Base, the Ethereum Layer 2 platform developed by Coinbase, will deploy a permissionless fault proof mechanism on October 30. The goal of this update is to increase the decentralization of the network and eliminate control by a single entity.
"The update will be applied to the Base mainnet on October 30, marking an important milestone in the journey towards decentralization."
Launched in August 2023, Base is built on Optimism's OP Stack and has quickly become the largest Layer 2 on Ethereum by Total Value Locked.
The deployment of the fault proof mechanism on Base will be similar to what has been implemented on the Optimism OP Mainnet. Both chains are part of the Superchain ecosystem, which includes other projects such as Zora, Mode, and Fraxtal.
Base emphasizes its collaboration with Optimism in this upgrade, allowing users to prove errors and challenge potentially fraudulent or inaccurate transactions. Prior to the upgrade, only the centralized proposers had the ability to submit the Base network's output state, creating a reliance on operators to report accurately.
With the introduction of fault proofs, anyone can dispute the specific state of Base and challenge invalid withdrawal requests, thereby enhancing the security of the network.
Most optimistic rollup blockchains have not yet implemented similar decentralization through the use of fault proofs and the maintenance of decentralized contract upgrades. However, Arbitrum and the OP Mainnet are notable exceptions that have deployed this mechanism.
Base has recorded strong growth in Q3 and is expected to continue its development momentum in Q4 2024. According to data from L2Beat, Base's transactions per second (TPS) have increased by 51% in the past day, with revenue reaching $7.2 million in Q3, second only to Ethereum and TRON.
Top 15 chains by revenue in Q3 | Source: CryptoRank
Base is currently processing nearly 7 million transactions per day, accounting for 42.5% of the total Layer 2 transactions. Additionally, the platform's Total Value Locked (TVL) has reached approximately $2.5 billion, up 1% from the previous week.
Base is currently in Phase 0 of its development, but its stablecoin market on the platform is nearing $3.7 billion, surpassing Solana. New products and projects like Bitgreen are also driving the growth of Base this year.
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Bitcoin Magazine
