Coinbase Open Sources Base Smart Contracts Code for Increased Transparency
Coinbase has made the decision to open source some of its smart contracts code for its layer-2 blockchain Base. This move is aimed at increasing transparency and accountability within the platform. By open sourcing the code, Coinbase hopes to encourage collaboration among developers and allow them to build upon and improve the existing infrastructure. The company also sees this as an opportunity to receive feedback from the community, whether it’s regarding documentation or bug identification. The contract code, as well as deployment and upgrade artifacts, are now available on GitHub.
Transparency in Key Management
In addition to open sourcing its smart contracts code, Base has also provided transparency in its multi-signature setup and management. This is part of their effort to establish a secure key management process and be accountable to their users. By making this information available, Base aims to foster trust and confidence among developers and users alike.
Open Sourcing Web Properties
Base has gone a step further by open sourcing all of its web properties, including base.org, docs.base.org, and bridge.base.org. Developers can now see how features like deposits and withdrawals were implemented and contribute improvements to these platforms.
Base’s Growth and Position in the Layer-2 Ecosystem
Since its launch on mainnet in July, Base has experienced impressive growth. As a result, it has become the third largest layer-2 protocol in terms of total value locked (TVL) within the ecosystem. According to L2beat, Base currently has a TVL of $549 million, surpassing protocols such as zkSync, dYdX, and Starknet. However, despite its growth, Base only holds a market share of 5.26% and its TVL has remained stagnant since early September.
Outlook for the Layer-2 Ecosystem
The layer-2 market is largely dominated by two players, Arbitrum One and Optimism, which together hold almost 80% of the market share. Base’s position within the ecosystem highlights the potential for growth and competition in this space. As more projects and protocols emerge, it will be interesting to see how the landscape evolves and whether Base can continue to gain traction.
Hot Take: Coinbase’s Commitment to Transparency and Collaboration
Coinbase’s decision to open source its smart contracts code for Base demonstrates its commitment to transparency and collaboration within the crypto community. By making its code accessible to developers and inviting feedback, Coinbase aims to foster innovation and improvement in the platform. This move not only benefits developers but also enhances user trust by showcasing a secure key management process. As Base continues to grow and establish itself in the layer-2 ecosystem, Coinbase’s open-source approach sets a positive precedent for other projects in the industry.
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