapse deploy a stablecoin bridge on day 1 launch of Base mainnet, comprised of nUSD and USDC, with funds sourced from Nima Capital.
