Are you ready to take your business to the next level with cryptocurrency? OxaPay is making it easier than ever by supporting businesses that accept ETH payments on the Base blockchain. This upgrade brings faster transactions, lower fees, and better scalability—all while keeping Ethereum’s strong security in place. In this article, we’ll explore how Base works, how it’s different from Ethereum, and why it’s becoming so popular. Plus, we’ll look at the key reasons why businesses should start accepting ETH payments on this powerful layer-2 network.
What Is Base, and How Does It Work?
Base , developed by Coinbase, is a layer-2 solution built on top of the Ethereum blockchain (layer-1). Its main purpose is to solve the issues of scalability and high transaction costs that Ethereum often faces. By using Optimistic Rollups, Base processes transactions off-chain and then settles them back on Ethereum, reducing congestion and cutting down fees.
So far, Base has completed over 748 million transactions, with an average block time of just 2 seconds. This makes it significantly faster and more cost-effective than Ethereum’s layer-1. For businesses handling a high volume of transactions, whether small or large, accepting ETH payments on Base offers the benefits of quicker payments and lower fees without sacrificing the security of Ethereum.
Key Differences Between Base and Ethereum
While both Ethereum and Base are part of the same ecosystem, they differ in several ways:
- Transaction Speed: Ethereum processes all transactions on-chain, often leading to bottlenecks and longer confirmation times. In contrast, Base handles transactions off-chain, achieving an average block time of 2 seconds, ensuring faster payments.
- Cost Efficiency: Ethereum’s gas fees are known to be high, especially during periods of network congestion. Base, however, significantly reduces these costs. For instance, the average transaction fee on Base during a recent period was as low as 0.000004 ETH, a stark contrast to the fees often seen on Ethereum’s layer-1.
- Scalability: Base’s architecture allows it to handle a large volume of transactions efficiently. With new transaction volumes reaching over 4 million per day, it offers a scalable solution for businesses looking to process high volumes of payments.
- Security Backing: While Base operates as an independent layer-2 network, it still benefits from Ethereum’s battle-tested security. This means businesses can rely on Ethereum’s high security standards while enjoying Base’s enhanced performance.
The Growing Popularity of Base: Expanding User Adoption
Since its launch, the Base blockchain has experienced rapid adoption, with both users and businesses turning to the network for its efficiency and low costs. Recent data highlights the network’s impressive growth:
- 1.05 million daily active addresses as of August 2024, a 60% increase since the start of that month.
- The Base network has processed over 56.22 million accounts to date, with 169.38 million total addresses created.
- The network is also seeing a surge in new accounts, with over 449,000 new accounts added daily in September 2024.
This surge in users and activity showcases the growing confidence in Base as a scalable and efficient layer-2 solution, making it a valuable platform for businesses seeking to offer ETH payments at a lower cost and faster pace.
Why Businesses Should Accept ETH Payments on Base?
OxaPay’s support for accepting ETH payments on the Base blockchain gives businesses a competitive edge in the growing crypto market. Here are the key reasons why adopting Base for ETH payments can benefit businesses:
Lower Transaction Fees:
Base offers significant savings compared to Ethereum. With transaction fees as low as 0.000004 ETH during certain periods, businesses can reduce the costs associated with crypto payments. This is particularly beneficial for microtransactions or high-frequency payments.
Faster Payment Processing:
The 2-second average block time on Base ensures quick transaction confirmations, reducing the wait times typically associated with Ethereum. This speed is crucial for e-commerce, subscriptions, and services requiring near-instant payment confirmation.
Scalability:
Base’s infrastructure is designed for high transaction volumes, processing over 4 million transactions daily. This allows businesses to scale their operations without worrying about network congestion or performance issues, making it ideal for fast-growing enterprises.
Enhanced Customer Experience:
By accepting ETH payments on Base through OxaPay, businesses can provide their customers with a smooth, seamless checkout experience. With faster payments and lower fees, customers are more likely to complete their purchases, leading to higher conversion rates.
Security:
Base inherits Ethereum’s robust security framework while adding the efficiency of a layer-2 solution. For businesses, this means they can offer ETH payments with confidence, knowing that their transactions are secure and resistant to fraud.
How to Accept ETH on the Base Blockchain with OxaPay
Accepting ETH payments on the Base blockchain with OxaPay Crypto payment gateway is a streamlined and straightforward process, allowing businesses to tap into the growing market of cryptocurrency users. Whether you are running an e-commerce store, offering subscription services, or providing digital products, OxaPay simplifies crypto payments by offering a seamless setup and management experience. Below is a step-by-step guide on how to start accepting ETH on Base through OxaPay:
1. Create Your OxaPay Merchant Account
To begin, sign up for an OxaPay account if you haven’t already. This can be done through the OxaPay website by providing your basic details, such as your business name and email address. OxaPay’s onboarding process is swift, requiring no complex documentation or KYC, so you can get started quickly.
2. Generate Your Merchant API Key
Once your account is active, the next step is to generate your merchant API key. Navigate to the OxaPay dashboard and follow these steps:
- Go to the Merchant Settings section and click on Generate API Key.
- Assign a name to your merchant profile and upload your business logo (optional but recommended for brand consistency).
- Select the cryptocurrencies you wish to accept. In this case, ensure that ETH on Base is enabled.
- Configure other payment settings, such as whether the transaction fees will be covered by the payer and the percentage for underpaid payments if applicable.
Once complete, OxaPay will generate your unique merchant API key, which you will use to integrate payments into your platform.
3. Integrate OxaPay Into Your Website or Application
OxaPay provides multiple integration options to suit your business needs. You can use the following methods to accept ETH on Base:
- Plugins:For businesses using E-commerce platforms like WooCommerce, WHMCS, Blesta, and others, OxaPay offers ready-to-use crypto payment plugins that make integration a breeze. Simply install the relevant E-commerce plugin and configure it with your API key to start accepting payments.
- Custom Integration: If your business runs on a custom platform, OxaPay’s comprehensive API allows for easy integration. The API enables you to generate invoices, utilize white-label solutions, and manage static crypto addresses, all while tracking payments in real-time.
For either method, OxaPay provides detailed documentation to guide you through the integration process.
4. Set Up ETH on Base Payments
After integration, configure your payment options to include ETH on Base. You can choose to offer it as a standalone payment method or as part of a multi-currency setup. When a customer selects ETH on Base as their payment option, OxaPay will handle the transaction seamlessly, offering your users the benefits of faster payments and lower fees.
5. Monitor Transactions and Receive Payouts
OxaPay provides a detailed dashboard where you can track all payments, including those made using ETH on Base. Every transaction is recorded, allowing you to view payment histories, check the status of pending payments, and manage your financials efficiently.
For businesses that prefer automated payouts, OxaPay offers various withdrawal methods, ensuring that your earnings are transferred securely to your preferred wallet.
Leverage OxaPay’s Advanced Features
OxaPay goes beyond simple payment processing, offering customizable invoices, payment links, donation buttons, white-label solutions, and static wallet addresses. These features enhance business operations by making transactions easier for customers. Additionally, OxaPay’s Telegram wallet allows users to save and manage their assets conveniently within the app, streamlining crypto management.
The Future of Crypto Payments with OxaPay
The Base blockchain is redefining the future of crypto payments by offering businesses lower costs, faster transactions, and greater scalability. OxaPay’s seamless integration with Base allows companies to provide their customers with a more efficient, secure payment option. By accepting ETH payments on Base, businesses can reduce operational expenses, enhance customer satisfaction, and stay ahead in a rapidly evolving digital economy. Now is the perfect time to embrace this innovative solution and position your business for future success.
