Bitcoin

Base

Avalanche

In mid-July, Base is set to introduce fault proofs on the Sepolia testnet, marking a significant milestone in its journey towards decentralization. This crucial development aims to enhance the network’s security and reliability by ensuring the integrity of transactions. As Base continues to evolve, understanding the implications of this advancement is essential. Here’s everything you need to know about this pivotal update.
<h2 id="base-sepolia-testnet-and-fault-proofs">Base Sepolia Testnet and Fault Proofs</h2>
Fault proofs are a crucial step towards decentralizing <a href="https://coingape.com/tag/layer-2/" target="_blank" rel="noopener noreferrer nofollow">Layer 2 (L2)</a> networks. They’re set to launch on Base Sepolia, the testnet, in mid-July. This change will allow anyone to propose and challenge claims about the L2’s state, reducing reliance on central authorities. It’s a big shift that’ll make the network more open and secure.
The introduction of fault proofs will significantly alter how withdrawals work on the <a href="https://coingape.com/glossary/testnet/" target="_blank" rel="noopener noreferrer nofollow">testnet</a>. Instead of being instant, they’ll now take at least seven days to complete. This longer timeframe is necessary for the new proving and finalizing process. The system will also switch from using the “L2OutputOracle” to the “DisputeGameFactory” for proposing output root claims.
For users currently withdrawing funds, it’s important to note the timing. Withdrawals initiated before the mid-July upgrade will still be processed instantly. However, any withdrawals started during or after the upgrade will be subject to the new seven-day minimum wait time. If a withdrawal happens to coincide with the upgrade, users will need to resubmit their request.
Also Read: <a href="https://coingape.com/avalanche-price-axax-slips-10-amid-massive-selloff-by-an-entity/" target="_blank" rel="noopener noreferrer nofollow">Avalanche Price: AVAX Slips 10% Amid Massive Selloff By An Entity</a>
<h2 id="base-growth-and-preparations-for-teams-on-base-sepolia">Base Growth and Preparations for Teams on Base Sepolia</h2>
<a href="https://coingape.com/tag/coinbase-base/" target="_blank" rel="noopener noreferrer nofollow">Coinbase’s Base</a> has witnessed strong growth in transaction volumes and fees amid a large number of project listings happening on the platform this year in 2024. The demand for this Layer 2 network is so high that Base also faced a situation of network congestion a few months ago.
However, this surge in the gas fee has led to strong earnings for Coinbase. Coinbase’s Layer 2 network, Base, has seen increasing numbers as its <a rel="noopener noreferrer nofollow" href="https://defillama.com/chain/Base" target="_blank">total value locked (TVL)</a> hit an all-time high. At press time, Base TVL stands above $1.58 billion.
Teams operating bridges on Base Sepolia need to take several steps to prepare. They should update their user interfaces to inform users about the upcoming changes, especially the new withdrawal timeframe. It’s also crucial that they review and update their bridging logic to work with the new L1 contracts. The upgrade itself will be done in a single transaction, requiring no action from node operators.
Also Read: <a href="https://coingape.com/heres-why-bitcoin-price-will-continue-to-underperform-us-stock-market-in-coming-weeks-heres-why/" target="_blank" rel="noopener noreferrer nofollow">Here’s Why Bitcoin Price Will Continue To Underperform US Stock Market In Coming Weeks</a>
The post <a href="https://coingape.com/base-sepolia-testnet-to-launch-fault-proofs-in-july-heres-all/" rel="noopener noreferrer nofollow">Base Sepolia Testnet To Launch Fault Proofs In July, Here’s All</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Base Sepolia Testnet To Launch Fault Proofs In July, Here’s All

Table of Contents

Coingape News Media

Muita 22. kesäk. 2024 julkaistuja artikkeleja

With WebSocket Enhancements, BlockDAG Dev Update 55 Transforms Crypto Mining; Read More about Key...

VET and FLOKI Print Bullish Chart Patterns as WTK Price Pump Sentiment Seeps Into Greater Altcoin...

Bitcoin Halving: How Miners Are Adapting to a New Revenue Reality

Announcement: v3.2.2 Latest Node Upgrade Required !

Binance Executive’s Wife Complains About EFCC’s Charges Against the Executive

What Is A Sidechain In Blockchain And How Does It Work?

Join our free newsletter for daily crypto updates!