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 7, 2024

Solana Makes 401% Year-To-Date Gains As Cutoshi Looks To Boost ETH

Ethereum set for a ‘monster rally’ as price nears $2.9K

ERC-20 stablecoin users sent $9.3b to Binance, Coinbase

Bitcoin L2 Labs Launches to Accelerate Core Development for Stacks, the Leading Bitcoin Layer 2 (...

Swiss city Lugano issues third blockchain bond: report

Ripple Abruptly Moved 470 Million XRP. Here’s the Destination

Join our free newsletter for daily crypto updates!