Ethereum 
$1,781 Layer 2 scaling solution, Base Network, has achieved a significant milestone in its development journey by transitioning to an important stage. The Coinbase-supported protocol has advanced from Stage 0 to Stage 1, indicating that it meets criteria such as decentralization and transaction security. Reports in the media describe the protocol as an Ethereum Virtual Machine (EVM) roll-up.
Base Network
According to data shared by L2Beat, Base Network successfully established its security council. The ability of the security council to meet designated thresholds and provide adequate power to the proof system is considered a vital criterion. To progress to Stage 1, the protocol needed a functional proof mechanism and more than five fraud-prevention agents outside of the core team.
The transition of Base Network to Stage 1 coincides with increasing competition in the Ethereum Layer 2 domain. Among other protocols like Arbitrum One, OP Mainnet, and Unichain, Base Network’s total locked value is reported to be approximately $11.77 billion. Additionally, Base Network distinguishes itself with a transaction completion time of about 55 seconds.
Despite being relatively young, Base Network has secured a significant position in the industry. When compared to Arbitrum One, it slightly leads in terms of total locked value. The protocol’s fast transaction completion time is also seen as an indicator of technological competitiveness.
An evolving competitive environment might lead users to place greater emphasis on the freedom to operate independently of the protocols and principles of decentralization. This scenario suggests the need for constant updates to performance criteria and security configurations of the associated platforms.
Ethereum Development Efforts
Efforts continue within the Ethereum ecosystem to enhance the protocol’s performance. The Ethereum Foundation, led by Vitalik Buterin and Ava Miyaguchi, considers steps like the Pectra upgrade and Dencun update. Such innovations are expected to positively impact Layer 2 performance.
These developments on the Ethereum network reflect a trend of increasing innovation and competition compared to other protocols in the industry.
Competition and technological advancements might play a significant role in determining performance criteria for solution providers in this area. Users appear inclined to make preferences among platforms by considering factors such as transaction speed, security, and decentralization.
