What it means
A public blockchain built by Coinbase that runs on top of Ethereum, with low fees and fast confirmations.
Base is a layer 2 network: it bundles many transactions together and settles them on Ethereum, which keeps each one cheap.
How it works
Defied runs on Base. Your wallet, your balances and every payment you make live there, in public, and you can check them on a block explorer.
Related terms
| Term | What it means |
|---|---|
| Layer 2 | A network built on top of a main blockchain such as Ethereum that handles transactions faster and for less. |
| Blockchain | A shared record of who owns what, kept by many computers at once, that no single company can change on its own. |
| Block explorer | A website that shows everything recorded on a blockchain: every wallet, balance and transaction. |
This glossary explains terms in general. It isn't investment, tax or legal advice.