Coinbase’s Layer 2 Blockchain “Base”, Turbulent Start | coindesk JAPAN | Coindesk Japan

On February 23, Coinbase, a major US crypto asset trading company, began operating a testnet for its Layer 2 blockchain “Base” with the aim of acquiring new users. However, it doesn’t seem to get off to a smooth start, with complaints and criticism pouring in on Twitter.

Base is built using OP Stack, a developer toolkit for Optimism, a Layer 2 solution for the Ethereum blockchain. It will provide easy and secure access to not only Ethereum, but also Layer 2 blockchains such as Optimism and Layer 1 blockchains such as Solana, a so-called bridge function.

In short, Base is an integral part of Coinbase’s new strategy to get developers into the business, and it’s especially important given its low trading volumes and tough quarterly financial results.

However, within hours of the testnet launch, the network began to experience problems, and users continued to post their frustrations on Twitter.

base’s bridge is off to a rough start, every single transaction reverting and the bridge contract is unverified so nobody can figure out what’s going on pic.twitter.com/2MiFZrMNfj

— foobar (@0xfoobar) February 23, 2023

“Base’s bridge is off to a problematic start. No one knows what’s going on as all transactions are undone and the bridge contract is not validated,” Twitter user @0xfoobar wrote. , said by posting a screenshot of Etherscan.

According to Coinbase, the testnet glitch was due to a wallet issue that caused it to misestimate the gas costs (transaction fees) required to execute transactions.

Base reverted rather than process the transaction because it didn’t have enough gas.

“The bridge contract raises gas prices under load, but the wallet didn’t estimate it properly,” Coinbase software engineer Roberto Bayardo tweeted hours after the release. there is

Bayardo said the rush of users could also have contributed to the glitch.

Coinbase wants developers to embed Bsae into their products so they can exchange cryptocurrencies directly. It targets approximately 110 million users and $80 billion in assets in the Coinbase ecosystem.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: Coinbase’s New Layer 2 Blockchain, Base, Has Rocky Rollout