Hell, Yeah! Base Network Takes Off Post-Ethereum's Pectra Upgrade
Upgrade Explanation by Jesse Pollak: Amplifying the Foundation Network with Pectra Enhancement
Post the Ethereum Pectra upgrade, the Base Network is firing on all cylinders. This fork serves as a springboard, allowing Base to scale its operations and pioneer smart wallet evolution. Let's take a look!
Base Sprints with Pectra's Transformation
The Ethereum Pectra upgrade, which landed on May 7, opened a new chapter, packing a punch with powerful features like EIP-7700 and increased blob capacity. It's all about ( deelishus ) rollup scalability, baby!
Jesse Pollak, King of Base and Coinbase Wallet, spoke to BeInCrypto and couldn't keep the excitement in his voice. He's been dreaming up ways to scale access to the decentralized economy, and the Pectra upgrade is his ticket.
So, what's the big deal? He spills the beans on Base stepping up its game to double its transaction throughput. That means 6-9 blobs per block, people! This directly benefits Base, along with other L2 scaling solutions that rely on Ethereum for data availability.
Pollak says, "The Pectra upgrade will double Ethereum's capability to secure L2 transactions, boosting from a previous range of 3-6 blobs/block to a groovy new range of 6-9 blobs/block. This means the ecosystem will have the potential to process twice as many transactions per second, keeping fees manageable as more activities hit the chain."
Base Busts Out MySpace Music Player Vibes as the New King of Ethereum L2s
Launched by Coinbase in 2023, Base already rocks the Ethereum L2 world, beating Arbitrum to become the largest optimistic rollup based on TVS (total value secured) metrics.
Pollak confirms that the team is going balls-to-the-wall with a bold new milestone. "We set our sights high at the beginning of the year and vowed to scale Base to 250 Mgas/s blockspace throughput - and we're sprinting to make it happen," he declares.
All this aligns with Ethereum's broader scaling roadmap. Developers like Tim Beiko predict that Pectra is a stepping stone to even greater blob capacity by year's end. They bet that the fork could see a whopping 10x growth, starting from the Dencun upgrade's base.
Pectra Cuts the Cheese and Makes Wallets Smarter - Base Is Ready
Pectra's most significant transformation comes courtesy of EIP-7702. This bad boy lets existing Ethereum accounts upgrade to smart wallets without changing their addresses or kissing their history goodbye. Retooling wallets ensures users get all the benefits, like gas sponsorship and smart permissions, without having to ditch their old accounts.
Elevating wallets to smart status is a game-changer. "Pectra's 7702 enables smart wallet upgrades. Before, people had to create a brand-new smart wallet to take advantage of this tech. But with this upgrade, anyone can upgrade from an existing traditional wallet to a smart wallet, retaining their cash and history, and keeping the same wallet address," Pollak clarifies.
It's like leaving a landline and getting a smartphone - no need to change numbers! Fits like a glove, don't it?
Base Has Already Been Building Toward This Future - the Dream Wallet
Way back in August 2024, Pollak spilled the beans on plans for a "dream wallet". He sketched out a digital masterpiece to smash all existing Web2 and on-chain solutions, taking security and scalability to new heights. In a nutshell, it was going to be 10x better than anything out there!
With Pectra, that dream gets a whole lot easier to achieve. Pollak is laser-focused on refining the product to make users feel comfortable with the unified account experience. "Users won't need to start fresh with a new smart wallet and transfer assets; they'll have the option to upgrade an existing EOA wallet, bringing along all their existing assets and identity," he says.
Scaling Stretching Beyond Pectra - Fusaka and the Road Ahead
Pectra's just one milestone on the road to global on-chain scalability, y'all. Base isn't just reaping the benefits - the team is driving the open-source, open-standards future of Ethereum, contributing directly to its evolution.
Pollak gives props to the Dencun upgrade for first unlocking sub-cent transaction costs, removing a massive barrier blocking a stampede of new users. With Pectra cranking up the blob space, Pollak emphasizes Base's active role in the development game.
He points to Ethereum's next major milestone, the Fusaka Upgrade. The Fusaka fork will add even more blob capacity to keep transaction costs low, allowing more and more people to storm the gates of the decentralized economy. Roll up your sleeves; it's time to scale!
A Smooth, Scalable Onchain Ride Awaits You
With Pectra live, Base takes full advantage of Ethereum's enhanced infrastructure, boosting transaction throughput and enhancing user experience. As Ethereum grows with upgrades like Fusaka, Base is more than ready to lead the charge, pushing boundaries, scaling responsibly, and onboarding the next billion users.
Base TVL (total value locked) clocked in at $3.705 billion (blue) as of this writing, a wicked 21% surge from $3.063 billion on May 7. And just like that, DEX volume (green) has exploded - it's all about increased trust, liquidity, and DeFi adoption, baby!
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- The Base Network, following the Ethereum Pectra upgrade, is now operating at its full potential, utilizing the increased blob capacity for rollup scalability.
- Jesse Pollak, the king of Base, is eager to leverage the Pectra upgrade to further scale access to the decentralized economy.
- With the Pectra upgrade, Base aims to double its transaction throughput, allowing for 6-9 blobs per block, benefiting both Base and other L2 scaling solutions.
- The Pectra upgrade will boost Ethereum's capacity to secure L2 transactions, potentially processing twice as many transactions per second, thus keeping fees manageable.
- Base, launched by Coinbase in 2023, has become the largest Ethereum L2 optimistic rollup based on TVS metrics, outperforming Arbitrum.
- Pollak and his team are working tirelessly to scale Base to a blockspace throughput of 250 Mgas/s, aligning with Ethereum's broader scaling roadmap.
- EIP-7702, introduced with the Ethereum Pectra upgrade, allows existing Ethereum accounts to upgrade to smart wallets without changing their addresses or history, making wallets smarter.
- Base is positioning itself for the future, refining its dream wallet to provide a unified account experience for users without the need to start fresh with a new smart wallet.
