Ethereum Layer 2 Base Network Graduates To Stage 1 EVM Rollup, Here’s All – Crypto News – Crypto News
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Ethereum Layer 2 Base Network Graduates To Stage 1 EVM Rollup, Here’s All – Crypto News

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Ethereum Layer 2 Base Network Graduates To Stage 1 EVM Rollup, Here's All

The Ethereum Layer 2 scaling solution, Base Network, has attained a significant milestone, earning Vitalik Buterin’s accolade. As revealed by L2Beat on X, the Coinbase-backed protocol is now a Stage 1 Ethereum Virtual Machine (EVM) roll-up. This is a graduation from Stage 0, and it implies, among other things, its level of decentralization.

Base Network Graduates to Stage 1: Here’s Implication

As L2Beat hinted on X, the Layer 2 network has successfully onboarded its Security Council. The aggregation platform said this council meets its threshold requirements and leaves enough power to the proof system. This is considered one of the most critical factors in achieving the Stage 0 to Stage 1 transitions.

Other important factors in the checklist include deploying a functional proof system and appointing at least five fraud-proof agents beyond the core team. According to the tagged stage 1 protocol, users need to be able to leave the system without the help of permissioned operators.

With the firm checking the box on these and other requirements, Base Network now joins Arbitrum One, OP Mainnet, and Unichain as a stage 1 Ethereum L2.

Base Still Dominating Ethereum L2 Scene

Despite its relatively young age compared to Arbitrum and Optimism, the Coinbase-owned L2 remains the biggest in the industry. While its Total Value Secured is now pegged at $11.77 billion, Arbitrum One boasts $11.1 billion.

Base Network has also maintained its rank as the fastest protocol in the Ethereum L2 world. Data from L2Beat pegs its Time-to-Finality at 55 seconds, edging out Arbitrum with 1 minute and 5 minutes for OP Mainnet. The competition among L2 platforms has intensified in the past year, with Arbitrum rolling out a chain for RWA Tokenization.

Many have advocated that the competition between these protocols may be fully defined by the stage of development the respective chains are in their journeys. Among these proponents is Vitalik Buterin, who once issued an ultimatum to only relate to Stage 1 protocols.

Need to Make Ethereum Better

It is worth noting that the Ethereum Foundation, under the leadership of Vitalik Buterin and Ava Miyaguchi, has a vision for the protocol. With leadership changes and the incoming Pectra upgrade, all hands are on deck to make Ethereum a better protocol.

Like many other upgrades, including the Dencun upgrade, mostly enhanced the performance of Layer 2 protocols in the ecosystem. With Base and Arbitrum leading the charge, other known chains like Shibarium remain in the spotlight. 

Amid the push for enhancement on Ethereum, Uniswap Founder Hayden Adams urged to pursue L2 scaling to compete with Solana.

The post Ethereum Layer 2 Base Network Graduates To Stage 1 EVM Rollup, Here’s All appeared first on CoinGape.

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