Key Fault Proof Features
Base is enhancing its security by launching a system called "Fault Proofs" on October 30. This will let users challenge any incorrect or fraudulent withdrawal claims without relying on a central authority. Two key features of Fault Proofs include:
Permissionless Output Proposals: Previously, only central parties could submit proposals about Base’s state, but now anyone can make these proposals, encouraging a more decentralized and transparent process.
Permissionless Challenges: Users can now challenge any suspicious claims, making the network safer and promoting community participation in maintaining its integrity.
Updates to Withdrawal Procedures
The Fault Proofs upgrade will change how withdrawals work on Base:
Pending Withdrawals: All withdrawals made before the upgrade will have to go through a new seven-day verification period.
New Contract: A new system, called the DisputeGameFactory, will replace the previous contract responsible for verifying withdrawals, aiming to make the process smoother.
Verification Requirements: Withdrawals after the upgrade will also need to pass a seven-day challenge period, which may take longer if any issues arise.
Future Prospects for Base
Base is rapidly growing and has now become the second-largest Ethereum Layer 2 chain, with a total value locked (TVL) of $7.67 billion. Factors driving Base’s growth include:
Coinbase's Influence: Base has drawn in many users from Coinbase’s large community, boosting activity on the network.
DeFi Opportunities: High-yield investments available on Base are attracting crypto investors.
Wrapped Bitcoin Product: Coinbase recently launched a wrapped Bitcoin product, cbBTC, which quickly reached a market cap of $400 million, adding more value to Base.
With these upgrades, Base is set to become more secure, decentralized, and appealing to users, strengthening its position as a leading Ethereum Layer 2 network.
