In brief
- Ethereum founder Vitalik Buterin praised Coinbase’s L2 network Base for “doing things the right way” by balancing centralized UX improvements with Ethereum’s decentralized security.
- Base has grown to hold $15 billion in assets since debuting in August 2023, though it peaked above $16 billion earlier this year.
- Critics argue Base’s centralized aspects could theoretically allow fund theft, but Buterin defended L2 networks as “extensions of Ethereum” that provide non-custodial security.
Ethereum founder Vitalik Buterin had kind words for Coinbase’s incubated L2 Base on Tuesday, saying the network is “doing things the right way.”
Buterin argued the network has been using its centralized aspects to provide better UX for users while still relying on Ethereum’s decentralized base layer for security.
“I feel like many people have been confused by recent cynicism and think that things like L2Beat are a weird sort of nerd-sharia compliance authority,” Buterin added. “This is NOT what is going on. The security that L2s provide, that L2Beat measures, reflects concrete properties that protect you as a user from being rugged.”
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Author: Stacy Elliott
