The trading platform outlined the four areas on March 24 in a post. Base is a Ethereum Layer 2 network offering a secure, low-cost, developer-friendly built to bring the decentralized apps or “dapps” onchain. Base aims to be one of the best places for developers to build onchain.
Are you a builder passionate about making the onchain economy grow, but looking for where to start?— Base (@BuildOnBase) March 24, 2023
We just published a Request for Builders: four areas we’d love to see builders explore on Base (with funding from the Base Ecosystem Fund) 🧵https://t.co/XSSdPnusyc
Flatcoins aim to be pegged to the “price of living” by tracking consumer price index and inflation data.
Coinbase is over joyed by the idea that they are seeing in decentralized stablecoin design and are interested in ‘flatcoins’. Flatcoins are the stablecoins that track the rate of inflation, enables users to have stability in purchasing power while also having resiliency from the economic uncertainty caused by the legacy financial system. With the recent challenges in our global banking system, coinbase believes that these explorations are more important than ever.
Coinbase mainly focuses on to increase adoption of already existing systems such as Reflexer/RAI, Spot/Ampleforth, Frax/FPIS, Olympus DAO, etc. Coinbase stated that it is now “more important than ever” to build an inflation-tracking stablecoin that negates poor monetary policy decisions of central banks -
“We are particularly interested in ‘flatcoins’ — stablecoins that track the rate of inflation, enabling users to have stability in purchasing power while also having resiliency from the economic uncertainty caused by the legacy financial system.”
Other than flatcoins it also looks forward to three more innovations that includes an on-chain reputation system, an on-chain limit order book (LOB) exchange, and tools that make the decentralized finance (DeFi) ecosystem safer.
Coinbase believe that onchain is the upcoming online and that decentralized identity and reputation will play a critical role in defining each individual’s onchain persona. It is an opportunity to create more trust onchain through reputation protocols that natively support onchain entities.
Trust in centralized exchanges took a hit following the collapse of FTX. With the rise of Ethereum L2s like Base, it’s finally possible to have the throughput needed for a more advanced exchange while also eliminating counterparty risk through self custody. Although the existing exchange offerings (e.g. AMMs) are incredibly useful and a critical DeFi primitive, still they also believe LOBs have a role, particularly for professional traders and institutions.
The high throughput of Base opens up significant new opportunities for designing new mechanisms for spot trading, limit orders, options, perpetuals, and more. And, builders can use open source tooling like OP Stack to build L3s that give them even more speed and control, potentially enabling even deeper liquidity, still accessible through L2.
As the DeFi ecosystem continues to grow, there is need for better tools that enable users and developers to keep up with the pace of innovation, while keeping their funds safe.
This includes tools that can protect against smart contract code vulnerabilities or protocol logic errors, tools to help mitigate the impact of ecosystem attacks, and final onchain insurance and cover protocols, or any other offering that can be a critical backstop for users in the event of smart contract failure.
Excited to hear from builders that are building systems, protocols, and tools that make it possible for every users to store all of their money onchain. This infrastructure is absolutely essential for bringing the next billion people in.
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