Milestones
- Base announced23 Feb 2023Complete.
- Mainnet opens to the public9 Aug 2023Complete.
- Permissionless fault proofs liveOct 2024Complete.
- L2BEAT Stage 1 decentralisationApr 2025Complete.
- Flashblocks: 200 ms confirmations on mainnet2025Complete.
- Decentralised sequencingNot yet reached.
Most important updates
- 28 May 2026
- 18 Feb 2026
- 17 Jul 2025
- 9 Aug 2023
- 23 Feb 2023
Current obstacles
- Decentralising the sequencerNo L2 has yet replaced a single sequencer without losing speed or ease of use.
- Withdrawal waitExits still wait for proofs: about a day when both proof systems agree, longer otherwise. Instant exits rely on third-party liquidity.
Physics limits
- Ethereum's data space is sharedBase posts its data to Ethereum blobs, roughly 1–2 MB per 12-second block shared by every rollup. Base can't exceed its share of that space, however fast its own sequencer runs.
- Proofs take time and computeTrustless exits need either a challenge window or a validity proof. ZK-proving a whole block still takes heavy computing, so exits can't be instant without trusting someone.
- One sequencer is the fastest designA single machine ordering transactions can confirm in 200 ms. Spreading ordering across many parties adds voting rounds and delay, so decentralising costs speed.
How it works
Sequencing
A sequencer orders transactions
Users send transactions to Base's sequencer, which orders and runs them and replies in milliseconds.
Batching
Data posted to Ethereum
Compressed batches go to Ethereum as blobs, so anyone can rebuild Base's state from Ethereum data.
Proofs
Two proof types guard withdrawals
Since the May 2026 Azul upgrade, results are backed by secure-hardware (TEE) and ZK proofs. When both agree, withdrawals can finish in about a day.
Spec sheet
| Spec | Base |
|---|---|
| L2 block time | 2 sR (reported) |
| Flashblock interval | 200 msR (reported) |
| Settlement / DA | Ethereum (blobs)R (reported) |
| Proof system | Optimistic, permissionless fault proofsR (reported) |
| Challenge window | 7 daysR (reported) |
R reported by the company
Papers & demos
- May 2025codex402 payments protocol (opens github.com)Open standard for stablecoin payments on the web, usable by AI agents.
- Feb 2023blogIntroducing Base (opens coinbase.com)Announced Coinbase's L2 on the OP Stack and a plan to decentralise it step by step.
Update log
Thu 28 May
- Major: PressSoftware
Wed 18 Feb
- Major: PressSoftware
Thu 17 Jul 2025
- Minor: PressSoftware
May 2025
- Minor: BlogSoftware
Tue 29 Apr 2025
- Minor: PressSoftware
Oct 2024
- Minor: BlogSoftware
Wed 9 Aug 2023
- Major: BlogSoftware
Thu 23 Feb 2023
- Major: BlogSoftware
About Coinbase
Coinbase
Crypto exchange, Base L2, custody, derivatives
Largest US crypto exchange, and custodian for most US spot bitcoin ETFs. It built Base, a rollup on Ethereum, shares USDC income with Circle and bought options exchange Deribit in 2025. On Nasdaq since 2021, in the S&P 500 since May 2025.
- Base (2023) became the largest Ethereum L2 by transactions and passed L2BEAT's Stage 1 safety bar in 2025.
- Bought Deribit, the top crypto options exchange, for about $2.9B in 2025.
- Joined the S&P 500 in May 2025. Holds the coins for most US spot bitcoin ETFs.
- Founded
- 201214 yrs
- Headquarters
- United States
- Status
- Public
- Listed
- COIN (opens google.com)NASDAQ
- Valuation
- public
- Works in
- CryptoTrading & DeFi
- Coverage
- 2 programs · 15 updateslatest 29 May 2026checked 25 Sep
- Customers
- BlackRock (opens blackrock.com)
- People
- Brian Armstrong (opens en.wikipedia.org)Co-founder & CEOEmilie ChoiPresident & COOJesse PollakCreator of Base