Coinbase’s Ethereum layer-2 project Base Faces First Major Outage
Coinbase’s Ethereum layer-2 project Base, which went live in August, experienced a significant outage on September 5. For 43 minutes, no new blocks were produced on the blockchain network, causing concern for users. The developers of Base identified the problem at 9:36 pm UTC and worked to resolve it.
Comparison of Ethereum L2s and Mainnet
Matt Willemsen, head of research at Collective Shift, emphasized the difference between Ethereum L2s and the mainnet. In a post, he stated that the mainnet has undergone rigorous testing and requires fewer trust assumptions compared to L2s like Base.
“Coinbase’s Base chain just had its first major outage, lasting for 43 minutes. Blocks have just started to be produced again.”
– Matt Willemsen
A Closer Look at Coinbase Base
Launched by Coinbase, the second-largest crypto exchange in the world, Base aims to address challenges faced by users on the Ethereum blockchain. The project initially released a beta version on February 23, followed by a mainnet version for developers on July 13. Finally, on August 9, the user version was launched.
The Objectives and Benefits of Coinbase Base
Coinbase Base utilizes the OP Stack software from Optimism to create a more scalable environment for decentralized applications (dapps) on Ethereum. This aims to achieve faster transaction speeds and reduced costs compared to the Ethereum network. The Base ecosystem consists of over 100 dapps and service providers, offering various functionalities such as crypto payment apps, decentralized autonomous organizations (DAOs), and interactions with other cryptocurrency projects like exchanges.
Coca-Cola’s NFT Collection on Base
As a testament to its growing popularity, Coinbase’s Base recently became the platform of choice for Coca-Cola’s NFT collection. This highlights the expanding use cases and opportunities presented by Base in the crypto space.
Hot Take
The outage faced by Coinbase’s Base is a reminder of the unique challenges and considerations involved in using Ethereum layer-2 solutions compared to the battle-tested Ethereum mainnet. While L2s offer scalability benefits, they also introduce additional risks that users must be aware of.
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