Bridges enable you to seamlessly move your funds between blockchains, so you can use decentralised apps (dApps) that aren’t available on your familiar chains and gain first-mover advantage on emerging ecosystems.
Base, built on the Op Stack, is an ecosystem which sits on top of Ethereum and inherits all its core security, while providing the speed and dynamism of a Layer 2 rollup without the congestion of the main Ethereum network.
Your transactions will be 10x cheaper than they are on L1 Ethereum, not to mention faster, because Base uses super-quick optimistic validation technology, rather than the time-consuming proof-of-stake validation system used on the Ethereum network.
What’s more, Base will soon host hundreds of dApps, both the ones you’re already familiar with from Ethereum (but faster, and cheaper) and new ones created just for this ecosystem. Base will provide a repository for all of Coinbase’s products and a home for third-party projects; in fact, it’s designed to be easy for developers from other chains to build.
By bridging your funds using rhino.fi, you can reach Base before the rest of the community and explore this vast ecosystem when opportunities have just been shipped. When each new opp drops, you and your funds will be ready.
And, to celebrate the official mainnet launch and start of on chain summer, we’ve waived all fees for the next 48 hours.
Ok, so how do I bridge from rhino.fi?
We’ve built a collateralised bridging system which allows you to tap into our liquidity outposts on different chains. This is quicker than the traditional ‘lock-and-mint’ bridging system; in fact, it means your funds arrive in just 30 seconds.
If you bridge in the next 48 hours, the entire process is free. If you bridge later, you’ll need enough spare cryptos in your wallet to cover the fees.
Bridging promo runs from 16:00 UTC on 09/08/2023 to 16:00 UTC on 11/08/2023.
Why we’re so excited about Base
Every new chain is breaking through the boundaries that crypto faced before.
First we had Polygon and Arbitrum, which introduced the concept of Layer 2 chains – new ecosystems which were built on top of established networks like Ethereum and hived off their transactions, allowing users to reach their desired trading outcomes more quickly.
Then we had Polygon zkEVM and zkSync Era, which multiplied these gains by processing transactions using innovation validation technologies which aren’t possible on Layer 1 chains like Ethereum.
And now we have Base.
Like Polygon and Arbitrum, Base provides a semi-independent ecosystem on top of the main Ethereum blockchain. Like Polygon zkEVM and zkSync Era, it uses super-fast rollup technology (in this case, optimistic validation) which creates a MULTIx increase in transaction throughput.
Where Base goes even further, though, is the tech stack is built on.
Base is built on the same open-source code that was used to create Optimism, another of those early-stage L2 blockchains. The idea is that, in time, other L2 blockchains will be built with this same code, creating a Superchain of inter-connected ecosystems which can all talk to one another, without bridges between them.
So you can use rhino.fi to bridge from Ethereum, Polygon, PolygonzkEVM, BSC, Arbitrum, Optimism, zkSync, Linea, and then glide between a whole load of other chains once you’re there.
Now we know what some of you might be thinking: Coinbase is a centralised exchange, and rhino.fi is 100% decentralised. Why are we so excited about a project which goes against our core values?
Well we’re still totally committed to decentralisation. Always have been, always will be. But, unlike Coinbase itself, Base is going to be totally self-custodial, and we support the wider goals of their mission: to ease the process of moving data, and value, between different chains, so you can explore opportunities more quickly without unnecessary hold-ups on the way.
Simplicity and convenience are going to be the cornerstones of the web3 revolution, and helping the unbanked nation access the products they need. Base is a huge step to achieving these aims.
If you have any questions about Base, bridges in crypto or anything else relating to this article, don’t hesitate to reach out on Twitter or Discord. We’ll be waiting to answer you.
