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 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 reshaping, and the expansion of the developer ecosystem, aiming to provide users and developers with a faster and more convenient Web3 experience. Here are the core highlights and detailed interpretations of this update.

Flashblocks: Reducing block time to 200 milliseconds, a tenfold speed increase

The biggest technological highlight launched by Basechain is Flashblocks, a technological innovation that significantly enhances transaction processing speed. Reports indicate that Flashblocks reduces 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 preconfirmation blocks technology, streaming block updates every 200 milliseconds, providing a near-instant confirmation experience for time-sensitive applications such as gaming and DeFi.

The Flashblocks technology was developed in collaboration with Flashbots, an organization focused on Ethereum transaction ordering and MEV (Maximum 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 in Basechain's 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 transformed into Base App: Creating a comprehensive Web3 entry point

As part of the brand reshaping, the Coinbase Wallet has officially been renamed Base App and redesigned as a multifunctional platform that integrates social, chat, payment, trading, and discovery features. This "Everything App" positioning aims to consolidate the core interactive functions 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 App, 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 stickiness to the Basechain ecosystem but also lays the foundation for future expansions of social and financial functionalities.

MagicSpend: Seamless payment of gas fees using Coinbase balance

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

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

To accelerate ecosystem development, Basechain announced the Base Build program, aimed at attracting and supporting 1 million developers to join its ecosystem. This program provides a range of development tools and resources to help developers more easily build decentralized applications on Basechain. The launch of Base Build not only reflects Basechain's commitment to the developer community but also provides strong support for its goal of becoming a core platform in the Ethereum L2 ecosystem.

Basechain's development tools have further optimized the developer experience through partnerships with infrastructure platforms like Alchemy. For example, Alchemy announced that its RPC and WebSocket services have supported Flashblocks from day one, providing developers with a low-latency development environment. This initiative will attract more developers to leverage Basechain's high-performance network to develop innovative applications, particularly in 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 high 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). Nevertheless, Basechain's total value locked (TVL) 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 everyday payments and microtransactions. Basechain's Flashblocks and other new features further solidify its leading position in this trend.

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