Earlier this year, Coinbase, a prominent player in the cryptocurrency exchange space, launched its Layer-2 network named Base. This network swiftly garnered widespread attention and adoption. In a bid to enhance its services and promote transparency, the Base network has recently taken the step of making its code repositories and smart contracts publicly available. This move underscores its dedication to fostering a transparent and collaborative approach to development.
In a recent blog entry, Base declared its intention to provide developers with unrestricted access to the network’s underlying codebase. The primary rationale behind this open-source initiative is to offer developers a deeper insight into the project’s development procedures. Base has shared that all of its smart contracts and scripts are now accessible to the general public through GitHub. The blog post went on to mention,
“By sharing our work openly, we enable the community to track our progress and ensure that we’re living up to our commitments. Open source is a win-win for our on-chain future. Builders get access to a trove of knowledge, improve on what’s already been done, and in turn inspire others in the space.”
While the choice made by Coinbase and Base to make their code open-source is a notable advancement, it does carry inherent risks. One of these risks is the possibility of open-source code being exploited. Nevertheless, Coinbase has taken proactive steps by urging security-conscious developers to meticulously inspect the layer-2 network’s code and to stay alert for any potential vulnerabilities. To motivate these security efforts, Coinbase has instituted a bug bounty program, offering rewards of up to $1 million for the discovery and reporting of any bugs.
Coinbase Network Today: What You Need to Know
According to data provided by DeFi Llama, the total value locked (TVL) in the Base network has shown a fluctuating trend. In September, the network experienced a remarkable upswing, surging from a modest $8 million in August to an impressive peak of $410 million. However, the network’s positive momentum hit a setback, as the total value locked decreased to approximately $303.64 million at the time of this report. Additionally, there has been a notable reduction in the network’s trading volume, a decrease in the number of users, and an overall decline in transaction activity on this Layer-2 network. Coinbase’s recent strategic move has the potential to attract more users to the Base network.