Base Network, a layer 2 chain developed by Coinbase, has taken a significant step towards Stage 1 Decentralisation by implementing fault proofs on the Base Sepolia testnet. This move marks an important milestone in the network’s journey towards becoming more decentralized.
Previously, only the operator of the Base network had the authority to propose the network’s state to the Ethereum mainnet. However, with the deployment of fault proofs, anyone will be able to propose Base’s state, signaling the beginning of its transition into a decentralized rollup.
The announcement of the deployment of fault proofs was made by the Base network operator on July 23rd, 2024. The Base Sepolia testnet serves as a staging environment for testing applications and code before deploying them on the mainnet.
In a social media post on Mirror, a Web3 social media platform, Base stated that the launch of fault proofs on the testnet sets the stage for bringing fault proofs securely to the mainnet and achieving other milestones to reach Stage 1 Decentralisation.
Fault proofs play a crucial role in the decentralization process by allowing anyone to propose the root state of Base. This involves submitting a summary of the Base chain, including smart contracts, account balances, and other relevant data, to the Ethereum mainnet for validation.
According to Vitalik Buterin, Ethereum’s co-founder, Layer 2 rollups must pass through three major stages before they can be considered sufficiently decentralized. Stage 1 Decentralisation, also known as the limited training wheels stage, requires the implementation of fraud proofs and a multi-sig override mechanism to ensure the security and integrity of the network.
Base Network, currently the second largest Layer 2 rollup with a TVL of $1.76 billion, has experienced significant growth in 2024. Leveraging its association with Coinbase, Base has been able to create a network effect that has fueled its expansion.
As Base continues its journey towards Stage 1 Decentralisation, it aims to solidify its position among other networks at a similar stage of development, such as Arbitrum, OP Mainnet, and dYdX v3. While some networks at this stage have issued governance tokens, Base has stated that it has no plans to issue a token in the future.
Overall, the deployment of fault proofs on the Base Sepolia testnet represents a significant step forward for Base Network in its quest to achieve greater decentralization and establish itself as a leading player in the Layer 2 ecosystem.
