Base Builder Friday: April 5, 2024

hey everyone let me just get my screen presented there we go P presenter view okay everyone should be able to see my screen happy Friday I'm Jesse if you don't know me it's great to see you I'm the creator of bass day-to-day leader of the bass core team super excited to be here we do this every month and the goal is really just to bring together our Builder Community you know folks who are building on Bas uh open uh kind of share what's top of mind for us what we're thinking about where we're heading from the core team and then open it up for questions so folks who have questions about what's going on in bass uh you know anything really have the opportunity to open that up and so we have a we have a nice agenda today I think it'll probably take like 15 minutes um you know mostly Gonna Be Me chatting and then I may bring up a couple folks from the team and then we'll open it up for questions as we're going through this agenda feel free to uh jump in and raise your hand or post a question in the chat and I'll try my best to answer them um you know no bad questions so feel free to to just jump in um so quick agenda uh I want to give a quick recap of q1 and well first off we're gonna start with Mission Vision strategy this is what grounds us um kind of how we think about you know what we're doing in the long term then we'll give a quick recap of q1 and all the progress we made in q1 as a ecosystem we'll talk a little about scaling uh because that's been top of mind uh you know from a fee perspective I think is is really important and something we're focused on as a team then we'll share some some updates on upcoming events so folks can actually see us in person and then we'll open up for Q&A and again feel free to open it up for questions uh you know just raise your hand as we go there's a little hand button down at the bottom uh if you like what we're doing if you like what I'm saying you can click the emoi uh in the bottom as well you can you know do a little reaction you can give me a you know thumbs up a clap what ever is good that gives me a little signal about how's how's how it's going so I'm gonna start with our Mission Vision strategy we do this every week as a team we just talk through the Mission Vision and strategy and the reason that we do that um is because uh it grounds Us in uh kind of the high level of what's important to base and ideally if we have a clear Mission Vision and strategy then every single thing that the team is doing uh and in many ways every single thing that people are doing in the ecosystem is laddering up to that Mission Vision and strategy uh so this is kind of the anchor that when we're making hard decisions can help shape those decisions help us figure out how do we make the right ones so from a vision perspective our vision is a world where everyone is on chain you know we say a million Builders a billion users all onchain all operating in this new onchain economy and the way that we're going to achieve that Vision the way we're going to bring the world onchain is by building an onchain economy that increases Innovation creativity and freedom that's Bas Bas is non-chain economy we think about it having three core Parts a developer platform which is kind of the the place where all of yall are building uh you know that's where you write your smart contracts that's where you deploy we're trying to make it easier better faster to use uh an app ecosystem uh these are all the incredible apps that Builders like yall build uh that everyday people can use uh whether they're businesses or individuals to to do things that they want to onchain and then finally a capital Market uh which is the kind of money that flows through the economy uh and enables it to work more effectively uh so base is an economy it's composed of those three parts a developer platform an app ecosystem and a capital market and our goal is to build the largest economy in the world that's an onchain economy that increases Innovation creativity and freedom so that's our vision and Mission that's the Northstar where we're going and why in terms of values and strategy uh the values are on the left side here we have four that we kind of come back to every time we talk as a team the first one is for everyone basis for everyone it's not just for people in a certain country it's for everyone it's not just for you know a certain type of Builder it's for everyone um the second is that base is really a bridge not an island we don't think about bra Bas as a place where we want to you know bring users and just like keep them there instead we want base to be an entry point for everyone to come on chain and we think many people will on board to base and then will go transact on other l2s across the super chain on other l2s outside of the super chain on L1 on even other l1s that aren't ethereum aligned uh and and that kind of bridge we think is really really important for Mak making sure that we're achieving our vision the third value is that we're decentralized in open source everything we're doing is pushing that goal of decentralization and and that open source characteristic is a key way we achieve that that's why we're built on the op stack that's why b.org is open source and anyone can contribute to it it's why pretty much everything we do we end up putting on GitHub and then the final one is to stay based uh this is actually a new value that we just added we used to have a different one here but this feels more all-encompassing because it's kind of uh encompassing of the culture that we're creating here uh and you know based culture I think has some sub values in there about working hard it's about believing in the team it's about staying optimistic it's about pushing the boundaries with creativity and I think when all of us are kind of making decisions about who we want to work with about how we want to be our guiding ask is to stay based uh and to make sure that with every decision we make we are living kind of those based values so that's the value side and then the strategy this actually goes back to the kind of economy that I was talking about earlier um there's four parts of the strategy the first is building out that developer platform making it sure it works really well for all of you the second is nurturing that vibrant ecosystem of apps so people actually have a reason to be on chain the third is fostering a really deep Capital Market that actually supports us to be the center of this onchain economy and then finally it's all about decentralizing and scaling so we can actually achieve our mission and vision of building an onchain economy that that you know it changes the world so those are our values and strategy and just to kind of run that back for all of you the the vision is the world onchain the mission is to build a global onchain economy that increases Innovation creativity and freedom our values are to be for everyone to be a bridge non Islands to be decentralized and open source and to stay based and then our strategy is about building an incredible developer platform nurturing an incredibly vibrant ecosystem of apps fostering a very deep Capital Market that everyone can participate in and then decentralizing and scaling the foundation that makes it possible for all of us to build here uh g t I see that you may have a question I'm not sure if that's an actual question but if so feel free to ask it okay it doesn't look like it's a real question but if other folks have questions feel free to raise your hand and I'll jump in and try and give an answer so that's our mission vision and strategy uh that's kind of the the Northstar that's where we're going the thing that I do want to reflect on as we just you know turned the page on on a quarter and this was a pretty incredible quarter uh you know I think this quarter base went from um you know being I think you know in the game uh you know being you know a meaningful contributor to to really starting to lead uh from an L2 perspective and so just a few metrics to kind of show all of the progress that all of you guys made uh in building base um first is that we see transactions and transacting addresses growing so on the left you'll see kind of transacting addresses oh you see transactions yesterday was our first day ever with more than three million transactions as a day in a day the last two days we've had more than 30 transactions per second um uh the transaction transacting addresses on the right you see that's been growing we're up past 300,000 transacting addresses a day um both of these metrics now mean that base is kind of the largest L1 from a transactions and transacting addresses perspective so that's really a cating progress Builders uh that's all of you the also continue growing um so you can see base here as the the kind of blue line that has that steep curve on the right side um you can see that we are now again the the number one L2 we're approaching polygon in terms of the total number of Builders um we're slowly making our way up to ethereum uh I think there's a path to to Crossing that this this uh this year but you know really exciting to see just how many people are coming to base um and and choosing base as their home to build Dex volume also uh continuing to grow really quickly so you can see on the the top left that's Dex volume we we had our first greater than a billion volume day um you know we've been growing the number of users who are trading with Bas um all of that has been pushing Bas to be the number one L2 again uh from a volume perspective and from a a users perspective and so again it's been really exciting to see alongside all the Builder energy that we have uh the actual kind of trading activity follow and we generally think about Builders leading uh and then user activity following uh so Builders are going to come they're going to build awesome things that's gon to give reasons people to come on chain uh that's gonna bring a bunch of users all those users are going to bring more Builders who are going to build more awesome things who are goingon to bring more users and that's the flywheel that's going to grow this ecosystem until we have the whole world onchain uh and then the final one um and we're not uh number one here yet um but we're growing really quickly you know I think this week we'll probably cross four billion uh in TV tbll as measured by L2 beat that's number three obviously base has only been around for about eight months at this point uh versus bunch of the other folks have been around for for multiple years and so it's been cool to see how quickly this has been accelerating um and I feel like there's a path this year um to going to be the largest economy so uh all of that has been just super exciting from a growth perspective and I think what we're seeing is that you know thanks to all of the hard work from all of y'all Bas is now um you know in many ways the market leader and it's the place that people want to be coming to build uh and that has been so so exciting and I'm so proud all the work that all of y'all have done and the core team has done to get here and the thing that I want to ground Us in is that we are still at the very very beginning the very very beginning you know there's less than 300,000 people on chain every day uh you know we need to get to there being billions of people on chain every day and so that's many many many orders of magnitude uh that I think we can um uh work together to make happen over the next few years but I think it's really important that even as we're seeing this progress um we stay grounded we stay based we stay focused on the learn long term and we remind ourselves that this is just the beginning and if we work hard uh we push each other uh we we live up to those values and strategy we're going to be able to accomplish so so much more together so that's scaling um before I mean that's uh the progress in q1 before I jump on to scaling I wanted to see is there any any questions about that progress that folks want to ask before we we move on to scaling yeah go for it Frankie hey Jesse uh Frankie from the yellow Collective um I'm building a social uh app we just partnered with Amazon um a lot of the kind of structure is around uh matchmaking and getting Gamers to play with one another we were're just kind of uh approach to build out a essentially a tipping system and you know we've been using stripe and PayPal for a lot of our Integrations we're looking to move over to uh base uh but also I've been talking to okx and Harmony uh if we wanted to kind of get onboarded with you guys um what is kind of the best way to to kind of get structured and get some technical input yeah absolutely um so I I'd say first off excited that you're gonna come and build with us um I think the best way is to just get started building uh you know you're going to learn a ton from from kind of that experience you can join Discord Discord Ryan also can can share our Builder chat uh in in telegram but I think think that the thing that we've seen again and again be the most successful people who come they come with that Builder mindset they start making an impact and then the team can really lean in to uh help kind of amplify the impact that you're able to make so super excited to get building with you awesome thank you okay if there AR any other questions on the metrics and progress um I'm going to move on and again we'll have time for questions at the end so don't don't feel stressed about getting them in now so that was all the progress that we made in q1 um the next thing I wanted to chat about was uh the the progress we're starting to make scaling uh and and kind of where we see this going over the next year um so if many of youall have been following along about two and a half weeks ago we shipped EIP 4844 this was something that the base team had been working on for um almost two years with a bunch of other ethereum core development teams and op labs and optimism and it had a really profound impact on Bas feeds so you can see on the left you know the medium transfer cost went down Subs scent huge impact it opens up for for developers and for users so much more possibility space um now the thing that I I don't think we fully anticipated was how quickly that was going to drive up the number of transactions so you can see on the left the cost of transactions going down and then you can see on the right the number of transactions skyrocketing and like I said yesterday was our first three million transaction day that's more than 30 transactions a second um and there's more and more appetite every day for people to be you know building and transacting on base so this happened um and I think what we saw was that because the number of transactions went up it also drove fees back up and that was pretty meaningful so you know there there were a couple days where you know people were tweeting and they were saying oh I'm seeing like five doll fees or $10 fees on base um and and the reason that happened is because the thing we fixed before it44 was we reduced the costs that we have to pay to ethereum to settle um but there still the cost for the gas market on base which is just like the ethereum gas market it has a capacity that it can kind of sustain and once we start going over that capacity the fees start Rising um and so that capacity for base was pretty low um uh we measured in something called uh gas per second which is basically how much compute can developers do in every block um and the base kind of gas per second was at 2.5 million gas per second and so when we started seeing all those more transactions that drove the local fee Market on base and it meant that as more people were trying to transact fees got higher and it led to these spikes so the team um uh moved really quickly on this you know we worked with the optimism team and we we started doing something called increasing our gas Target which basically means increasing the amount of C capacity or the the gas per second that base can process um and so over about a week we did two increases one from 2.5 million gas per second to 3.75 million gas per second and then the other from 3.

75 million gas per second to 5 million gas per second and each time we did one of those increases we saw the uh overall cost come down um so we increased the target uh fees came down um the the first time we we then saw fees rise again the second time we did the increase we've seen fees Stay Stay pretty steady um and you know I saw I saw Kevin just ask you know I I think people might ask oh this is just like magic you get to just increase in number and Tre go down um in some ways yes but there's still a bunch of hard challenges and you can't just keep increasing the gas Target without doing a bunch of work to make sure that that's sustainable and so our plan over the next 400 Days is to try and increase the gas Target by 400x so we've been calling it internally 400x in 400 Days and what that means is it means increasing the gas Target from 2.5 million gas a second to one gigas a second so 2.5 million is times 400 is a th000 million which is one gigas a second and in order to accomplish that goal there's actually a bunch of really hard challenges that we need to solve so the first is that we need to make it so we can actually run the blockchain this fast and with this much through fun and so that's optimizing death which is the primary execution client that we have uh it's also exploring and using ref which is a new execution client built for performance if it's investigating optimistic parallelization and doing everything we can to make it so that this kind of computer that we're running that all of us are running on nodes is running as fast as possible so that's the first big challenge that we're working on the second Big Challenge is that we have to make it so that as we process all these transactions we actually have the space to store them on ethereum and today the amount of data availability that ethereum has is still relatively low uh it could process about uh you know maybe like 20 30 40 Mega Million gas a second but the second we start getting beyond that there's a lot more capacity that we need to add and so our team starting to contribute to the overall ethereum scaling strategy for data availability by pushing forward things like pure daps which is the next Milestone on the Dank sharting road map that's going to get us a lot more capacity then from there we'll do full dank sharting which will get us a lot more capacity and we think that there's a path to doing this over the next 18 months and then the final challenge that we have to solve is managing what's called State growth which basically points to this challenge which is when you start running the blockchain faster and faster and you're processing more and more transactions and more and more gas the actual state of the chain gets bigger and bigger and so that changes the hardware requirements for nodes uh it means that as that state gets bigger you need more memory so you can actually store the state in memory so you can you know operate on it really quickly um and if you push that all the way to the limit uh you can run into problems and I think some of the the earlier blockchain that have pushed kind of scaling the gas limit really aggressively have started to run into some of those problems and so there's a bunch of solutions to this that you know are still in the kind of like research and development phase um in particular uh migrating to something called veral trees which is a kind of different way of uh you know storing the state uh on in the evm that that's that's more performant that lets us then do state expiry which would basically mean that not every node needs to store all the state uh instead only certain nodes need to store all the state folks can kind of get that state as needed and start processing them and so when we think about increasing the gas Target we're not just increasing the gas Target willy-nilly our approach is that we're going to be incredibly measured we're going to make incremental increases and we're going to make those incremental increases as we do this really important research and execution work that actually enables us to do that in a safe and structured way because on one side we have the goal of you know increasing to a gigas a second and keeping fees really low but on the other side we have our goal of maintaining at a minimum four nines of availability so 99.99 availability for the chain and pursuing a stage two decentralization and making sure that we are progressing on those reliability and those decentralization goals at the same time that we're scaling is incredibly important and we're doing the hard work to make sure that that's actually help so that's scaling um before I move on to the next section does anyone have any questions on SC scaling in the work that we're doing okay no questions there again there'll be time at the end for questions so no need to get them in now the the last point I'm scaling and I forgot I had this slide but I I'll I'll voice over it now is scaling is always a bit bumpy we're gonna see spikes of demand we're gonna try and keep up that with that demand um but my ask for all of y'all Builders is bear with us communicate clearly uh uh you know challenge us to to to to make hard decisions challenge us to to work harder and make sure we're we're solving things but also be expected for a little be expect a little turbulence um because whenever you scale a THX or 10,000x um it gets a little choppy and I saw this firsthand for five years I led coinbase.com uh as we scaled through 2017 and 20220 and 2021 um obviously a lot of challenges there um uh me and the team learned a ton from that and a lot of the people who spent five years scaling coinbase and learning about how to scale really well are now on the base team scaling base for this next generation of the internet so I'm really excited to scale with all of you I'm excited to bring all of that transaction activity so that we actually have a reason to scale uh and I I'd ask for your patience uh your positivity uh and your energy to help us scale together okay so that's scaling uh this is the last section then we'll open up for questions I just wanted to run through some upcoming events where you can uh see us in person uh if you're you know in in any of these places where you want to go the first is that we're starting to run uh based hackathons all around the world um so we have two coming up one is in Singapore and one is in Paris both on the 12th of April uh these are kind of first party owned and operated by based hackathons we're calling them based Paris based Singapore and we're going trying to expand base X to you know many many more cities around the world uh so if you're a builder you're a hacker you want to get hacking um join us on the 12th that's next weekend uh in Singapore and Paris we also have more community-driven meetups uh these are you know less about just building and more about meeting other builders finding people you want to build with uh and and connecting to to stay based so we have ones coming up in New York City Rome Hong Kong and across India I think we're doing like 20 different cities in India uh in the month of March and April uh and if you're interested in hosting a up uh we want to give you resources to do that um the the goal is to bring Builders together in real life uh you know we'll we'll be able to give you you know $2,000 to do that you can get pizza you can get an investment space you can bring together your local community uh to find other based Builders uh to get started building together and to bring more based energy into the world uh we we've had some really incredible leaders who've already started to to kind of Step Up to do this I'll just give a shout out to um statuette who's been driving a bunch of New York meetups the last few days and has been killing it uh you know asked her about base that's a a sign that she has incredible work statuette and then I I know I'm going to P his name because I haven't pronounced it loud out loud but sea uh who's been leading FBI uh forecasters Builders India uh and coordinating I think like 20 or 21 um Builder meetups across different cities in India uh has been bringing so much Builder energy just so excited to see all of the the incredible uh energy and community that that he's been building as well so if you're looking for for kind of like mentors or people who you can look up to as you're thinking about hosting a Meetup those are two great leaders in the based ecosystem who toally independently uh and of their own initiative started hosting base meetups and then the last note is that uh we we we are also going to be at some some hackathons and conferences coming up so we'll be at token uh 249 Dubai that's a you know actually like a a new one I didn't realize that until just yesterday Ryan's gonna be there we'll also be at e Dubai uh if you want to meet up with Ryan and the base team feel free to Ping him on telegram um that's our first time showing up at token 2049 in E Dubai so really excited to to be there and connect with builders in the region and so with that um uh that's kind of the the end of prepared remarks um we have about 15 15 20 minutes to open it up for questions uh and yeah feel free to jump in and if you can just raise your hand that that would be great um and maybe we can start with uh cak yes uh as a developer I just wanted to ask what's the entry way to get into the developer chats or if there are any groups uh because I haven't I haven't found myself yet so if I could just be handheld uh if there's a telegram group or a Discord group I'd love to join it and start participating yeah Ryan go for it yeah if you just uh so if you go to b.

org or doc. b.org there's the telegram or sorry there's the Discord on the top uh if you could if you could just D DM me on telegram with your project uh we can we can get you added into the uh into the telegram Channel just uh send me links and and and highlight what you're building it's not only for like Engineers Builders developers it's for artists it's for creators anyone who's doing Co things on base yeah and just to give folks like a little bit of a mental model for how we think about these channels the largest community channel the the largest community channel for base is SL Bas on forecaster that's where everyone in the bass ecosystem is I think we have about 160,000 people there um the next kind of concentric Circle if you're just getting started Building on Base uh is Discord uh we have tons of Builders from from our team in Discord you'll be able to get help you'll be able to you know learn how to do base camp um and when you're getting started that's probably the best place to start uh then when you're actually like building a project on base and you know you're you're committed you're you're spending a ton of your time on that and you're looking for other uh kind of Builder to a similar level of dedication we have a telegram chat uh and that's a little bit more close just so that we can make it um you know really really really high signal um and so uh Slash Bas is open to everyone uh Discord open to everyone go check it out um if you want to join the telegram ping Ryan uh share what you're working on he'll add you to that hey you wanna you wanna next question first off thank you for your support you you responded to us on farter um when we sent for Vital nation and one question I'd love If people could just say their name and also say where they're calling in from when they do that when they when they ask a question hi I'm Casey uh one of the co-founders at lemonade uh we're building an open source ticketing and Community Management platform on top of es and zero knowledge check-ins my question is how do I get you guys to move from Luma and use lemon8 stand in set for ticketing who do I I love it you should talk to Sarah who's on the call who who organizes all of our events se you can ping her um always open to to look at um dog fooding onchain products uh you know we want to be doing more and more of all of our stuff onchain I don't if folks saw yesterday but one of the things I was really excited about was we actually just started subscribing to a bunch of creators with hypers sub yesterday so that's taking all of the kind of earnings that we've made from being a creator with all of our kind of bass drops and actually giving them back to the ecosystem and so we're always excited to try out on chain products uh and feel free to just hit us up and we we'll give things look we can't always promise we'll be able to switch or use them but we love giving them a try thank you awesome Casey uh there was one question in the chat so I'm G that and then I'll jump back to the list here um and that's what is BAS perspective on layer 3es um our perspective uh is that layer 3es are going to be a really big deal um the way I think high level about layer 3es is that at the top level we have layer or the bottom we have layer one this is kind of the most decentralized uh it's ethereum it's kind of you know G to be more expensive but maximally decentralized in Secure then Layer Two is really all about scaling ethereum while basically providing the same guarantees you know level of decentralization but much much lower costs I think most everyday users will onboard to ethereum uh it will be I mean to Layer Two it'll be predominantly evm you're gonna have a ton of interoperability uh and it's going to gradually over time become more and more tightly connected with layer one and then on top of layer two we're gonna have layer three and the way I think about Layer Three is it's basically like servers that are connected on chain and so just like today there's you know billions of servers all around the world and they run different programming languages and uh you know they're configured in different ways and they have different trust assumptions layer 3es are going to be the same there's going to be billions of them uh they're going to run different programming languages and and virtual machines they're gonna have different trust characteristics some are gonna be more centralized some are gonna be more decentralized and they're GNA sit on top of layer two and kind of plug into the onchain economy that layer two provides and leverage the identity the assets that actually live there and so this is exactly what we're starting to see on base in the last couple months we've seen the rise of at this point I think a handful of layer layer 3es but I expect there will be many more um the way I think about them as a developer uh is is kind of as like a a journey so I think most developers will start on Layer Two you'll build an app it'll be easy that's the best place to get started it's cheap uh you can basically uh just Deploy on a shared uh instance kind of like you were using Heroku uh so you don't have to worry about all the complexity then as your app scales where it's like oh now we're doing millions of transactions a day uh and it's costing a fair amount of gas on Layer Two then you can pull out to a dedicated layer three which lets you continue to use all the infrastructure that you built on Layer Two you know maybe your token maybe your nfts but in a dedicated environment and so that's going to be kind of a scaling strategy think about it like moving from a shared computer to a fully dedicated server uh that's going to let you scale further as your application gets bigger and bigger but I think that incrementality is really important you don't want to prematurely scale because that's going to you know mean that you're focusing on all these other things that you know aren't as important as finding product Market fit I think most folks will start on layer two and then kind of scale to layer three as they reach more and more customers okay next question was Da Vinci oh hello everyone uh Da Vinci um a co-founder for Munchies where new NFD collection come to base shortly uh with the core aimed to amplify art partnered for a number of large artists Etc um the question I guess is two part the first question is since we're moving to base is there a Channel or recommended list of smart contract devs that we could look to employ or bring on board for our back end um that's a good question uh I don't know if we have a dedicated list of of kind of backend folks Ryan do you have anything to add in here yeah I think the best place to look would be the Discord server for that and uh there is like a section for hire uh on there's a channel there and so I would just go and post in that in that side and uh will will can you post the uh link to the Discord server just so that we have it handy for everyone yeah sure thing yeah I see I think it that's actually a good um it's it's a good push like one thing we could think about building would be like a kind of like a job board or you know based build Builder looking for Builder um uh so that that's a it's something that we hear pretty frequently and um it yeah something we'll explore okay brilliant um secondly is there a a group or a channel where I guess NFD Founders congregate because there's not that many projects on base at the moment that's really the base uh the forecaster Channel that's uh I mean that's a there's a combination of nft creators there's there's there's Engineers there's just everyone there and that's it's a very super Vibrant Community so just highly recommend going on that side yeah strong plus one to to joining the forecaster Channel there's also the sl-based art forecaster Channel where there's kind of a more art Focus Niche but I mean it's been pretty incredible to see how many um you know nft communities have been launching on base I mean yesterday I think there was swatches and outlands launched uh today small Bros is moving over I minted uh like the weird drugs project this morning which was a funny one um I also Meed A fungi yesterday which I you know took me a second to even figure out what that was but I have now a little mushroom um and so it's it's been really cool to see I feel like in the last month just so much energy of people starting to bring their creativity to base and one other thing on the the kind of nft and culture front is we actually just I think finished or are in the process of wrapping up the Genesis um uh release from foundation on Bas which is the first time that they brought a bunch of one of oneof one artists um to base and I was looking at that I think there's like hundred hundreds and hundreds of bids um the average bid price was um you know over an e and I think it's really starting to show that you know at this point people are looking at base as ethereum you have kind of that scale collector base um you have a ton of people bringing real high quality art it's really cool to see that we kind of have both ends of this spectrum now we have people who are doing kind of scaled projects um using the lower fees we also have people who are doing um the art and you know that even benefits from from having lower feed so really excited about how much creativity is coming on chain right now any other questions yeah Ethan hey what's going on guys happy to be here uh Happy base Friday uh what are your thoughts on as far as L3 and and onboarding and offboarding I know you've talked about onboarding and offboarding and that being kind of a a big deal um how are you looking at that towards you know yeah you know going from an L2 and then having to go back from an L3 back to an L2 and the time frames with that yeah it's a great question um and I I think one of the the perspectives that we have around why l3s are going to be really interesting is you can onboard to an L3 through L2 so uh what that means is it means that you know because there's a ton of on-ramps that we're building to base and off ramps that Ian I mean specifically yeah go for it sorry like specifically like Fiat right I mean I know like you know of course we want to stay inside but like specifically like if you're and even like you know people are using crypto you know spending crypto with a card right so how does Fiat work with that yeah that that that's I was I was kind of getting there but the the basic idea is because Bas is building really really rich on-ramps to base and because the way l3s work where l3s settle directly to base and you can have really fast bridging into l3s because of the base block times and because the way that that kind of bridging Works what we're starting to see is that people are basically building um on-ramps that go through base to the L3 uh and so I think like desent is a good example of this um uh what they let you do is they let you um onramp from fiot and onramp directly to the L3 and the way that that works is rather than decent building a whole direct integration where they're running the chain they just build the integration to base and then they use Smart contracts on base to execute the transactions on the L3 and that's way way way more scalable and so I I expect what will happen you know this is just starting to emerge because these l3s are just starting to emerge is there's GNA be a ton of infrastructure and tooling for developers that basically wraps all of the L2 on-ramps and makes them available out of the box on any L3 because they can all follow this pattern of ramping to L2 and then executing the transaction on L3 and so what that means is you're going to have really really great on-ramps that are the same as the on-ramps to L2 on L3 so that that's what solves the on-ramp problem I think for off- ramping there are slightly different considerations because you're going to have some latency when you're trying to get funds off of the L3 so for instance if you're running an optimistic L3 you're still gonna have that s-day hold period uh and so I think there are going to be people who do kind of liquidity management to make it to users having sent off ramps um but that is going to be a little bit trickier and I think it's gonna be important for us to figure out ways to get down that kind of settlement time from the L3 so you can actually get faster and faster off ramps for users thank you thanks Jesse yeah thanks for asking Ethan um I think uh technically web 3 was next hi how's it going good um so I'm actually just building on base for the very first time and I'm a little bit confused about um I was looking for I guess like a base coin that I can use to pay in gas is it just base eth that we use to pay gas fees it's just e base is ethereum and you just use eth to pay gas fees there's no base token um you know obviously that's different than some other chains but you know what we're really focused on right now is just building an incredible developer platform uh and we think the easiest way to do that is to let people pay an e awesome um and I guess I had another question which is kind of um I I don't know where to start with this because I was going off of something that somebody told me about Bas which was that you can actually log in using a web two thing to kind of generate a wallet is that something that based or is that something that's the coinbase wallet uh architecture yeah so that's that's the coinbase wallet architecture um I don't know if folks have seen it uh but we um have been working with coinbase to launch something called the smart wallet um which hopefully should be it should be launching you know in weeks not months um before the summer because onchain Summer 2 is coming we think that that's going to be Far and Away the easiest for way for people to get onchain um you're going to be able to get set up in less than 10 seconds you don't need a separate app you don't need an extension uh it works across all apps um uh you know out of the box it's a fully unified wallet um it's going to have direct connection to on-ramps uh so that you can spend from a debit card spend from a credit card you can spend from your coinbase balance and all of that's just going to work totally out of the box so if you're a builder who um is thinking about onboarding and thinking about how to make it as easy as possible for users to onboard I'd really encourage you to check out the smart wallet and does that use the uh web 3 off is that using the web 3 off technology uh yeah it uses the connect wallet uh standard um as a smart wallet that's awesome I'm excited yeah try it out um Mick I think you're up hey uh Mike here and I joined I'm calling in from New York uh joined a little bit late so I'm sorry if you covered this if you did I'll just watch the recording or something but I've seen you coin something like gigas or Mega Gas I don't know something did you cover this already could you kind of give me like an explain like on five like what is this new gas denomination why do we need it what is it yes so I'm just put I'm just putting up my slide here you go um so what is giga gas so basically we did cover it you should definitely watch the the slides um because I talked over this for a few minutes but I'll just say it again folks who maybe didn't catch it um the the thing that is uh you know I think most important for impacting how much throughput base can process is something called the gas Target which is basically you know how much gas can we process per second you know the average like a transfer cost 21,000 gas uh and as of two weeks ago when 4844 launched base was able to PR 2.5 million gas per second so uh you know transfer cost 21,000 gas if it was the if the block was all transfers that would be uh uh a thousand transfers now most most blocks aren't just transfers you know there's many many more things and most of them are way more gas comp expensive uh and so uh what we're aiming for over the next kind of 400 Days although that's a stretch goal obviously is to increase the target from 2.5 million gas a second to a th million gas a second which is 400x 2.

5 million gas a second so we're going to multiply 2.5 times uh 400 which is 1,000 and the name that we've coined for that is one giga gas a second and so it's basically saying we want to be able to process a thousand million gas per second um over you know the next 400 Days we're going to do that incrementally there's a ton of work that we need to do in order to get there we've done our first doubling so we went from 2.5 million gas a second to five million gas a second in two stages with the second one happening earlier this week and there's lot of work but I feel like there's a path to doing this if we push really hard and make sure that we're also balancing kind of the scalability with reliability and de centralization on the other side awesome thank you and sorry I said Mick good to not it's Mike I've always known because you and I have dm' so much but I just had never Mike it's all good man thank you do a threel oh I was threel ens name for Mike is impossible so this is CRA I love it um okay we're we're we have uh you know five minutes so I'm gonna try and power through these last ones myam you're next hi do you have my voice yeah it's you yeah can you hear me okay hello everyone I'm masan from Turkey uh we are working on an AA wallet uh that uses pass Keys as to sign transactions instead of uh the seed phrase uh and right now uh we are using turn key uh you know uh these pass Keys have a curve that is not supported in the evm itself uh I I was thinking that if it is possible to add some pre-compiled verification for that or I don't know maybe some L3 for that or any other possibilities that's a good question and we are on it so uh in the next uh base of hard Fork I think is probably about the I don't know exactly it's sometime in the next couple months um we are uh releasing support for EIP 7212 which is a pre-compile for secp 256 R1 uh which is the um pre-compile you need for doing Pass key signature verification um so that'll be coming late May um we've been working on that for a while and excited to deliver that for Builders um next up D Vinci I didn't know if you had another question um did you have another question D Vinci oh no I I doubled up twice on the same question uh shout out to Foundation though very bullish I saw the move over love it so yeah awesome yeah you want to just lower your hands just so it doesn't confuse me um AR you're next he Jesse all the way in Singapore here it's 145 but I'm pumped because of the awesome team that you've built and all of the wonderful people so congratulations just a quick question Jesse in terms of the guest sponsorship program as you guys scale it out uh is that something that's still going to continue uh which Partners I know that by economy is also partner there could you just expand on that a little bit because we've had to go through a little bit of a understanding as to how to navigate that yeah yeah so first off for folks who don't know we have gas sponsorship that we're doing with a bunch of folks I think bomy Pimco Alchemy uh uh stackup coinbase Cloud maybe a couple others you can get a one to five e or up to one or five I forget exactly up to some amount of eth of gas sponsorship um to get started building with smart wallets uh we are absolutely going to continue doing that we're going to keep scaling it so expect more subsidies um as we kind of build out the program the last month is basically the first time we've ever done this so there's a lot of kind of choppiness um if you have uh questions and are having issues uh please reach out to Ryan he can point you to Nick Prince who's the product leader who owns all of the gas sponsorship stuff he'd love to meet with you hear what challenges you're running into um and actually make sure that uh you know we're we're solving those challenges so we can scale the program and this summer we're gonna be doing a ton of gas sponsorship so if you're building apps this summer uh please make sure they support smart wallets and that you can you know use pay masters okay now thank you Jesse and then one other question I'm in Singapore so I'm really grateful to attend the event in Singapore is there any Focus for base on certain Emerging Markets uh like in Asia and like is there a strategy there that you guys have yeah so basis for everyone and so we we have a pretty Global Focus but we're definitely um I'd say from an Emerging Market perspective like really it focused on Singapore Al I don't know if you really consider that Emerging Market kind of that that region around there and then I've been spending a lot of time in Kenya and Nigeria um uh because I I have had a bunch of kind of like history there and then also in Argentina in Lam so I'd say those are probably the the places that were we're most focused on from Emerging Market perspective thank you Jesse CK yes uh hi again I'm Sak calling from Austin Texas uh as a developer my mind has solely been on scaling reduction of friction how do we make it easier for the average person to interact and that's that's where my mind's at when I build products and so my question was where's base bases minded at for scaling but you you kind of already answered that in scaling the chain and then also you mentioned the smart wallet uh is the Smart wallet part of is it a base team or is it a separate team I was curious toar a little more yeah yeah so scaling it's a huge Focus for us um you know our our Northstar from a decentralized and scale perspective is to have a chain that can process one gig a second at four plus nines of availability and have staged to decentralization um and so those are kind of like the things that we're working on every day from an infrastructure perspective on the smart wallet uh that's actually by the coinbase wallet team but the base team has embedded with them over the last six months to build it so we basically took some of our best Engineers uh and we've been trying to figure out how do we accelerate the the kind of usage and growth of smart wallets and um we felt like one of the biggest ways would be helping coinbase make that transition so we embedded with coinbase wallet helped them build the first uh test net launch are supporting them as they get to the main net launch but that's going to be a fully Co coinbase owned and operated product one of the outcomes from all of that work that we did which I think Carl was just sharing about in the the stack I mean in the in the chat was that um we actually uh ended up writing two eips uh to add better rpcs for wallets that let us have a lot more kind of uh flexibility and give a lot more power to developers when they're building with smart wallets so they let you have more customization around Masters I let you do batch transactions uh and so if you're a developer building with smart wallets would really encourage you to leave comments on those uh eips um we're trying to get them finaled over the next month or so and coinbase wallet and and the smart wallet is going to be supporting them out of the box from day one uh and that means that developers who are who are kind of integrating with the smart wallet are gonna have a ton of flexibility and power from day one as well so would love to get to use all those with all of you um and just because we're running out of time I'm going to close new questions from now so we'll hit Valerie uh Farzad uh and then Matt um so Valerie why don't you start hey Jesse um happy Friday and thank you speedr running through these questions I'm valve alcoholics I'm based in Washington DC and my question is I'm from DC Bor raised yay all right so is there a legal resource hub for Bas entrepreneurs like people you know if who's the absolute best person to talk to for someone that's like gen Z that they're building their first business for the first time and they're going full in on like base and they've never done this before like is there a forum um like that's a great question yeah that's a great question so legal resource Hub we don't have one yet um but it's something we're thinking about I think Discord is probably the best place to get started um I don't know Ben I mean will I imagine there's some some Builder support in there and then you there's obviously founder support on farcaster and in the bass channel so I'd say Bas Discord is probably the best place to get started and I hear you on the the legal resources and it's something we're thinking about and working on and I'm glad that uh they're building on Bas or you're Building on Base whoever you're referring to thank you and um yeah I'm just referring to people that aren't ready to be Founders but they're definitely ready to be contributors and need that like that layer of protection in the US yeah I love it great to think ahead okay last question Matt hey appreciate it uh Matt from Colorado um I'm building verbs now uh just launched the contest um Ryan yours contest is getting uploaded right now too so got some verbs coming for you um so my question is around smart wallets that's like a very critical thing for us um because we're trying to onboard normal people we're just a we're Fork of the V2 nouns protocol and so we're trying to onboard people with accessibility and so like it's super critical that we can onboard people for very cheap fees and like not have it be that you're using crypto but you're just joining a community people to build out and like have the resources to work together and so the smart wallets are super critical to us how do I get more info or how to I get more involved to like integrate that um as we keep going yeah well first off so excited about verbs I've been following verbs from pre-launch um and I'm so excited about the contest that's going on I actually just saw that people who started creating verbs for me um and I'm really excited to pick one and buy it in the auction super epic so thanks for all the creativity you guys are bringing on Shane in terms of the smart wallet the best place to get started is at smart wallet .xyz and then you can actually also go to our GitHub so if you go to github.com or not ours but coinbase's GitHub and you go github.

com smart wallet um coin smart wallet uh that's the full open source code there's also the magic Spen stuff there um it's it's really easy to integrate so the cool thing about the smart wallet is that it just integrates through the existing wallet provider so if you have rainbow kit all you need to do is bump your rainbow kit version to version four and you'll have the smart wallet out of the box you don't need to change anything you don't need to do a whole different SE uh uh configuration or setup you just your rainbow kit version or your connect wallet whatever you know mechanism you use for that if you want you can add a button that's like create a wallet alongside signin all that will do is just open up the smart wallet in like kind of the create Flow by default so I'd say get started using that um and you can also get started integrating with these new rpcs they let you do batch transactions uh they let you spend users coinbase balances directly there's a ton you can do there so I would encourage you to check them out okay cool appreciate that and then I have one more real quick so we're doing a huge event potentially at farcon with like a at a skate park with Bob Burnquist and a bunch of people so I'm trying to get sponsors and we've got a big agency working with us to onboard a bunch of people so just need to connect later on about that like getting a baseball something like that okay yeah well you should if you could reach out to um Sarah who's in the chat here s r a um she does all of our Builder uh kind of like go to market stuff love to have a conversation about it and we we'll be at farkon in a big way as well um so hope to see folks there awesome thanks appreciate with that everyone uh we're gonna wrap thank you so much for for joining on this farc uh Beautiful Friday base Builder Friday uh so grateful for all the energy that all of you have built in in base over the last months and years um and remember we are just getting started it's still day one so stay based keep building and keep bringing the world on chain with all of us have a based weekend everyone let's go