Base: Coinbase’s Layer-2 Network Goes Open Source Will They Launch a Token?
Coinbase, the popular cryptocurrency exchange, has made a significant move towards increasing transparency and promoting public collaboration by open sourcing its layer-2 blockchain network, Base. By releasing the code repositories and smart contracts of Base, Coinbase allows developers to have full visibility into the project’s development and enables them to contribute improvements. This step is aimed at fostering community participation and ensuring that Base delivers on its technical roadmap.
- Base, Coinbase’s layer-2 blockchain network, has open-sourced its code repositories and smart contracts.
- Public visibility into Base’s development allows for community collaboration and improvements.
- Coinbase is offering up to $1 million in bounties for the discovery of bugs and security flaws.
- Base has also open-sourced its web properties, including its main site and documentation site.
- Base is currently the third-largest layer-2 network by total value locked at $549 million, but its market share is only 5%.
- Coinbase hasn’t ruled out the possibility of launching a native token for Base in the future.
- Base recently migrated its testnet from Goerli to Sepolia chain to unify the layer-2 ecosystem.
By making the smart contracts and core code of Base open source, Coinbase aims to create accountability and enable collaboration within the ecosystem. This move allows any developer to review and audit the code, potentially contributing to the project’s development. Open sourcing also provides an opportunity for developers to learn from and build upon Base’s work so far.
In line with its commitment to transparency, Base has shared details about its multi-signature setup and key management processes. This demonstrates Base’s thoughtful approach to security, which is crucial for a network that handles user funds. Additionally, Base has open-sourced its web properties, including the main site, documentation portal, and bridge site.
While open sourcing brings many benefits, such as increased transparency and collaboration, it also introduces the risk of malicious actors exploiting vulnerabilities. Base is aware of these risks and is actively encouraging responsible disclosure. To incentivize the reporting of previously unknown bugs, Base is offering bounties worth up to $1 million.
Since its launch, Base has seen rapid growth and has become the third-largest layer-2 platform in terms of total value locked, with $549 million locked. However, competitors such as Arbitrum and Optimism still dominate the layer-2 ecosystem, holding a combined market share of 80%. By embracing open-source collaboration, Base aims to accelerate the development and adoption of its Ethereum-based scaling solution.
Looking ahead, Coinbase hasn’t ruled out the possibility of launching a native token for Base. If the community can help strengthen Base’s technical foundations through collaboration and improvements, the future of the network looks promising.
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