Coinbase, a prominent name in the cryptocurrency industry, made a significant move by open-sourcing its smart contract code for its Layer-2 blockchain, Base. This decision, announced on October 19, 2023, marked a pivotal moment in the evolution of this scaling network and offered a glimpse into the ever-expanding world of blockchain transparency and collaboration.
Transparency and Collaboration
The decision to open-source the Base smart contract and web repositories was driven by a commitment to enhance transparency and accountability. Coinbase believed that this transparency would act as a catalyst for collaboration, enabling developers to harness the knowledge base, thereby building upon and refining existing infrastructure.
Open sourcing also created a channel for community feedback, facilitating the improvement of documentation and the identification of any potential bugs. According to Coinbase, the motivation behind this move was to provide developers with increased transparency concerning Base’s contract development, deployment, and upgrade processes.
GitHub Access and More
All the contract code and deployment and upgrade artifacts are now available on GitHub. Base has not only provided transparency over its multi-signature setup and management but has also made its web properties open-source. This includes base.org, docs.base.org, and bridge.base.org. Developers can explore how Base implemented features like deposits and withdrawals and contribute to further improvements.
In a bid to create a more unified ecosystem, Base also made a significant technical shift by relocating its test network from Goerli to Sepolia. This transition emphasized the project’s commitment to growth and development.
Impressive Growth Despite Challenges
Despite experiencing initial technical challenges, such as network outages and susceptibility to scammers and rug pulls, Base’s growth has been impressive. This growth has catapulted it to the third spot in terms of total value locked (TVL) in the Layer-2 ecosystem.
According to industry tracker L2beat, Base boasts a TVL of $549 million, surpassing notable Layer-2 protocols like zkSync, dYdX, and Starknet within just three months. However, it’s essential to note that Base’s market share is currently at 5.26%, and its TVL has remained relatively static since early September.
While Base’s rise is noteworthy, the Layer-2 market is still primarily dominated by two key players, Arbitrum One and Optimism, with a combined market share of nearly 80%. Nevertheless, Coinbase’s Base, with its commitment to transparency and growth, has carved out a prominent position in the Layer-2 landscape, setting the stage for a more open and collaborative future in the blockchain space.