Coinbases Base Network Attracts Aaves Attention

Coinbases Base Network Attracts Aaves Attention


Aave is considering deploying its V3 on Coinbase-backed Layer-2 blockchain solution, Base network, which could result in multiple revenue streams and a larger user base, pending positive feedback and risk parameter evaluations during ongoing temperature checks.

The Aave community is mulling over a proposition to launch its V3 on the Coinbase-backed Layer-2 blockchain tech solution, Base network. 

Aave V3 Considers Base Deployment

The next Base network is a Layer-2 blockchain tech solution backed by the Coinbase cryptocurrency company and is as of now going through a temperature check phase by the Aave community. As per early reports, it is being considered by Aave for the deployment of its V3. 

The idea was 1st proposed by analytics company Other side Cryptocurrency and then brought to the attention of Aave’s governance forum by Flipside’s protocol specialist Francis Gowen, who is likewise one of the delegates and contributors of Aave. In his proposition, Gowen highlighted that the integration could result in numerous revenue streams for Aave V3 and open it up to a significantly larger user base. 

Other than suggesting the protocol, Gowen likewise touched upon the necessity of maintaining danger parameters for assets that would be deployed on Base.

Temperature Check Ongoing

The presently ongoing temperature check phase will allow the community members to experience the platform and provide initial feedback, according to which the following step of the decision can potentially be taken. If the preliminary feedback is positive and garners sufficient preliminary votes, the proposition will be considered for further discussion. These discussions will include danger parameter evaluations, which, if successful, will advance the proposition to an on-chain vote as a final step before deployment. 

Base Mainnet To Launch After Optimism Upgrade

The Base network project has so far only launched its testnet, which already displayed whole lot of developer activity. The network has been supporting 18,000 developers who deployed 55,000 smart contracts. This signifies a strong growth potential for the mainnet once it is launched thereafter this year. 

Despite the fact that the Base team has is still to finalize a launch date for its mainnet, it has been announced that the project has completed its 1st hardfork, Regolith, in testnet. Furthermore, the OP Labs team has likewise completed a project infrastructure review. 

The group has likewise stated that once Optimism completes its June upgrade (Bedrock), Base will be able to move on to its internal and external audits stage to demonstrate testnet stability and then launch the mainnet. 

Other Interest In Base Network

Nonetheless, Aave is not the only cryptocurrency powerhouse seeing as a move to Base. A week back, the largest decentralized exchange, Uniswap, likewise revealed that it is seeing as an expansion to the Base network. 

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