Blockchain infrastructure provider, Offchain Labs, recently launched Base, an Ethereum L2 platform with a mission to bring the next billion users on-chain. The platform aims to be secure, low-cost, and developer-friendly, and the company is hoping to make Base accessible to all.
Along with the launch of Base, Offchain Labs also announced the Base Ecosystem Fund, which is a pool of capital dedicated to investing in early-stage projects that are building on Base. The fund will be available for pre-seed to seed-stage projects and will include support from the Base team to help these teams succeed.
Developing Critical Areas
According to the company, there has been a significant amount of interest in the Base Ecosystem Fund, and the team has received a wide range of proposals from builders around the world. As a result, the company is now extending a request for builders to work on several critical areas that they believe will help the on-chain economy grow.
One area of focus for the company is decentralized stablecoin design, and they are particularly interested in “flatcoins.” These are stablecoins that track the rate of inflation, providing users with stability in purchasing power while also being resilient to the economic uncertainty caused by the legacy financial system.
Improving On-chain Identity and Reputation
Another area of focus is onchain identity and reputation, which the company believes will play a critical role in defining each individual’s on-chain persona. They are looking for proposals that can create more trust on-chain through reputation protocols that natively support on-chain entities. This could include measures such as FICO or Google page rank type scores on ENS names, ratings and reviews for merchants, and other measures that help build trust on-chain.
Offchain Labs is also interested in the development of decentralized limit order book (LOB) exchanges on or around Base. They believe that the high throughput of Base opens up significant new opportunities for designing new mechanisms for spot trading, limit orders, options, perpetuals, and more. 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.
Building for Safety
The company is interested in tools that can help protect against smart contract code vulnerabilities or protocol logic errors, mitigate the impact of ecosystem attacks, and provide on-chain insurance and cover protocols. They believe that these tools are essential in enabling users and developers to keep up with the pace of innovation while keeping their funds safe.
Offchain Labs’ Base platform and ecosystem fund aim to bring the next billion users on-chain while also fostering innovation in the decentralized finance space. The company’s request for builders to work on critical areas of development shows that they are committed to creating a secure and accessible platform that can support the growing needs of the decentralized finance community.