As a seasoned crypto investor, I’m always on the lookout for developments that could potentially impact my investments positively. Base’s upcoming introduction of fault proofs on the Sepolia testnet is one such development that has piqued my interest.
In the middle of July, Base is planned to implement fault proofs on the Sepolia testing network, representing a major accomplishment in its path towards decentralization. This important innovation is designed to bolster the network’s security and dependability by maintaining the authenticity of transactions. As Base progresses, it’s vital to grasp the consequences of this development. Here’s what you should know about this key improvement.
Base Sepolia Testnet and Fault Proofs
Fault proofs are a crucial step towards decentralizing Layer 2 (L2) networks. They’re set to launch on Base Sepolia, the testnet, in mid-July. This change will allow anyone to propose and challenge claims about the L2’s state, reducing reliance on central authorities. It’s a big shift that’ll make the network more open and secure.
As a crypto investor, I’ve noticed that the testnet’s withdrawal process is about to undergo a significant change with the introduction of fault proofs. Instead of instant transactions, withdrawals will now take at least seven days to be completed. This longer timeframe is essential for the new proving and finalizing process. Additionally, the system will shift from using “L2OutputOracle” to the “DisputeGameFactory” when proposing output root claims.
As a researcher studying the recent updates to the funding system, I’d like to draw your attention to the importance of considering the timing when making withdrawals. Any requests initiated prior to mid-July will continue to be processed immediately. However, starting from mid-July, there is a new mandatory seven-day waiting period for all withdrawal requests. If a user’s request falls within this timeframe, they will need to resubmit their request once the waiting period has elapsed.
Base Growth and Preparations for Teams on Base Sepolia
In the year 2024, there has been significant expansion in Coinbase’s Base with regard to transaction volumes and fees. This growth can be attributed to an influx of project listings on the platform, leading to elevated demand for this Layer 2 network. The high demand reached a peak, causing network congestion for Base several months ago.
As a market analyst, I’ve observed an impressive surge in gas fees recently, which has resulted in substantial earnings for Coinbase. Specifically, Coinbase’s Layer 2 network, Base, has experienced notable growth as its Total Value Locked (TVL) reached an unprecedented peak. At the moment, Base TVL exceeds $1.58 billion.
As a researcher studying the bridge operations on Base Sepolia, I would advise teams responsible for managing these bridges to prepare for the upcoming changes in the following ways:
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2024-06-22 16:44