TL;DR: Ethereum layer 2 solutions have grown rapidly, securing over $6 billion. Send is moving its tokens to Base Mainnet for speed, scalability, and lower costs, ultimately enhancing the user experience for the upcoming product release.
Send Token is now on Base Mainnet
To prepare for our mobile app launch, Send is moving all of it’s supply to Base. This move will enable Send to leverage Base’s superior speed, scalability, and significantly reduced transaction costs compared to Ethereum. By linking its core token assets to Base, Send can offer app users a better experience that would be impossible on Ethereum due to high fees and increased latency.
In just a few years, Ethereum layer 2 solutions have progressed rapidly from abstract ideas to widely used products. Adoption has boomed, with over $6 billion now secured on rollups, sidechains, and other layer 2 protocols. And with EIP-4844 right around the corner, sending is about to get even cheaper.
Base and Optimism
Base utilizes Optimism’s OP Stack, rendering it among the most secure and scalable EVM Layer 2 solutions available. The OP Stack, an open-source public asset, serves as the basis for a network of interconnected Layer 2 solutions, fostering interoperability, sequencing, and governance.
According to Electric Capitals 2023 Developer Report, Base is the largest and fastest growing onchain developer ecosystem launched since 2020.
EIP-4844
EIP-4844, also known as Proto-Danksharding, introduces a novel transaction type to Ethereum, enabling the storage of brief-duration data “blobs” in the beacon node. These changes align with Ethereum’s scalability roadmap and maintain manageable storage requirements for these compact blobs.
At ETH Barcelona in July 2023, core developer Mario Havel highlighted how EIP-4844 ushered in data sharding through the ‘data blob’ transaction type. Additionally, Blob blocks brought forth KZG commitments, assisting layer-2 scaling solutions like Optimism and Arbitrum in batching transactions within “rollups” and addressing data access challenges during verification.
The main benefits of this EIP will include reduced transaction fees for layer 2 rollup solutions.
Fees on Base
At present, the fees for swapping on Base vary between 25 to 50 cents, with transaction times of approximately 4 to 5 seconds. While sending incurs fees ranging from 10 to 15 cents, typically taking 1 to 2 seconds.
Bridging to Base Mainnet
Send has partnered with Superbridge to help our users move their tokens over to Base.
Supporting over 10 mainnets and 100+ assets, Superbridge provides an intuitive interface over proven native bridging contracts, which means your Send Tokens are safe.
Steps to Bridge
- Go to the Superbridge App – https://app.superbridge.app/base
- Connect your Ethereum wallet by clicking “Connect Wallet” and choosing the wallet you hold your Send tokens in.
- In the “Token” dropdown, select Send.
- Enter the amount of Send you want to bridge to Base.
- Click “Deposit”.
- Confirm the transaction in your Ethereum wallet. This will send your Send Tokens to the bridge contract.
- Once the transaction is confirmed, there will be a waiting period of around 2-5 minutes for the tokens to be bridged.
- After the waiting period, you should see your bridged Send tokens in your Base app wallet.
That’s it! You have now successfully bridged your Send Tokens from Ethereum to Base.
A more comprehensive guide on how to bridge your Send to Base -> link.
Trading and Liquidity
After careful consideration, we have decided to list on Uniswap. As of today, Send has a market capitalization of $1.87 million and total liquidity of $914,000 on the platform. This listing represents an important milestone that will increase accessibility and exposure for the Send project.
Trade -> link
Chart -> link
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