1. Base and Bridging Smart Contracts](https://docs.base.org/docs/terms-of-service/#1-base-and-bridging-smart-contracts))
The Base protocol (“Base”) is an open source, optimistic rollup protocol that operates with the Ethereum blockchain. The Base protocol includes protocol smart contracts that allow you to “bridge” (i.e., lock assets on one blockchain protocol and replicate them on another protocol) digital assets between Ethereum and/or Base (“Bridging Smart Contracts”). Neither Base nor the Bridging Smart Contracts are part of the Services. They are both operated through the use of certain open source software such as the OP Stack, an open sourced codebase approved by a decentralized, representative body of Optimism governance (the “Optimism Collective”), and a set of smart contracts that once deployed to the Base protocol are not controlled by Coinbase (even if Coinbase contributed to their initial development). Coinbase does not control what third parties may build on Base, the activity of such parties, any user transacting on Base, or any data stored on Base itself, and Coinbase does not take possession, custody, or control over any virtual currency or other digital asset on Base or the Bridging Smart Contracts, unless expressly stated in a written contract signed by Coinbase. You acknowledge and agree that Coinbase makes no representations or warranties with respect to Base or the Bridging Smart Contracts, and that, if you use Base or the Bridging Smart Contracts, you do so at your own risk.
MODERN HISTORY
Solana was first opened to the public in March 2020, with its first block being created on 16 March 2020. [third-party source needed] The Solana blockchain was designed to support smart contracts and decentralized apps in particular.[2][6] Large numbers of simultaneous transactions have contributed to several outages of the Solana blockchain.[6]
In June 2021, Solana Labs sold $314 million worth of its native cryptocurrency, SOL, to a group of funds led by Andreessen Horowitz and Polychain Capital.
On 1 July 2022, a class action lawsuit was filed against Solana Labs. The lawsuit accused Solana of selling unregistered securities tokens in the form of Solana from 24 March 2020, onward and that Solana deliberately misled investors concerning the total circulating supply of SOL tokens. According to the lawsuit, Anatoly Yakovenko, the founder of Solana Labs, lent a market maker more than 11.3 million tokens in April 2020 and failed to disclose this information to the public. The lawsuit claimed that Solana stated it would reduce the supply by this amount, but it only burned 3.3 million tokens.
On 3 August, 2022, 9,231 Solana wallets were hacked[9] and four Solana wallet addresses stole approximately $8 million from victims.[10] The Solana Foundation said that the hack was caused by digital wallet software from Slope Finance.
In April 2023, Solana Mobile, a subsidiary of Solana Labs, began selling the Solana Saga, an Android smartphone with several Solana-based decentralized apps preinstalled.
In June 2023, the SEC sued Coinbase, alleging that Solana and twelve other currencies offered by the platform failed the Howey Test and qualified as securities. The suit accuses Coinbase of illegally evading requirements for disclosure by offering these tokens. The SEC had previously issued a Wells notice to Coinbase in March. Solana Foundation has denied that the token is a security.
In September 2023, Visa](https://en.wikipedia.org/wiki/Visa_Inc.)) announced that along with payment processors Worldpay, Inc.](https://en.wikipedia.org/wiki/Worldpay,_Inc.)) and Nuvei,](https://en.wikipedia.org/wiki/Nuvei),) it had added support for the Solana blockchain to send payments to merchants using the stablecoin USD Coin](https://en.wikipedia.org/wiki/USD_Coin)) (USDC), rather than fiat currency via bank wire.
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