Insights on Base and Vitalik Buterin’s Defense
Understanding the Controversy Surrounding Base
Base, a Layer 2 (L2) platform, has been at the center of debate with some labeling it as an ‘unregistered securities exchange’ due to its centralized sequencer controlled by Coinbase.
Buterin’s Support for Base
In a move to support Ethereum’s L2 scaling strategy, Vitalik Buterin defended Base, emphasizing its ‘stage 1’ rating as a ‘non-custodian’ platform that ensures the safety of users’ funds.
Vitalik Buterin, the co-founder of Ethereum [ETH], has come to the defense of Base, a Layer 2 (L2) solution, against allegations of ‘centralization’.
Critics on Crypto Twitter raised concerns about Base being an ‘unlicensed securities exchange’ as Coinbase plays a significant role in its operation as the primary sequencer operator.
However, Buterin refuted these claims, stating that Base follows the right protocols and cannot compromise users’ funds.
“Base does not have custody over your funds; they cannot steal funds or stop you from withdrawing funds. The security that L2s provide reflects concrete properties that protect you as a user from being rugged.”
Furthermore, Buterin highlighted that Base users can still access their funds even if the L2 platform shuts down, thanks to the assurances provided by the Ethereum mainnet.
The Ongoing Discussion
Base is categorized as a ‘stage 1’ platform, similar to Optimism [OP] and Arbitrum [ARB], according to data from L2 Beat, as it ensures that users do not lose their assets, as clarified by Buterin.
Despite this, some pointed out that the security council of these L2 platforms could potentially override on-chain code and lock users’ assets.
Acknowledging this concern, Buterin noted that certain voting powers are kept outside the L2 council, making them ‘non-custodian’ entities.
Source: X
Growth and Potential of Base
Base was introduced in August 2023, with Coinbase positioning it as a cost-effective platform for its on-chain products. Since early 2024, the total locked value (TVL) has surged from $500 million to nearly $5 billion.
Over the past three months, Base has outperformed the Ethereum mainnet in terms of fees and revenue generation. It experienced a 4% increase in fees to $146K and generated revenue amounting to $141.7K, while Ethereum’s L1 revenue dropped by 92% to $101K.
Source: Artemis
Although Ethereum has lagged behind Solana [SOL] in terms of app revenues, Buterin remains optimistic about the potential for revenue growth with low-risk DeFi applications, likening it to a ‘Google Search’ moment for Ethereum.
However, the rapid growth of Base could pose a risk to Ethereum, as noted by Joseph Lubin, co-founder of ConsenSys and Ethereum, who highlighted the potential risks if Base diverges from the mainnet.
In response, Jesse Pollak, the creator of Base, reassured the community of their commitment to advancing the L2 platform to ‘stage 2’ as part of their decentralization roadmap.
“Today, we’re actively working towards stage 2 and investing in further decentralizing block building.”
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