Transak and Base: Simplifying Crypto Onboarding for the Next Generation

Since inception, Transak has advocated for financial freedom through self-custody of digital assets and has taken a stance against financial autocracy through innovative Web3 payments solutions. Today, the platform hosts over 170 cryptocurrencies and enables purchases in more than 160 countries.

Our mission of making next generation assets available to all is also, in a way, shared by Base — a Layer 2 scaling solution for Ethereum. Therefore, Transak is actively working to support more assets on Base starting with ETH and USDC.

The integration of Transak with Base is a game-changer for the crypto ecosystem. It simplifies the onboarding process, making it easier for users to acquire assets on Base without navigating the complexities of traditional exchanges.

The potential impact is substantial. According to recent report by the American investment management form, VanEck, the global market for Layer 2 solutions is expected to shoot past $1 trillion by 2023. 

 

 

What is Base?

Base is a Layer 2 scaling solution for the Ethereum blockchain, designed to address the Blockchain trilemma and improve the efficiency, scalability, and usability of Ethereum-based applications and transactions.

Developed by Coinbase, Base aims to address some of the inherent limitations of the Ethereum mainnet, such as high transaction fees and slow processing times, by offering a more optimized environment for dApps and smart contracts.

The scaling solution uses optimistic rollups, an innovation where in multiple transactions are aggregated into a single batch and processes them off-chain. This significantly reduces the load on the Ethereum mainnet and allows for higher transaction throughput.

By processing transactions off-chain and only settling them on the Ethereum mainnet when necessary, Base can handle thousands of transactions per second, compared to Ethereum's current limit of around 15 transactions per second.

Coinbase envisions Base as a foundational component of a future "Superchain" — an interconnected network of Ethereum L2 solutions. This Superchain would enable seamless interoperability and communication between different L2s, further expanding the capabilities of the Ethereum ecosystem.

 

How Base Works

1. Transaction submission: Users submit transactions on Base.
2. Off-chain processing: Base processes these transactions off the Ethereum mainnet, utilizing optimistic rollup technology.
3. Batching and submission: Base batches multiple transactions together and submits them to Ethereum as a single transaction, reducing the load on the mainnet.
4. Verification and finality: Ethereum verifies the batched transactions, ensuring their validity and security.

 

Bridging the Gap to Base: Simplifying Crypto Onboarding

Cryptocurrency adoption faces a significant hurdle: the complexity of acquiring and managing digital assets, especially on Layer 2 (L2) solutions like Base. Layer 2 solutions, while offering scalability and reduced transaction costs, often require users to navigate intricate processes to move assets between layers, deterring potential adopters.

This is where Transak steps in, bridging the gap with its intuitive and user-friendly on-ramp solutions.

For many users, getting their hands on crypto assets involves multiple steps:

• signing up on an exchange,
• verifying identity, purchasing cryptocurrencies, and
• transferring them to a specific Layer 2 solution.

This multi-step process is time-consuming, often confusing, and prone to errors.

Additionally, users face high transaction fees and delays, especially during peak network usage. These challenges hinder the mainstream adoption of cryptocurrencies, limiting their potential to transform the financial landscape.

Transak addresses these challenges head-on. With its streamlined interface, Transak simplifies the process of buying crypto assets. Users can convert their fiat currency directly into crypto assets on Base without needing to navigate between different platforms. This seamless experience is further complemented by Transak’s support for a wide variety of payment methods, including bank transfers, credit cards, and 20+ local payment options.

 

Step-by-Step Guide: Using Transak on Base

1. Open the Transak widget: Head to global.transak.com or open Transak on any dApp on Base.
2. Select your currency: Choose your local fiat currency and select the asset you want to purchase on Base. You have the option of filtering the cryptocurrencies by network.
3. Enter purchase amount: Specify the amount you want to convert.
4. Choose payment method: Select from available payment options.
5. Complete KYC: For first-time users, complete the Know Your Customer (KYC). Transak offers a multi-level KYC solution for speedy conversions.
6. Confirm transaction: Review and confirm the transaction details.
7. Receive Crypto Assets: The purchased crypto assets are directly credited to your Base wallet.

At the time of writing Transak supports ETH and USDC on Base. More assets coming soon.

 

Base Ecosystem Overview

 

The Base ecosystem is experiencing rapid growth as a new Ethereum layer 2 (L2) blockchain developed by Coinbase.

Launched in August 2023, it already ammased a thriving network of over 300 dApps as per DappRadar, attracting users and developers alike.

At its peak, Base recorded over 1.12 million transactions in a single day.

Transak and Base Complement Each Other

The synergy between Transak's extensive global reach and Base's scalable infrastructure creates a powerful combination for new crypto entrants.

Transak operates in over 160 countries, providing support for multiple local currencies and an ocean of local payment methods. Such extensive coverage ensures lower entry barriers. By offering localized payment options, Transak makes it easier for users in different regions to engage with the crypto ecosystem in a way they are already used to.

Base, built on Ethereum's Layer 2, uses optimistic rollups to maximize transaction throughput while maintaining low fees. This scalability is crucial for accommodating a growing number of users and transactions. With the ability to process thousands of transactions per second, Base ensures that users experience fast and reliable transactions, even during peak periods.

The integration of Transak with Base opens up numerous use cases across different regions and industries:

• Emerging markets: In regions with limited access to traditional banking services, Transak provides an accessible gateway to the crypto world. Users can make use of Base's low fees and fast transactions to send remittances, access financial services, and participate in the global economy.
• Developed markets: In more developed regions, users can benefit from Base's scalable infrastructure for trading, investing, and utilizing DeFi services. Transak's support for multiple payment methods simplifies the process of acquiring and managing crypto assets.
• Industry applications: Various industries, such as gaming, supply chain, and digital identity, can leverage Base's scalable platform and Transak's on-ramp solutions to build and deploy innovative applications.

 

Conclusion

The success of any blockchain ecosystem relies heavily on its ability to attract and retain users.

For Base, an Ethereum Layer 2 solution, this means providing a seamless and efficient way for users to onboard and participate in its growing ecosystem of decentralized applications (dApps) and projects.

Transak plays a crucial role in this process, serving as a key infrastructure provider that accelerates Base’s userbase through effortless onboarding.