[Request for Comment] Launch Hop on Base Mainnet

Summary

Base is a secure, low-cost, builder-friendly Ethereum L2 built to bring the next billion users onchain. It is built on Optimism’s open-source OP Stack & the core dev team at Base is joining Optimism as the second Core Dev team working on the OP Stack to ensure it’s a public good available to everyone; and contributing a portion of sequencer revenue to funding public goods.

This post seeks to open a discussion around the onboarding of Base into the Hop ecosystem by initially supporting ETH, USDC, and HOP during the launch of Base and incentivizing the AMMs. After some discussion on this post, a Snapshot vote will be posted. The Base chain will be available to the all in “early August”.

Motivation

The Base ecosystem is already vibrant with activity and could become one of the top chains by volume for Hop and the broader crypto ecosystem. Many dapps have already started to build on Base, and one goal for the chain is to allow various protocols to “get in front of [the tens of millions of] users in the Coinbase ecosystem”. [1]

Hop’s relationship & integration with Coinbase products can already been used today in the Coinbase Wallet mobile app and browser extension. This integration with Base is a logical extension of this relationship that should help the Hop ecosystem solidify itself more firmly within the Coinbase ecosystem.

From a technical perspective, the integration is nearly identical to the already deployed Optimism bridges. Since Base is built on Optimism’s OP Stack, there are very few changes to the code, deployment process, trust assumptions, and tooling required for integration with Hop.

Base takes a security-first Approach. On top of inheriting the already-strong security standards of the OP stack, they have also deployed their own resources to independently audit the system, thus providing additional security to Optimism users and Hop users by extension.

Incentives

This proposal seeks to set up an incentive program for the ETH and USDC AMMs on Base. The proposed values below were calculated by taking 10% of the existing monthly HOP incentives for ETH and USDC (respectively) on Optimism. These values reflect the fact that it is likely that Base will reach up to, or exceed, 10% of Optimism’s TVL over time. The need for a more cohesive system for distributing Hop incentives has been an active area of discussion/research and these incentives will last only until such a system is in place.

  • 34,680 HOP per month on the ETH AMM on Base
  • 24,140 HOP per month on the USDC AMM on Base

Timeline/Next Steps

  • This RFC will last a few days in order to gather any appropriate discussion or feedback.
  • After discussion and feedback, a delegate will post this proposal to Snapshot.
  • If the Snapshot vote passes, the Hop UI will support Base with ETH, USDC, and HOP on Day 1.

The Base Guide to Governance Proposals

The Base team has written a reference guide for governance proposals. This document outlines various information and highlights about the chain to aid in governance proposals and discussions. You can read the document in that link or expand the section below:

The Base Guide to Governance Proposals

Overview

Base is designed to be a secure, low-cost, developer-friendly L2 that makes it incredibly easy to build. It is built on the open-source OP Stack. While incubated within Coinbase, Base aims to progressively decentralize and be a permissionless, open ecosystem where anyone can build or participate.

We are joining the Optimism team as the second core dev on the OP Stack and will continue to work with them towards our shared vision of a “Superchain” scaling Ethereum.

Base is currently in testnet, and in the last three months, we’ve seen incredible traction from builders:

Why Protocols Should Consider Deploying on Base

By deploying on Base, protocols can increase their user base while helping build a richer onchain economy.

Access users and assets in the Coinbase ecosystem

Coinbase supports customers across 100+ countries, and a growing number are expected to come onchain as the dapp ecosystem matures. We want to facilitate a win for both the users and the builders growing the onchain economy. By deploying on Base, protocols can get in front of users in the Coinbase ecosystem. And in turn, users will get to experience a diversity of dapps.

Note to authors: To read about the history, context, and philosophy regarding our decision to build Base, please see our blog. For the most up-to-date financials, please see our Investor Relations website.

Build towards a multichain vision and reach a more diverse audience onchain

We believe the onchain future will consist of multiple chains that interoperate and scale together. Base is built on Optimism’s OP Stack with the vision of building a standard, modular, rollup agnostic Superchain scaling Ethereum — a mesh of highly-integrated chains which eventually becomes one fluid experience for users. Many protocols share this vision that the future is multichain, and interoperability is key. By building on Base, protocols can easily integrate with the eventual Superchain and interact with users across multiple chains.

Note to authors: To read more about how we are working with Optimism, please see our blog post. For more information about the Superchain, please see this article.

Foster a more vibrant decentralized and permissionless ecosystem

Base is closely aligned with the values of Ethereum and the broader cryptoeconomy, and champions decentralization and permissionlessness. We are participating as the second core dev on the OP Stack, and contributing resources to improve the underlying infrastructure and accelerate onchain adoption across the ecosystem.

Note to authors: We will be sharing more on our mainnet timeline soon, but encourage authors to proceed with early governance processes (e.g. RFCs, temperature checks) as we’ll be coming to mainnet in short order. For the most up-to-date news on launch plans, please refer to our Twitter, Blog, and Discord.

Key Value Propositions & Core Principles

Base is a key part of Coinbase’s “secret master plan” – the platform on which the next generation of dapps delivering value and utility to customers will be built.

Base is built by Coinbase builders, for builders everywhere, and leverages the last decade of Coinbase’s experience building crypto products.

Base will serve as both a home for Coinbase’s onchain products and an open ecosystem where anyone can build. Our goal is to go live with support across onchain Coinbase products and leading dapps across verticals to provide users with a rich, intuitive onchain experience from day one of mainnet.

We recently shared our criteria for mainnet, and will be sharing more information in the coming days. In the meantime, any developer can deploy on Base testnet today, with docs available at docs.base.org.

Key Value Propositions

  • Secured by Ethereum: Base is built with the security and scalability you need to power your decentralized apps. It leverages the underlying security of Ethereum, along with Coinbase’s best practices, to enable protocols to confidently onramp into Base from Coinbase, Ethereum L1, and other interoperable chains.
  • Empowered by Coinbase: Base makes it easy to build decentralized apps with access to Coinbase’s products, users, and tools. Seamless Coinbase product integrations, easy fiat onramps, and powerful acquisition tools enable developers to join the Coinbase ecosystem.
  • Big features, small fees: Base offers full EVM compatibility at a fraction of the cost and is committed to pushing forward the developer platform. Protocols can set up gasless transactions for dapps with easy developer APIs for account abstraction, and securely build multichain applications with easy-to-use bridges.
  • Open source: Foundational software for the global cryptoeconomy should be fully open source and freely available. Base is built on the MIT-licensed OP Stack, in collaboration with Optimism. It aims to be decentralized, permissionless, and open to anyone with the vision of creating a standard, modular, rollup agnostic superchain powered by Optimism. Together, Base and Optimism are working to create a thriving community of other developers. This toolkit is an open platform that anyone can contribute to, fork and extend to help the cryptoeconomy scale. Learn more about how Base is working with Optimism.

Core Principles

  • A bridge, not an island: Base is designed to provide easy, secure access to Ethereum L1, other L2s, as well as other L1 ecosystems. Coinbase customers are encouraged to start on Base, but to explore outside of Base: Base is a “bridge” for users into the crypto ecosystem. It’s an easy-to-use default on-chain experience with access to products on other chains. Along with making Base interoperable with other chains, Coinbase will continue supporting as many chains as possible across Coinbase products.
  • Decentralized & Open Source: Decentralization is essential for the cryptoeconomy to remain open, global, and accessible to everyone. While Base has started by being incubated inside of Coinbase, the team is deeply committed to progressing towards full decentralization over the years ahead. With the increased resourcing that Coinbase brings to the OP Stack, Base plans to progress from a Stage 0 to Stage 1 rollup in 2023 and a Stage 2 rollup in 2024. Learn more about Base’s approach to decentralization here.
  • For everyone: Base has a vision to be an open ecosystem, seeded with Coinbase products, users, and assets. Base will work with the broader community to bring the chain to life. This is Day 1 of Base’s journey and the team couldn’t be more excited about the incredible community already building alongside them.

During testnet launch, we received interest from many builders to deploy on Base. We are excited to support these teams and many others in building with us.

Note to authors: For more information about our philosophy and background, please see our blog post.

Default Bridge Information: L1<>L2 Messaging

The Base network reuses Optimism’s native Bedrock bridge without modification. This bridge implementation has undergone audits from both the Optimism and the Base side, and is now responsible for securing billions of dollars in TVL on Optimism mainnet.

From L1 to L2:

  • Users can send arbitrary messages from L1 to L2
  • User calls the bridge contract on L1
  • Messages sent to the bridge are included in blocks on L2 by the Base sequencer (responsible for building the L2 blocks)
  • Sequencer must include L1 messages on L2 within a certain window of time
  • After the window of time has passed, decentralized validator nodes will automatically include L1 messages

From L2 to L1:

  • User calls bridge contract on L2
  • L2 state trie root is committed back to a smart contract on the L1 by the sequencer (this will be used to prove L2 state)
  • A user’s transaction will then enter a pending state known as the challenge window
  • The state commitment can be removed during the challenge window if needed
  • Once fault proofs are rolled out, anyone can challenge the state commitment

Between L2s:

  • We are working on interoperability standards between L2s and will update the community as we progress. For now, please refer to the “Low Latency L2 to L2 Message Passing” section in Optimism’s Superchain Explainer.
  • In the meantime, you can bridge funds between L2s (e.g. Optimism <> Base) via our native bridge or 3rd party bridges.

Both Base and Optimism are working together on a shared vision of decentralization, including rolling out fault proofs, and decentralizing L2 state root submission, which would allow users to withdraw funds from the L2 even in the event of a sequencer failure.

Fault Proofs and Decentralization

At mainnet launch, Base will be running the identical codebase as OP Mainnet and as such, fault proofs will not be available. We are working with OP Labs to harden the security guarantees of Bedrock and accelerate the timeline for decentralized fault proofs on the OP Stack. You can read more about our plans in our overview of our decentralization roadmap here and we will share more updates on this in the months ahead via our blog.

Our Vision Ahead

We are excited to bring the next billion users onchain together with dapps and communities that share our vision. We want to support builders across the ecosystem to ensure the cryptoeconomy remains open, permissionless, decentralized, and accessible to all.

We believe that onchain is the next online, and are working hard to get there. We can’t wait for you to be part of this journey.

5 Likes

I’m definitely in favor of this. Can’t think of any reason not to.

On this topic, how does Authereum team @shanefontaine @cwhinfrey think about the need for Hop in a world where Base and OP Mainnet have a shared sequencer? Does a shared sequencer that allows for atomicity between OP Stack chains disintermediate Hop?

Hey @fourpoops this is something we think about a lot. The short answer is that there will always be heterogeneous chains that Hop will connect.

As it stands, the current superchains within a cluster are all homogeneous and share all of the same code/trust assumptions/security with each other but do not share a sequencer or liquidity. This is great for Hop—the difficult work of understanding the intricacies of a chain and implementing Hop on top of that chain are already done. Spinning up new chain support for something like Base is just a matter of governance and coordination. With that said, it is more inefficient from the chain’s perspective. In order for the space to scale, something like a trusted sequencer and shared liquidity should be implemented such that Hop might not be needed between chains within a cluster.

On the other end of the extreme, the superchains will share a sequencer and liquidity. In this world, Hop’s usefulness within a superchain cluster might be limited. However, Hop will still be able to connect the various superchains together, since, for example, an Optimism superchain and an Arbitrum superchain do not share a sequencer. Arguably, this is more valuable than connecting the chains within a superchain, since Hop is now exposed to the liquidity and network of all chains within a superchain without having to spin up support for each individual one. Connecting heterogenous superchains will always be needed and Hop will always be able to support this.

Given all that, Hop will always be able to claim a portion of the cross-chain market between heterogeneous chains, no matter what decisions an individual team/chain/superchain might make.

1 Like

To make sure we can vote and deploy in time for the launch of Base Mainnet, the snapshot for this is now live: Snapshot

Voted for. This seems like a really beneficial partnership that will drive a lot of usage not just for Hop but also for Ethereum more broadly.

I think the incentives are reasonable. The framework makes a lot of sense and a similar model could be applied to future deployments before arriving at a more permanent solution.

Overall very excited to bridge to Base when it launches.

Voted FOR this. Definitely seems like a network we should have HOP in and I don’t see any reasons not to.

Easy yes from me. Voted FOR.

Voted for. I see a clear upside to integrating with Base.