Vitalik Buterin is giving a nod of approval to crypto exchange Coinbase’s native blockchain Base, saying that the chain is “doing things the right way.”
In a post on X to his 5.8 million followers, the Ethereum (ETH) creator says that Base has been utilizing its relatively centralized architecture to provide a better user experience without sacrificing the security of the world’s top smart contract platform.
[adinserter block="1"]Says Buterin,
“Base is doing things the right way: an L2 on top of Ethereum, that uses its centralized features to provide stronger UX features, while still being tied into Ethereum’s decentralized base layer for security.
Base does not have custody over your funds, they cannot steal funds or stop you from withdrawing funds…
This is what we mean when we say that L2s are non-custodial, they are extensions of Ethereum, not glorified servers that happen to submit hashes. There are concrete pathways implemented in smart contract logic on Ethereum L1, that have been successfully used in the wild, that ensure that the L2 users’ funds are ultimately controlled by L1, they cannot be stolen or blocked by the L2 operator.”
Base launched in 2023, and currently has a total value locked (TVL) of $15 billion.
Earlier this month, Jesse Pollak, long-time Coinbase executive and creator of the Base chain, said that exploring a token will be a key part of the ecosystem’s future.
“We’re going to be exploring a network token for Base. And I will be upfront with you all, it’s early. And I’m a little nervous, my heart is racing… As we thought about sharing this early exploration, we got all sorts of advice. People telling me ‘don’t share it, you need to keep it close to your chest, it’s too early.’ And I sat back at myself and we said ‘What’s the Base way to do this?’
And the Base way is that we do it in the open. We don’t have all the answers, we really don’t, but we’re going to figure it out, and we’re going to figure it out together, because we think this could be a really, really powerful tool for building the global economy that all of us believe in.”
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