Tag: base

Optimism (OP) Prepares for Canyon Hardfork Across Superchain Testnets on November 14

The Optimism ecosystem is set to embrace a milestone with the Canyon hardfork, slated for activation on the OP Goerli, OP Sepolia, Base Goerli, Base Sepolia, PGN Sepolia, and Zora Sepolia testnets on November 14, 2023, at 17:00 UTC. Announced by the OP Labs Team on November 7, 2023, this upgrade follows the previous Bedrock network enhancement and is eagerly anticipated across the Superchain.

Collaboratively developed with Base, the Canyon hardfork has undergone successful initial activation on a devnet, paving the way for its deployment on testnets. A subsequent rollout to the OP Mainnet and other Superchain mainnets will depend on the Optimism governance protocol’s approval.

Canyon’s launch brings with it several improvements including Shanghai and Capella hardfork support, alongside a series of minor bug rectifications. Noteworthy EIPs—EIP-3651, EIP-3855, EIP-3860, EIP-4895, and EIP-6049—are incorporated, featuring enhancements like new Ethereum instructions, the phasing out of the SELFDESTRUCT function, and modifications for beacon chain push withdrawals.

A crucial update within Canyon is the fine-tuning of EIP-1559, which adjusts the basefee’s sensitivity to network congestion. This aims to moderate the speed of basefee adjustments, fostering a more stable network fee environment.

Protocol modifications also include improved handling of unclosed channels, allowing for uninterrupted operation progression in certain scenarios. A new field in the deposit transaction receipt encoding is also introduced to correct a discrepancy in the nonce consensus.

Furthermore, the hardfork ensures the deployment of the create2Deployer bytecode across all networks, enabling consistent access to this critical contract for developers.

While end-users may not experience direct impact from these upgrades, node operators are required to update their nodes to conform to the new Canyon specifications. Detailed instructions are available through a publicly accessible guide. Participants in the Optimism ecosystem should watch for upcoming governance updates, which will signal the potential mainnet integration of the Canyon hardfork.

Base Layer-2 Protocol Shatters DEX Trading Volume Record with $1.21B Surge

The Base layer-2 Ethereum network developed by Coinbase has reached an unprecedented peak in trading volume on decentralized exchanges (DEXs), hitting a record-breaking $1.21 billion on March 30, according to Dune, marking a significant 25% increase from the prior day’s impressive $959.63 million. The majority of this trading volume was facilitated by Uniswap, one of the leading decentralized exchanges in the cryptocurrency market.

This surge in trading volume is indicative of the growing interest and trust in layer-2 solutions as viable means to scale the Ethereum blockchain, which has been struggling with high transaction fees and network congestion. Base’s layer-2 network operates on top of the Ethereum mainchain, providing faster and cheaper transactions while maintaining the security guarantees of the underlying blockchain.

The record-breaking volume can be attributed to several factors. First and foremost, the general uptick in cryptocurrency trading as markets recover from recent downturns has played a significant role. Additionally, the increasing adoption of Base’s network by DEXs and other decentralized finance (DeFi) applications has contributed to the heightened activity.

Uniswap’s dominance in this volume surge highlights its position as a central hub for liquidity and trading within the DeFi ecosystem. As one of the first movers in the decentralized exchange space, Uniswap has continually innovated, with the integration of layer-2 solutions such as Base being a strategic move to facilitate growth and scalability.

The success of Base’s network also reflects the broader industry trend towards layer-2 scaling solutions. As Ethereum 2.0’s full launch is still on the horizon, layer-2 protocols like Base are critical in providing immediate relief from Ethereum’s current limitations. They enable a more efficient use of blockchain resources, which in turn, fosters a more accessible and sustainable environment for users and developers.

This event is a strong signal to the market, investors, and developers that layer-2 networks are not just theoretical enhancements but are delivering real-world value. It also underscores the importance of scalability in blockchain technology’s mainstream adoption.

The implications of Base’s trading volume record extend beyond the immediate metrics. It demonstrates the viability of layer-2 networks in supporting high-volume trading without the typical trade-offs seen on layer-1 blockchains like network congestion and high fees. This milestone could lead to increased interest and investment in other layer-2 solutions, driving innovation and competition in the space.

As the industry continues to evolve, it will be essential to monitor how layer-2 networks like Base develop and how they integrate with the broader blockchain ecosystem. The success of these platforms could chart the course for the future of decentralized trading and finance.

Looking ahead, the growth trajectory of Base and similar layer-2 solutions is likely to continue as they become increasingly integral to the infrastructure of the cryptocurrency market. With the promise of enhanced scalability, speed, and efficiency, the layer-2 revolution is well underway, setting the stage for the next era of blockchain innovation.

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