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Vrushal Kapadnis 🎩 🔄

@iamvrushal

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Vrushal Kapadnis 🎩 🔄 pfp
Vrushal Kapadnis 🎩 🔄
@iamvrushal
Friday Stat Let’s keep Friday’s for weekly /base state updates. ​​Total accounts: 18.37M Total Completed Transactions: 370.35M (24.71M) Total Tokens: 1.259M Avg Tx Fees: $0.0227 (reduced by ~20%) TVL: $1.593B 🔼 (Total accounts = that completed at least 1 tx) Img Credits: DefiLama
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Vrushal Kapadnis 🎩 🔄 pfp
Vrushal Kapadnis 🎩 🔄
@iamvrushal
Based!
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Vrushal Kapadnis 🎩 🔄 pfp
Vrushal Kapadnis 🎩 🔄
@iamvrushal
Friday Stat Let’s keep Friday’s for weekly /base state updates. ​​Total accounts: 16.351M Total Completed Transactions: 345.64M (19.7M) Total Tokens: 1.146M Avg Tx Fees: $0.0281 (reduced by ~10%) TVL: $1.425B 🔻 (Total accounts = that completed at least 1 tx) Img Credits: DefiLama
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Vrushal Kapadnis 🎩 🔄 pfp
Vrushal Kapadnis 🎩 🔄
@iamvrushal
What is blockchain explorer? Does Base have an explorer too? Blockchain Explorer is a tool to view and explore all the information on a blockchain including, transactions, blocks, addresses, and network metrics. In short, everything that happens on the blockchain is noted in the explorers, you can see your past transactions, You can stalk other wallets to know what they are doing it. Blockchain Explorers are the UI of transparency of the blockchain. Base does have an explorer - It's https://basescan.org/
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
What is bridging in crypto? Bridging in crypto refers to the process of transferring assets between different blockchain networks. Ex. ETH transferred from Optimism to Base But why is it complex? It is because blockchains are inherently closed systems, they don’t receive or share their state or data internally with other L2s or other L1s. (Base being a L2 to Ethereum, it shares with Ethereum but not Optimism or Arbitrum or even Solana) Think of it like, L1 blockchains are Nations and L2s are states in a nation. Buying Gold with your $$ is easy but sending $$ or Gold to your friend in France is complex, some system needs to be involved. Similarly, in crypto we have bridges. You can use Debridge, Stargate or Across to bridge your assets to /base.
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
What is Onchain Summer that everyone is talking about for a month now? Onchain Summer is an annual event hosted by base and coinbase where builders creators come together and create art, NFTs or build dApps for everyone. Builders and creators receive rewards for contributing to the program. Rewards can be ETH grant, gas fee grants, or retro active funding. A total of 600 ETH (~$2M) in rewards. P.S. I participated in the Onchain Summer Buildathon with a fun project too. I built zoun.fun which allows the Nouners to discover what fellow community members are minting on Zora.
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
Whats the relationship between /base and /coinbase? Base is an Ethereum Layer 2 (L2) chain that offers a safe, low-cost, developer-friendly way to build on-chain. while Coinbase is the biggest crypto centralized exchange (CEX) in North America. Base is an initiative by Coinbase to help scale Ethereum Also, Coinbase's verified users can access the crypto ecosystem via Base. Img credits: Offcourse Coinbase Blog
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
Let’s keep Friday’s for weekly /base state updates. ​​Total accounts: 14.556M Total Completed Transactions: 325.98M (22.9M) Total Tokens: 1.017M Avg Tx Fees: $0.0313 TVL: $1.738B (Total accounts = that completed at least 1 tx)
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
Can Layer-2 Gas Fees Go Higher Than Ethereum? You believed that we are on Layer-2 so fees will always be less than Layer 1 right? You are wrong. Layer -2 fees can go higher than Ethereum. But How? Fee is simply a function of demand for limited block space on a specific network. As seen in our last post, /base or any L2 has two components to the fees, L1 (security) and L2 (execution). When the demand on L2 spikes, the execution part can go higher to an extent that it becomes expensive than Ethereum. Has this happened ever? Yes, with Arbitrum. The Arbitrum Odyssey event saw a massive increase in user participation on the Arbitrum network surpassing fees on Ethereum. However the fees on base is too low and with the introduction of blobs, the probability of this happening is low. But even if it happens, it would be a good problem to have on base.
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
I am an FBI Officer! Recruiting now. https://hypersub.withfabric.xyz/s/fbi/2?referrer=0x59387e6869a12d76f321ea609de4e073284f734f
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Vrushal Kapadnis 🎩 🔄 pfp
Vrushal Kapadnis 🎩 🔄
@iamvrushal
What is Gas and What is the avg gas fee on /base? Ok. Basics 101 here. Gas is a measure of your transaction cost that you are willing to pay for a specific action on the blockchain. Technically, Ethereum explains it in a different way, “Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network.” But as a layman, consider it as a fees that you spend to get your transaction done. You can change the fees that you want to pay in your wallet settings. Usually the gas fees are pre-suggested by the wallet and/or the website. Now, what costs are involved in a Layer 2 like base fees? Every Base transaction consists of two costs: an L2 (execution) fee and an L1 (security) fee. The L2 fee is the cost to execute your transaction on the L2, and the L1 fee is the estimated cost to publish the transaction on the L1. Typically the L1 security fee is higher than the L2 execution fee. (1/2)
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
What's the relation between /base and /optimism ? Optimism and Base are L2s, they compete for TVL and still they have a certain relationship. What is that exactly? Base is built on Optimism’s open-source OP Stack. Now what is OP Stack? OP Stack is a modular, open-source framework for building blockchains created by the Optimism team. Base is the second Core Dev team working on the OP Stack contributing to the development and contributing a portion of sequencer revenue with OP. Base grows, OP grows! img credits: base dot org
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
Some interesting and important Base Stats which you should know to be, ‘Based’. Total accounts that completed atleast 1 tx: 13.49M Total Completed Transactions: 313.6M Total Tokens: 1.017M TVL: 1.712B
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
What is Block Finality? And what's the /base block finality? So we saw block time, now let's understand block finality. Block finality is the assurance that a transaction is irreversible once confirmed and added to a block in the blockchain network. Once a transaction is deemed final, it can no longer be altered. This is like the "final final final final.doc" version of a specific block. IYKYK While base blocks take 16 minutes to finalise, similar to Ethereum. P.S. If you know why it is similar to Ethereum? Let me know in the comments.
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
What is Block Time? And what is the avg Block Time on /base? First let’s understand what is a Block? A block in a blockchain is a digital record of transactions that contains data, such as transaction details, a timestamp, and a reference to the previous block, forming a chain of blocks (hence the name “blockchain”). Each block contains a unique identifier, hash — a cryptographic representation of the block’s data. Now what is Block Time? Block Time is the time taken to process and form a new block by a specific chain. Ethereum has a block time of ~ 13 seconds while Base has a block time of 2 seconds. Img credits: Bitstamp.
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
I don't know about you but I like this! @metamask - good one.
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
What is TPS? And what is Base TPS? TPS simply means Transactions Per Second on a specific chain. It is the measure of how many transactions can happen in a second onchain. For Base, as of today it is Real Time TPS: ~ 37 tx/s Max Recorded TPS: 293 tx/s Max Theoretical TPS: 1429 tx/s It is no where close to what the world would need, if we move on chain. But that’s what devs are solving for. Img credits: Miami Herald
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
What is TVL? And what’s the TVL on Base? Total Value Locked (TVL) is a metric used to measure the total value of digital assets that are locked or staked in a particular dAPP or chain. At the moment, Base is the 7th largest chain with a TVL of $1.77B. P.S. $1.77B TVL without token speculation. Be based.
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
What is Layer 1 and Layer 2? And is Base a Layer 2? Layer 1 (L1) refers to the underlying blockchain network, such as Bitcoin & Ethereum, that validates and finalises transactions on its own. But L1s have scalability issues and to resolve it, developers created Layer 2. L2s are networks too which rely on L1s for security and stability but allow users to make transactions at a vast scale and lower cost. Base is a Layer 2 built on Ethereum enabling faster and cheaper transactions for us. While Ham Chain is an L3 built on top of base.
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Vrushal Kapadnis 🎩 🔄
@iamvrushal
After Adidas it's time for /doodles to come home to /base The Doodles x Base NFT mint. https://zora.co/collect/base:0x1e1ad3d381bc0ccea5e44c29fb1f7a0981b97f37/1?referrer=0x59387E6869A12d76f321Ea609de4e073284F734F
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