The magical colour #F7931A
Base, as an L2 using OP stack built on Ethereum, naturally aligned itself with the whole Ethereum ecosystem and its value, which is also closely tied to Ethereum ecosystem. By doing so, it creates a synergistic relationship that could redefine the Layer 2 landscape. The slogan ‘Base = Ethereum’ or ‘Ethereum is based’ is highly recognized in the base and Farcaster ecosystem. But is that the ultimate endgame?
In August, Coinbase announced cbBTC this month on X, a wrapped version of Bitcoin on the Base network, which represents a strategic move to enhance Bitcoin's utility within the Ethereum ecosystem. This move addresses an attempt of Coinbase to fill a critical gap in the market, potentially catalysing increased Bitcoin participation in DeFi protocols.
On Sept 11, 2024, as @0xLuo reported, Jesse Pollak, Base, Aerodrome and Moonwell all posted an orange Base logo. One step further, according to BaseColors.com's post on X, the code of the colour #F7931A has been tagged as 'Bitcoin'.
Befriend the Distant, Attack the Near
On the alliance and neutral side, Base has multiple friends and allies in the Ethereum ecosystem. On the other side, it’s hard to say the culture Ethereum, BTC, and Solana ecosystem are sharing the same page. Fortunately, the majority of the crypto world shares the same consensus: BTC is important for all.
No one can deny that Bitcoin has been and still will be the firmest consensus both onchain and offchain. If you ask normies about Ethereum or any other altcoins, they may think about scams or a strange Ponzi scheme, but if you ask them about Bitcoin, they may first think about how people make money on Bitcoin by owning and digging it in the early stage. Even the most anti-crypto people can not deny that Bitcoin has changed the world. THE Symbol stands for the value of the cypherpunk movement moved into this modern age and 80% of onchain users are brought into this onchain world by the reputation of Bitcoin.
2 months ago, following @July cast 'Qin Shi Huang was based', @LilPing asked in Chinese: Does anybody know why Emperor Qin was based?
I'm not sure what July and Lilping exactly mean by that, but I realised that the crypto world is actually in a similar dynamic to the warring state period of ancient China, and maybe the cbBTC is the key, the strategy of Base reminiscent of the ‘合縱連橫，遠交近攻’ (vertical and horizontal alliances) employed in ancient Chinese statecraft.
The Story of ‘合縱連橫，遠交近攻’ - Vertical and Horizontal Alliances, Befriend the Distant, Attack the Near During China's Warring States period (475 BC~221 BC), the concept of "Vertical and Horizontal Alliances" emerged as a diplomatic strategy. The "Vertical Alliance" aimed to unite the northern and southern states against the powerful state of Qin in the west, while the "Horizontal Alliance" sought to ally with Qin against the other states. This strategy, proposed by strategist Su Qin, became a pivotal diplomatic tactic in the complex power struggles of ancient China, ultimately shaping the course of history leading to the Qin unification.
Now, we're observing a significant paradigm shift. The new narrative of Base is potentially announcing that "BTC is based." This evolution marks a critical expansion of Base's vision and reach. By embracing Bitcoin, the original and most recognized cryptocurrency, Base is positioning itself as a unifying force in the crypto world.
Expand to New Frontiers
If we recognise Onchain Summer 2024, the second iteration of the Onchain Summer and its Buildathon, as another stress test and an opportunity to rally all builders in the Base ecosystem to create a better ecosystem, then cbBTC represents an expansion from the Base ecosystem, striving for the holy grail of the crypto world.
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I believe Base transcends the conventional paradigm of merely introducing decentralized finance (DeFi) infrastructure to the Bitcoin ecosystem - a feat already achievable through platforms like Radiant Capital or via wrapped Bitcoin (wBTC) solutions. It is definitely meaningful if Base attempts to bridge different blockchain ecosystems. By extending beyond Ethereum, Base is paving the way for greater interoperability and collaboration across the crypto space.
As Jesse said in the presentation: We’re not just building DApps, we should build Apps that are better than all the other apps out there. By introducing the cbBTC and other attachments, I hope we will not just building and creating for Ethereum, creating something magical onchain, across all chains and having some basic consensus would be a huge step for bringing the whole crypto industry unite again.
Oh, maybe this is just another Base marketing campaign called Onchain Autumn, well I'm glad to see it too.
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Author Bio
183Aaros.eth is a long-term contributor to BanklessCN, an economist and senior analyst focusing on onchain economic activities and the impact of blockchain on off-chain economics, DAOing, and onchain governance.
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