How to Buy Tokens on Layer-2 Base Blockchain built By Coinbase

Introduction to Base:

Base is a safe, affordable, and user-friendly platform built on Ethereum’s Layer 2 (L2), designed to introduce a billion new users to blockchain technology. It started within Coinbase and aims to gradually become more decentralized in the coming years.

Base is constructed as an Ethereum L2 platform. It offers the security, reliability, and scalability necessary to support decentralized applications (dapps).

Users can access the EVM environment at a significantly lower cost. Base was developed using the OP Stack, a software licensed by MIT, in partnership with Optimism.

If you’re keen on exploring the world of decentralized finance (DeFi), it’s important to familiarize yourself with the various tools and platforms available.

Today, we will cover how to buy tokens or swap on a decentralized exchange (DEX), specifically for Base Blockchain, using MetaMask or TrustWallet.

As we dive into this guide, it’s important to remember that investing in cryptocurrencies carries inherent risks. Ensure you’ve done your due diligence and understand the fundamentals of blockchain technology, wallets, and cryptocurrency transactions.

Setting Up Your Wallets

1. MetaMask

MetaMask is a browser extension that serves as a wallet for Ethereum and Ethereum-based tokens. Here are the steps to set it up:

• Step 1: Visit the official MetaMask website and install the MetaMask extension for your preferred browser. Always ensure you’re downloading from the official source to avoid phishing scams.
• Step 2: Once installed, create a new MetaMask Wallet. You’ll be provided with a secret backup phrase. Keep this safe, as it’s your only way to recover your wallet if you forget your password or lose your device.
• Step 3: Secure your wallet with a strong password.

2. TrustWallet

TrustWallet is a mobile wallet app for Android and iOS. To set it up:

• Step 1: Download TrustWallet from the official site as Chrome extension or directly from the App Store/Google Play. Again, always use official sources.
• Step 2: Open the app and create a new wallet. Write down the recovery phrase provided and store it securely. This recovery phrase allows you to restore your wallet on a new device.
• Step 3: Protect your wallet with a strong password or biometric authentication.

Funding Your Wallets

Before you can buy tokens, you need to have funds in your wallet. These wallets support Ethereum and Ethereum-based tokens. You can buy Ethereum (ETH) from any centralized exchange (like Coinbase, Binance, etc.) and then transfer it to your MetaMask or TrustWallet.

Add some ETH in wallet as you need it to interact with Base Blockchain. ETH amount will vary on the amount of other token one plans to purchase.

In some cases, you may want to interact with a blockchain that is not natively supported by MetaMask or TrustWallet.

Thankfully, both of these wallets allow users to add new networks manually. Here’s how:

Adding a New Network to MetaMask

Step 1: Open the MetaMask extension in your browser.

Step 2: Click on the Network Selection dropdown at the top of the MetaMask wallet (this usually shows “Ethereum Mainnet”).

Step 3: Scroll to the bottom and click on “Custom RPC”.

Step 4: In the “New Network” screen, you’ll need to fill in several fields:

• Network Name: This is how you will identify the network in the future.
• New RPC URL: This is the URL of the network’s node.
• Chain ID: The unique identifier of the blockchain you’re adding.
• Symbol (optional): The ticker of the native currency for this network (e.g., ETH for Ethereum).
• Block Explorer URL (optional): The URL of the block explorer for this network.

Step 5: Once you’ve filled in all the necessary information, click “Save”. The new network should now be available in your MetaMask network list.

Fill the details as seen in image to add Base Network to Metamask and Trustwallet. You can get the list of Network Details on Chainlist

Adding Base network on Metamask

Adding Base network on Trustwallet

Transfer Funds from Ethereum to Layer 2

Now that your wallets are set up and funded, first step is transfer funds from Ethereum to Base Blockchain using Bridges.

As per official website, the Base Bridge UI on mainnet is not active as on 1st August, 2023.

The user can bridge by sending ETH to following Proxy Address as mentioned on official website:

0x49048044D57e1C92A77f79988d21Fa8fAF74E97e

Note: Please send only ETH as other crypto or tokens can lead to loss of funds. Also, don’t send ETH directly from exchanges to above Proxy address. The ETH should be sent only from crypto wallets like Metamask, Trustwallet, etc.

Once the ETH is sent to the Proxy Address, it takes about 6–12mins to be visible on Base Blockchain.

You can check if your funds have arrived by visiting Base Explorer and enter your current ETH wallet address.

Base Explorer Transaction History of an address

As you can see in above image, the transaction will show as SELF which means it has been bridged to Base Blockchain.

Buying Tokens on DEX

Now everything is setup, let’s buy tokens on DEX.

We will be using Leetswap Finance as it’s one of the best DEX for Base Blockchain at present.

1. Connecting your Wallet to DEX

• Step 1: Visit the official Leetswap Finance website.
• Step 2: Click on Enter App, select Base Network. “Connect to a Wallet” on the top right of the page.
• Step 3: Choose either MetaMask or TrustWallet, depending on the wallet you want to connect. (Make sure your Base Network is selected in the wallet)
• Step 4: Confirm the connection on your wallet. This will allow Leetswap to interact with your wallet.

2. Trading on DEX

• Step 1: Select the token you want to buy. Be careful to use the correct contract address to avoid fake tokens.
• Step 2: Enter the amount of ETH you want to swap for the token.
• Step 3: Review the transaction details, such as slippage tolerance and transaction speed.
• Step 4: Click on “Swap” or “Buy.” Your wallet will ask for confirmation.
• Step 5: After confirming, the transaction will be submitted to the Base network. You can track its progress on Basescan using the transaction hash.
• Step 6: Once the transaction is confirmed, the new tokens will appear in your wallet.

And that’s it! You have successfully purchased tokens on DEX using MetaMask or TrustWallet on Base Blockchain.

Remember to always double-check contract addresses and transaction details before confirming transactions. Stay safe and happy trading!

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Disclaimer: This article is for informational purposes only and should not be treated as investment advice. Always do your own research before investing in cryptocurrencies.