Base Network Gains Acclaim for Its Layer 2 Solutions
By: Eliza Bennet
Base Network, an Ethereum Layer 2 project developed by Coinbase, has recently drawn praise from Vitalik Buterin, the co-founder of Ethereum. In a public statement on September 23, Buterin lauded Base as a shining example of how Layer 2 solutions should operate, merging the usability and security benefits inherent in Ethereum's main chain. The positive feedback comes amidst increasing scrutiny of Layer 2 technologies, which are seen as critical in alleviating Ethereum's scalability issues.
Buterin emphasized that Base combines the convenience of centralization with the foundational security provided by Ethereum's blockchain. Unlike exchanges or custodial services that control user funds, Base guarantees withdrawal and asset safety via Ethereum's infrastructure. According to Buterin, Base fits into the Stage 1 criteria defined by L2Beat, which means a security council, with majority approval, can override on-chain code. However, Buterin stressed the presence of safeguards that prevent the organization from censoring or stealing assets, aligning the network closely with Ethereum's non-custodial model.
Base has proven itself as one of the active Layer 2 networks, managing approximately 160 transactions per second and verifying nearly 360 million transactions in the past month. The network also saw a substantial increase in its total value locked (TVL), reaching close to $15 billion, trailing only Arbitrum in the Layer 2 space. Much of the network's success is attributed to the backing provided by Coinbase, which lends both technical support and brand credibility to the project, making Base a formidable entity in the decentralized finance landscape.
Vitalik Buterin's endorsement of Base aligns with its approach to decentralization, especially as it counters concerns about regulatory intervention in Layer 2 technologies. As the Ethereum ecosystem continues to evolve, innovations like Base are expected to play a pivotal role in ensuring scalability while maintaining the decentralized ethos that is central to blockchain technology.
