2024

Defi

Value

Base

Base is set to unveil a major upgrade “fault proofs” on its Sepolia test network next month. 
Fault proofs are a step towards transforming how the Layer 2 network operates. By allowing any user to propose and challenge claims about Layer 2’s state, Base is effectively democratizing its security measures. This shift away from centralized authority is expected to bolster trust and transparency within the network. 
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 Fault proofs are going live on Base Sepolia testnet in mid-July. This is an important step in Base continuing to decentralize. Here's everything you need to know.<a href="https://t.co/cxfbAaBPzz" target="_blank">https://t.co/cxfbAaBPzz</a>— wbnns (@wbnns) <a href="https://twitter.com/wbnns/status/1804447492756369895?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 22, 2024</a>
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However, withdrawal processes are likely to change for users. Withdrawals after the upgrade will have a minimum waiting period of seven days compared to instant withdrawals that can be performed now.&nbsp; 
The longer duration is important with respect to the new proving and finalizing process, meaning it underscores the delicate balance between security and convenience in blockchain technology. 
The timing of the upgrade is key for users who have ongoing transactions. Transactions initiated before mid-July will be executed instantly, while those done concurrently or after an upgrade will be subject to the new protocol. Users who are caught up in between might need to redo their submissions, which indicates that one has to keep informed about network updates. 
Moreover, this development comes amid impressive growth experienced by Base recently. The platform has witnessed massive transaction volumes together with fees, whereby its Total Value Locked (TVL) hit over $1.58 billion for the first time. 
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 Image Source: <a href="https://defillama.com/chain/Base" target="_blank" rel="noopener">Defi Llama</a>
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The teams operating on Base Sepolia are advised to prepare for the transition by updating user interfaces to reflect the new withdrawal timeframes and revising bridging logic to align with new L1 contracts 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/22/babydoge-partners-with-yescoin-to-expend-crypto-gaming-reach/">BabyDoge Partners with Yescoin for Crypto Gaming Expansion</a> 
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Base Set to Launch Fault Proofs on its Sepolia Testnet

The Crypto Times

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