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Coinbase Base Open Sources Contracts, Becomes Third Largest Layer-2

2 mins
Updated by Kyle Baird
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In Brief

  • Coinbase open-sources Base smart contract and web repositories to increase transparency and encourage developer collaboration.
  • Base provides transparency over its multi-signature setup and management, aiming for a secure key management process.
  • Base is the third largest layer-2 with a TVL of $549 million, flipping L2 protocols zkSync, dYdX, and Starknet in just three months.
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Coinbase has decided to open source some of its smart contracts code for its layer-2 blockchain Base. Meanwhile, the recently launched scaling network has become the third largest in the L2 ecosystem. 

On October 19, Coinbase announced that it had open-sourced its Base smart contract and web repositories to increase transparency and accountability.

Open Sourcing Base

The firm added that the transparency also “serves as a catalyst for collaboration.” It allows developers to tap into its knowledge base, building upon and refining what’s already in place. 

Furthermore, open sourcing provides a channel for community feedback, such as improving documentation or spotting an overlooked bug.

“We’ve open-sourced our smart contract repos to provide developers with increased transparency around Base’s contract development, deployment, and upgrade process.”

The contract code and deployment and upgrade artifacts are now available on GitHub, it added.

Base has also provided transparency over its multi-signature setup and management. It said,

“Through this transparency, we’re aiming to hold ourselves accountable to a thoughtful, secure key management process.”

Furthermore, all of Base’s web properties, including base.org, docs.base.org, and bridge.base.org have been open-sourced. Developers can see how Base implemented features like deposits and withdrawals and contribute improvements.

On October 19, Base announced that it was moving its test network from Goerli to Sepolia. “This shift isn’t just a technical move; it’s a stride toward creating a more unified ecosystem,” it said.

The Coinbase layer-2 blockchain launched on mainnet in July. However, it has not been without its problems, suffering its first network outage on September 5. It has also been a magnet for scammers and rug pulls

Despite the initial teething problems, growth on Base has been impressive. Moreover, this has propelled it to the third spot by total value locked in the layer-2 ecosystem. 

Read more: Coinbase Review 2023: The Best Crypto Exchange for Beginners?

Layer-2 Ecosystem Outlook 

Base is the third largest layer-2 with a TVL of $549 million, according to industry tracker L2beat. In just three months, it has flipped L2 protocols zkSync, dYdX, and Starknet. 

However, Base’s market share is just 5.26% and its TVL has been static since early September. 

Moreover, the L2 market is dominated by two players, Arbitrum One and Optimism, with a combined share of almost 80%.

Base TVL 90 days. Source: L2beat
Base TVL 90 days. Source: L2beat

Base uses Optimistic Rollups that have been developed on the Ethereum network, utilizing OP Stack technology.

Top crypto platforms in the US | March 2024

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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