Base: how it works, risks and reviews
In short
- Type
- Ethereum layer-2 optimistic rollup; transaction data is posted to Ethereum.
- Risks and caveats
- Base runs a single active sequencer; if it stops, users can still force transactions in through Ethereum deposits, with a maximum delay of about 12 hours.
- Checked
- 1 November 2026
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On-chain stablecoin data
- Organic stablecoin settlement, 30 days (2 October 2026 – 31 October 2026)
- US$115.26 bn in 59.9 million transfers; the scanner classes 96.0% of raw volume as inorganic (round trips, bot churn) and leaves it out
- Issuer freezes on this network
- 15 issuer acts in 30 days; 514 addresses frozen now (USDC); balances last observed in them: US$74.82 m
On-chain measurement by Stablecoin Scanner (ACHIVX), not a reserve or solvency claim. As of 31 October 2026. The scanner notes: every row is something the issuer did; it says nothing about who the address belongs to or why. scanner page ↗
Key facts
- Official site
- base.org
Key facts checked on 1 November 2026 against official sources.
What is Base
Base is an Ethereum layer-2 rollup built by Coinbase. Transactions are ordered by a sequencer, their data is posted to Ethereum, and proofs let anyone challenge invalid state. It was originally built on the OP Stack and has followed its own Base Chain specification since the Jovian hardfork.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Ethereum layer-2 optimistic rollup; transaction data is posted to Ethereum. |
| Network details | Base Mainnet chain ID 8453; gas currency ETH; explorer basescan.org. |
| Smart contracts | Base is a standard EVM chain; Ethereum tools and wallets work unchanged. |
| Stack | Originally built on the OP Stack; since the Jovian hardfork Base Chain follows its own specification. |
| Sequencer | Base runs a single active sequencer as a high-availability cluster; users can force transactions in via Ethereum deposits. |
| Fees | Each transaction pays an L2 execution fee and an L1 security fee. |
| Decentralization | Base says it reached Stage 1 decentralization with permissionless fault proofs and a Security Council. |
| Proofs | The Azul upgrade, which activates multiproofs (TEE and ZK provers), went live on mainnet on 28 May 2026 (Base docs; the April 2026 announcement had targeted 13 May 2026). |
Who develops and governs Base
- Company
- Base is built by Coinbase.
- Legal entity
- The Base terms are a contract with Coinbase Technologies, Inc. covering the Coinbase Sequencer, Base Testnet, Basenames interface and Dashboard; Coinbase says it does not control Base.
- Security Council
- A Security Council of individuals and organisations holds signing keys and helps manage upgrades.
- Coinbase permissions
- Coinbase says its permissions on Base are non-custodial and limited to protocol maintenance.
- Open source
- The sequencer software (base-consensus, base-reth-node, base-builder) is open source in the base/base repository.
History
| Date | Event |
|---|---|
| 9 August 2023 | Base mainnet opened to everyone. |
| 5 September 2023 | Base mainnet stopped producing blocks for 29 minutes after its L1 nodes ran out of disk space. |
| 30 October 2024 | Permissionless fault proofs went live on Base Mainnet. |
| 29 April 2025 | Base announced Stage 1 decentralization with a Security Council. |
| 21 April 2026 | Base announced Azul, its first independent network upgrade, targeting mainnet on 13 May 2026. |
| 28 May 2026 | The Azul upgrade went live on Base mainnet (Base docs status table). |
| 25 June 2026 | Two block production outages (116 and 20 minutes) on 25 and 26 June 2026 after a sequencer bug produced an invalid block. |
Security and audits
- Coinbase extended its HackerOne bug bounty to Base and runs a Cantina bug bounty for Base smart contracts.
- Base publishes third-party audit reports (e.g. Cantina) and ran an Immunefi audit competition for the Azul upgrade.
- Base publishes incident history on status.base.org and postmortems for major incidents.
Security incidents
| Date | What happened | Source |
|---|---|---|
| 5 September 2023 | Network halt: Base mainnet stopped producing blocks for 29 minutes because the L1 nodes the sequencer depended on ran out of disk space. | base.org |
| 21 September 2024 | Network halt: No blocks were produced for 17 minutes after a misconfigured sequencer cluster failed to hand over block production. Base says chain integrity was not affected and all funds were safe. | base.org |
| 5 August 2025 | Network halt: A 33-minute disruption halted block production after an automated sequencer handoff went to a sequencer that was still being provisioned. | status.base.org |
| 22 September 2025 | Outage: Flashblocks were unavailable for about 10 minutes; Base identified and fixed the cause. | status.base.org |
| 25 June 2026 | Network halt: Two block production outages, 116 minutes on 25 June and 20 minutes on 26 June 2026: a sequencer bug produced an invalid block and the chain fully halted. Base says chain integrity was not compromised and all funds were safe. | base.org |
| 9 October 2026 | Outage: Base Mainnet proposals stalled, which slowed in-flight withdrawals; proposals resumed the same day. | status.base.org |
Risks and caveats
- Base runs a single active sequencer; if it stops, users can still force transactions in through Ethereum deposits, with a maximum delay of about 12 hours.
- Block production has halted several times (2023, 2024, 2025, 2026), per Base's own postmortems and status page.
- Coinbase makes no warranties about Base or its bridging contracts; users use them at their own risk.
Official links
- Website: www.base.org
- Docs: docs.base.org
- Source code: github.com/base/base
- Block explorer: basescan.org
- Blog: www.base.org/blog
- Status: status.base.org
Questions and answers
What is Base?
Base is an Ethereum layer-2 rollup built by Coinbase; transaction data is posted to Ethereum and gas is paid in ETH.
Does Base have a token?
Base's official sources name no network token; ETH is the gas currency.
Who runs Base?
Base is built by Coinbase; its terms are with Coinbase Technologies, Inc., which operates the Coinbase Sequencer and says it does not control Base.
When did Base launch?
Base mainnet opened to everyone on 9 August 2023.
Has Base gone down?
Yes. Base's postmortems report block production halts on 5 September 2023, 21 September 2024, 5 August 2025 and 25-26 June 2026.
Sources
- Base - Home
- Base - Terms of Service
- Base docs - Base
- Base docs - Connect to Base
- Base docs - Protocol overview
- Base docs - Design goals
- Base docs - Security Council
- Base docs - Reliability and liveness
- Base docs - Reporting vulnerabilities
- Base docs - Network fees
- Base blog - Base is open for everyone (2023-08-09)
- Base blog - Sep 5th incident postmortem (2023)
- Base blog - 09/21/24 incident postmortem
- Base blog - Fault proofs live (2024-10-30)
- Base blog - Stage 1 decentralization (2025-04-29)
- Base blog - Introducing Base Azul (2026-04-21)
- Base blog - June 25th block production outage postmortem (2026)
- Base status - Unsafe head delay (2025-08-05)
- Base status - Chain stall (2026-06-25)
- Base status - Flashblocks outage (2025-09-22)
- Base status - Proposals halted (2026-10-09)
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