Base has been renamed to Basechain, launching Flashblocks, Base applications, and development tools, opening a new chapter for Ethereum L2.

At the "A New Day One" conference held on July 16, 2025, Base announced a series of significant updates, marking its comprehensive upgrade and transformation as an Ethereum Layer 2 (L2) network. Base has officially been renamed to Basechain, a new name that not only reflects its deep roots with Coinbase but also highlights its ambition to transcend its initial positioning and move towards a broader ecological vision. This reform encompasses technological upgrades, brand rejuvenation, and the expansion of the developer ecosystem, aiming to provide users and developers with a faster and more convenient Web3 experience. Below are the core highlights and detailed interpretations of this update.

Flashblocks: Reducing block time to 200 milliseconds, speeding up tenfold.

The biggest technological highlight launched by Basechain is Flashblocks, a technological innovation that significantly improves transaction processing speed. Reports indicate that Flashblocks has reduced Basechain's block time from the original 2 seconds to 200 milliseconds, increasing network speed by 10 times, making it one of the fastest networks in the Ethereum L2 ecosystem. This upgrade is achieved through the preconfirmation blocks technology, streaming block updates every 200 milliseconds, providing a near-instant confirmation experience for time-sensitive applications such as gaming and DeFi.

Flashblocks technology is developed in collaboration with Basechain and Flashbots, which is an organization focused on Ethereum transaction sorting and MEV (Maximal Extractable Value) solutions. This technology has successfully run on the testnet and is set to officially launch on the mainnet in the second quarter of 2025, marking a significant breakthrough for Basechain in performance optimization. This improvement not only enhances user experience but also provides strong support for decentralized applications (dApps) that require high throughput and low latency.

Coinbase Wallet Transforms into Base Application: Building a Web3 All-in-One Gateway

As part of the brand overhaul, the Coinbase Wallet has officially been renamed the Base App and redesigned as a multifunctional platform that integrates social, chat, payment, trading, and discovery features. This positioning as an "Everything App" aims to consolidate the core interactive functionalities of Web3 into a seamless interface, providing users with a smoother and more intuitive operating experience. The Base App supports the automatic creation of cross-chain smart wallets, allowing users to make USDC payments, engage in social interactions, trade, and explore mini-apps all on a single platform.

By upgrading the Coinbase wallet to the Base application, Basechain aims to break the limitations of traditional crypto wallets and create a Web3 entry point that is more aligned with everyday use. This initiative not only enhances user engagement with the Basechain ecosystem but also lays the groundwork for future expansion of social and financial functionalities.

MagicSpend: Seamlessly pay gas fees with Coinbase balance

The launch of MagicSpend is part of Basechain's strategy to simplify user experience, aiming to further promote the everyday use of cryptocurrencies through deep integration with the Coinbase platform.

Base Build: Empowering developers, aiming to attract 1 million developers

To accelerate the construction of the ecosystem, Basechain has announced the Base Build program, aimed at attracting and supporting one million developers to join its ecosystem. This program helps developers more easily build decentralized applications on Basechain by providing a range of development tools and resources. The launch of Base Build not only reflects Basechain's emphasis on the developer community but also provides strong support for its position as a core platform in the Ethereum L2 ecosystem.

Basechain's development tools have further optimized the developer experience by collaborating with infrastructure platforms such as Alchemy. For instance, Alchemy announced that its RPC and WebSocket services have supported Flashblocks from day one, providing developers with a low-latency development environment. This move will attract more developers to utilize Basechain's high-performance network to create innovative applications, particularly in the gaming, DeFi, and social sectors.

Since its launch in 2023, Basechain (formerly Base) has become one of the most popular networks in the Ethereum L2 ecosystem, ranking among the top in daily active users. However, recent data shows that Basechain experienced a net outflow of over $4.3 billion in 2025, primarily driven by institutions like Binance withdrawing from L2 back to the Ethereum mainnet (L1). Despite this, the total value locked (TVL) in Basechain reached $4.94 billion in June 2025, surpassing Arbitrum One's $4.03 billion, making it a leader in the Ethereum L2 ecosystem.

This reform comes at a time of rapid development in the Ethereum ecosystem. The Ethereum Dencun upgrade in March 2024 introduced blob space (EIP-4844), significantly reducing L2 transaction fees and catalyzing the off-chain migration of daily payments and micropayments. Basechain's Flashblocks and other new features further solidify its leading position in this trend.