The Ethereum Layer 2 network Base is set to enhance its security by launching Fault Proofs, allowing users to monitor and challenge invalid transactions independently.
Key Features of Fault Proofs
Fault proofs introduce two crucial capabilities:
Permissionless Output Proposals: Previously, only centralized proposers could submit output roots regarding the Layer 2 network's state. With the new system, anyone can make claims about Base's current state, promoting decentralization. Permissionless Challenges: Users can challenge any faulty or fraudulent claims about the network’s state, enhancing security and fostering broader community participation.
Changes to Withdrawal Processes
With the activation of fault proofs, users should note the following changes to withdrawal processes:
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. New Contract: The DisputeGameFactory will replace the L2OutputOracle for submitting output root statements. This change aims to streamline the withdrawal process, improving overall efficiency. Verification Requirements: Post-upgrade withdrawals will be finalized based on the fault proof system within about seven days, though transaction challenges may cause additional delays.
The Road Ahead for Base
According to Defi Llama, Base has surpassed its competitors in transaction count and active users. With a total value locked (TVL) of $7.67 billion, Base benefits from its connection to Coinbase, attracting a large user base.
High-yield offerings on platforms like Aerodome have attracted crypto investors looking for lucrative opportunities. Coinbase's recent launch of its wrapped Bitcoin product, cbBTC, has also fueled network growth, with a market cap reaching nearly $400 million within a month, predominantly based on Base.
The introduction of Fault Proofs in the Ethereum Layer 2 network Base marks a significant step in enhancing security and transparency. Combined with support from the Coinbase ecosystem, these changes herald further network growth and user engagement.
