Coinbase outlines plan to decentralize Base, its Layer-2 platform

The developers of the Coinbase-supported Layer-2 Base platform presented a plan to transition to a decentralized model, involving several technical upgrades and the elimination of a single point of failure.

In particular, work lies ahead on implementing \”fraud proofs\” (fraud proofs, also known as fault proofs).

The plan includes diversifying client software to ensure the network is censorship-resistant and move to the next stage, where Coinbase will no longer be the sole governing sequencer of Base.

To implement the transition to a decentralized model, the largest American crypto company will collaborate with DAO Optimism Collective and OP Labs. Timelines for the plan have not been disclosed.

Among other things, the team will focus on working with OP Stack, creating new OP networks, developing the L2 ecosystem Superchain, and refining OP-geth and OP-reth clients.

The chart below shows the rapid growth of TVL in the Base ecosystem — the metric reached the $235 million mark.

The top spot in the ranking is held by the decentralized exchange BaseSwap, with liquidity of $50.24 million.

In August, Coinbase opened the Base mainnet to public access.

Soon after, the DeFi lending platform Compound integrated support for the L2 solution.