The Ethereum Layer 2 solution, Base Network, has reached a pivotal moment in its developmental trajectory by moving to a new phase. Supported by Coinbase, the protocol has advanced from Stage 0 to Stage 1, signifying its alignment with criteria pertaining to decentralization and secure transactions. This progression marks Base Network as an Ethereum Virtual Machine (EVM) roll-up, as per recent reports.
How Did Base Network Transition?
L2Beat data reveals that Base Network has successfully established its security council, which is crucial for meeting predefined standards and bolstering the proof system’s efficacy. To achieve Stage 1, the protocol required an active proof mechanism and a team of more than five fraud-prevention agents aside from its core personnel, a feat it has managed to accomplish.
What Sets Base Network Apart?
Base Network’s transition occurs in a competitive Ethereum Layer 2 space. It joins peers like Arbitrum One, OP Mainnet, and Unichain, with a total locked value notably reaching an estimated $11.77 billion. Further differentiating itself, Base Network has a transaction completion time averaging about 55 seconds.
Despite its young age, Base Network is carving out a substantial niche within the industry. In terms of total locked value, it holds a slight edge over Arbitrum One. Its rapid transaction processing capabilities highlight its technological edge.
The dynamic landscape might drive a stronger focus on autonomy from existing protocols and core principles, indicating the necessity for continuous enhancement of performance and security measures across platforms.
Are Ethereum’s Development Efforts Effective?
Progress within the Ethereum sphere continues to bolster protocol performance, spearheaded by figures like Vitalik Buterin and Ava Miyaguchi of the Ethereum Foundation. Innovations such as the Pectra upgrade and Dencun update are anticipated to enhance Layer 2 efficiency considerably.
Enhancements on the Ethereum network echo a rising wave of innovation and rigorous competition, positioning Ethereum favorably against other protocols.
With the competitive edge sharpening, solutions must adapt their criteria, focusing on transaction speed, robust security, and decentralization, which are becoming decisive factors for user preferences among various platforms.
Base Network’s transition to Stage 1 not only signals its promising capabilities but also highlights the critical role of aligning technical prowess with strategic growth amid a fast-evolving digital ecosystem.
