Base set to receive 118M OP tokens over six years in agreement

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By BitcoinWiki News

Key Takeaways:

– Coinbase-backed Layer 2 Base and the Optimism network’s governance body, The Optimism Collection, are collaborating on a revenue and governance sharing agreement.
– Base will contribute either 2.5% of its total revenue or 15% of its net profits to the Optimism Collective.
– In return, Base will receive up to 118 million OP tokens ($175 million) over six years.
– The agreement is part of a shared commitment to the rules for upgrades and sequencing of OP Chains.
– Base operates as a Layer 2 chain on Ethereum and was developed using Optimism’s OP software stack.
– Base and OP Mainnet will share upgrades for compatibility and eventually interoperability in a Superchain future.
– Base is planning to decentralize its network for improved security and uptime.
– Plans include implementing fault proofs and clients and creating a security council and real-time monitoring tool.
– Base is also working with OP Labs on a client called OP-geth to minimize network failure risks.


Coinbase-backed Layer 2 Base and The Optimism Collection, the governance body of Optimism network, have agreed to collaborate on a revenue and governance sharing arrangement. Under the agreement, Base will contribute either 2.5% of its total revenue or 15% of its net profits, whichever is greater, to the Optimism Collective, and in return, will receive up to 118 million OP tokens ($175 million) over six years. The goal of this collaboration is to establish a shared commitment to the rules for upgrades and sequencing of OP Chains.

Base, which operates as a Layer 2 chain on Ethereum and was developed using Optimism’s OP software stack, has been backed by Coinbase and is part of the Superchain ecosystem. The agreement ensures that Base and OP Mainnet will share upgrades to maintain compatibility and eventually enable interoperability in the Superchain future. The governance of these upgrades will be in the hands of Optimism governance.

Simultaneously, Base is working on decentralizing its network for improved security and uptime. It plans to implement fault proofs and clients and is collaborating with Optimism on the development of a “security council” for secure execution of upgrades. The teams are also working on a real-time monitoring tool, called “Pessimism,” to detect cybersecurity threats at an early stage. Base is working with OP Labs on a client called OP-geth to enhance fault-proof diversity and minimize network failure risks.

In summary, Coinbase-backed Layer 2 Base and The Optimism Collection have formed a partnership to collaborate on a revenue and governance sharing agreement. This aligns with Base’s plans to decentralize its network while working on fault proofs and clients to enhance security and uptime. The collaboration aims to ensure compatibility and interoperability between Base and OP Mainnet through shared upgrades in the Superchain ecosystem.

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