Coinbase’s L2 Network Base is Set for Its First Hard Fork – Here’s What You Need To Know

According to reports, the Coinbase L2 network Base stated on Twitter that the first hard fork will be conducted on the Base testing network, scheduled for 01:00 Beijing time on April 28th. The Regolith hard fork is designed to make Base more secure and reliable. The upgrade follows the Optimism Regolith hard fork upgrade on March 17th, enabled through timestamp based configuration changes to the summary nodes and execution engine of the OP Stack.

The Coinbase L2 network will undergo its first hard fork on the Base testing network

Are you following the latest developments at Coinbase’s L2 network Base? According to reports, the network is gearing up to conduct its first hard fork, which is scheduled to take place at 01:00 Beijing time on April 28th. The Regolith hard fork is expected to bring significant changes that will make Base more secure and reliable. In this article, we’ll take a closer look at what the hard fork entails and what users can expect from the upgrade.

What is Coinbase’s L2 Network Base?

Before we delve into the specifics of the hard fork, let’s first understand what Coinbase’s L2 network Base is. In simple terms, it is a layer 2 solution that is built on top of the Ethereum blockchain. It is designed to help address some of the scaling issues that have plagued Ethereum, particularly in relation to high gas fees and slow transaction times.
Base is particularly useful for decentralized exchanges (DEXs) and other DeFi applications, as it can help to significantly reduce gas fees and improve transaction speeds. This makes it an attractive solution for users who want to use Ethereum-based applications but are deterred by the high costs and slow processing speeds.

What is the Regolith Hard Fork?

The Regolith hard fork is a significant upgrade that is designed to make Base more secure and reliable. It follows the Optimism Regolith hard fork upgrade, which was enabled through timestamp-based configuration changes to the summary nodes and execution engine of the OP Stack on March 17th.
The Regolith hard fork will bring several improvements, including the implementation of a new staking contract for the Base token (BASE), which allows users to convert their tokens into a new smart contract. This contract will be able to create new tokens in the future, which will be used to reward validators who help secure the network.
Another key change is the implementation of a new server-side queuing mechanism. This will help to optimize gas usage and reduce congestion on the network, leading to faster transaction processing times.

What Can Users Expect From the Regolith Hard Fork?

So, what can users expect from the Regolith hard fork? Firstly, they will need to update their nodes to the latest version in order to remain compatible with the new protocol changes. This can be done by following the instructions provided by the Base team.
Users will also be able to stake their BASE tokens in the new smart contract and earn rewards for helping to secure the network. This will require users to lock up their tokens for a certain period of time, after which they will be able to claim their rewards.
Additionally, users can expect faster transaction processing times and reduced gas fees, thanks to the implementation of the new server-side queuing mechanism. This will make it more feasible for users to interact with decentralized applications on the Base network, particularly for those who were previously deterred by high gas fees.

Conclusion

The Regolith hard fork is a significant upgrade for Coinbase’s L2 network Base, which is designed to make the network more secure, reliable, and scalable. With the implementation of a new staking contract, a server-side queuing mechanism, and other improvements, users can expect faster transaction times and reduced gas fees.
If you’re a user of Base, be sure to update your nodes to the latest version to stay compatible with the new protocol changes. Additionally, take advantage of the new staking contract to earn rewards for helping to secure the network.

FAQs

1. What is Coinbase’s L2 network Base?
Coinbase’s L2 network Base is a layer 2 solution built on top of the Ethereum blockchain that helps to address some of Ethereum’s scaling issues by reducing gas fees and improving transaction speeds.
2. What is the Regolith hard fork?
The Regolith hard fork is a significant upgrade to the Base network that is designed to make it more secure, reliable, and scalable. It includes the implementation of a new staking contract and a new server-side queuing mechanism.
3. What can users expect from the Regolith hard fork?
Users can expect faster transaction processing times, reduced gas fees, and the ability to stake their BASE tokens to earn rewards for helping to secure the network. They will need to update their nodes to the latest version to stay compatible with the new protocol changes.