What it means
The public blockchain where smart contracts and most of DeFi began.
Many networks, called layer 2s, run on top of it and settle there, including Base.
How it works
Ethereum itself is secure but can be slow and costly, which is why most everyday payments use a layer 2.
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. |
| Smart contract | A program that lives on a blockchain and runs exactly as written, holding and moving tokens by its own rules. |
| ETH | Ether, the native currency of Ethereum, also used to pay gas fees on Base. |
This glossary explains terms in general. It isn't investment, tax or legal advice.