Ethereum

Defi

Wrapped Bitcoin

DeFi

Base

The Ethereum Layer 2 network Base is set to enhance its security and reliability by launching&nbsp;<a style="text-decoration:none" href="https://docs.base.org/docs/preparing-for-fault-proofs-on-base/">Fault Proofs</a> on its mainnet on October 30. This upgrade will reportedly empower users to monitor and challenge invalid withdrawals without relying on trusted third parties.&nbsp;
<h2 dir="ltr" id="span-span-key-features-of-fault-proofs-span-span">Key Features of Fault Proofs</h2>
Fault proofs introduce two crucial capabilities:
&nbsp;
<ul>
 <li>Permissionless Output Proposals: Previously, only centralized proposers could submit output roots regarding the state of the Layer 2 network. With the new system, anyone can make claims about Base's current state. This shift promotes a decentralized approach to validating Layer 2 state.</li>
 <li>Permissionless Challenges: Users can challenge any faulty or fraudulent claims made regarding the network’s state. In addition to enhancing security, this feature reportedly promotes broader community participation in maintaining the network's integrity.</li>
</ul>
<h2 dir="ltr" id="span-span-changes-to-withdrawal-processes-span-span">Changes to Withdrawal Processes</h2>
With the activation of fault proofs, users should be aware of the following changes to withdrawal processes:
&nbsp;
<ul>
 <li>Pending Withdrawals: All pending withdrawals will need to be re-verified. Withdrawals initiated before the upgrade will face a seven-day challenge period before they can be finalized.</li>
 <li>New Contract: The DisputeGameFactory will replace the L2OutputOracle as the new contract responsible for submitting output root statements. This change is designed to streamline the withdrawal process, improving overall efficiency.</li>
 <li>Verification Requirements: Withdrawals post-upgrade will be finalized based on the fault proof system, typically taking about seven days. However, challenges to transactions may lead to additional delays.</li>
</ul>
<h2 dir="ltr" id="span-span-the-road-ahead-for-base-span-span">The Road Ahead for Base</h2>
Recent data from Defi Llama indicates that Base has surpassed its competitors in transaction count and active users. With a total value locked (TVL) of&nbsp;<a style="text-decoration:none" href="https://l2beat.com/scaling/summary">$7.67 billion</a>, Base is now the second largest Ethereum Layer 2 chain in terms of TVL.&nbsp;
&nbsp;
Several factors have contributed to Base’s rapid growth:
<ul>
 <li>Coinbase's Influence: As the home of retail investors, Base has benefited from Coinbase's vast user base. This relationship has attracted significant inflows into the network.</li>
 <li>DeFi Opportunities: High-yield offerings on platforms like Aerodome have attracted crypto investors seeking lucrative opportunities.</li>
 <li>Wrapped Bitcoin Product: Coinbase's recent launch of its wrapped Bitcoin product, cbBTC, has further fueled growth. Within a month, this token amassed a market cap of nearly $400 million, primarily based on Base.</li>
</ul>

Base Announces Permissionless Fault Proofs Launch on Oct. 30

Table of Contents

BSCN

Other articles published on Nov 6, 2024

Kraken Tightens Up: Layoffs, New Co-CEO, and a Strategy Shift Amid a Crypto Industry Reset

PropiChain’s Advanced AI Features to Revolutionize Real Estate Investments, Here’s How

Bitcoin Surges as Trump’s Odds Improve

Bitcoin and Dogecoin Flex Big Moves to the 2024 US Election Results

Robinhood, Kraken, and Other Crypto Firms Launch Global Stablecoin Network

$1 Investment in These 3 Cryptos Could Grow Into a $1 Million Portfolio by 2025!

Join our free newsletter for daily crypto updates!