Coinbase’s Base, developed with Optimism Collective, strengthens Ethereum’s decentralization by utilizing the OP Stack for massive blockchain ecosystem expansion.
Key Points
- Coinbase’s Ethereum Layer 2 (L2) solution “Base” emphasizes commitment to decentralization in collaboration with Optimism Collective.
- Utilizing open-source OP Stack, Base aims to onboard a billion users and a million developers to the blockchain ecosystem.
- OP Stack serves as infrastructure for L2 blockchains, supporting tools, block explorers, and governance systems.
- Base’s collaboration with Optimism Collective reinforces Ethereum’s Superchain vision, working on technical milestones and contributing to OP Stack’s enhancement.
Born out of a collaboration with the Optimism Collective, Base has demonstrated its unwavering dedication to decentralization and its alignment with the Superchain vision.
Utilizing the open-source OP Stack, Base aims to bring a billion users and a million developers into the blockchain ecosystem.*
California-based cryptocurrency exchange Coinbase has recently highlighted its commitment to decentralization through its Ethereum Layer 2 (L2) solution called Base.
Developed in collaboration with the Optimism Collective, Base utilizes the open-source OP Stack and aims to onboard massive numbers of users and developers into the blockchain ecosystem.
In order to enable a global, open, onchain economy, we believe that Base must be decentralized
To prioritize this, we’ve built Base on the OP Stack in collaboration with @optimismFND
Today, we’re sharing an update on our commitmenthttps://t.co/OqxVuIHIjm
— Base 🛡️ (@BuildOnBase) August 24, 2023
OP Stack: A Backbone for Optimism
The OP Stack, maintained by the Optimism Collective, is an open-source development stack powering Optimism. It consists of various software components that form the backbone of Optimism, serving as a shared system for generating new L2 blockchains.
By coordinating the development of shared standards, the OP Stack avoids the duplication of software creation.
While the primary focus of the OP Stack is to provide infrastructure for L2 blockchains, it also extends to include tools such as block explorers and governance systems.
The recently released Bedrock version of the OP Stack supports the Optimism Superchain, which is a proposed network of L2s that share security, communication layers, and a common development stack.
Working Towards Ethereum’s Superchain Vision
As Base and the Optimism Collective join forces, their shared mission is clear: reinforce the OP Stack for the future of Ethereum.
This collaboration paints a picture of Ethereum’s future as a “Superchain” consisting of interconnected rollups and L2s. Base is actively working on decentralizing its core and contributing to the enhancement of the OP Stack.
Within its roadmap, Base plans to achieve several technical milestones. These include refining op-geth and op-node for enhanced scalability, supporting the op-reth initiative for diversified clients, and introducing “Pessimism” to bolster the OP Stack’s monitoring capabilities.
Concluding Thoughts
Base firmly adheres to the “Law of Chains” framework, which establishes standards for Superchain protocols, emphasizing neutrality, and a decentralized security model.
Additionally, Base commits to allocating a portion of its sequencer revenue to the Optimism Collective. This contribution corresponds to either 2.5% of Base’s sequencing revenue or 15% of L2 transaction profits after accounting for L1 data submission costs.
Base also aims to acquire up to 2.75% of the OP token supply through onchain governance over six years.
In collaboration with the Optimism Collective, Base’s dedication to the Superchain vision is palpable. The shared objective is to establish a robust foundation for the OP Stack and the Superchain, heralding a new era in the blockchain realm.
