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Base and Optimism to Share Revenue and Governance in New Agreement
August 25, 2023
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At the heart of this collaboration lies a framework for smart contract upgrades within Base. These upgrades require approval through a dual-signature process involving Base and the Optimism Foundation.
Base X Optimism: Decentralization in Focus
Base and Optimism networks have unveiled a collaborative agreement encompassing revenue and governance-sharing. This pivotal development aims to enhance the decentralized nature of these networks and ensure their sustainable growth.
A key aspect of this agreement is the framework for smart contract upgrades within Base. These upgrades can only occur through a two-of-two multi-signature wallet account.
One signature is under Base's control, while the other resides with the Optimism network's team, referred to as the "Optimism Foundation." This setup ensures that the Base's upgrades necessitate the Optimism team's consent, reinforcing collaborative decision-making.
Further, the agreement stipulates that Base will contribute either 2.5% of its revenue or 15% of its profits to the Optimism Collective, whichever figure is higher. In return, Base will be granted "up to approximately 118 million OP Tokens," providing it with a voice in Optimism's protocol governance.
This move towards shared revenue emphasizes Base's role in contributing to the ecosystem's development while maintaining balance by capping 9% of the total votable supply.
Evolving Decentralization and Governance
Coinbase, the parent company of Base, has laid out a set of "principles of neutrality" to safeguard against the centralization of Base. Jesse Pollak, Base's principal creator, highlighted the trajectory from Ethereum co-founder Vitalik Buterin's "stage 0" to "stage 2" of layer 2 decentralization.
Further, to bolster scalability and diversity, the Base team is working on enhancing Optimism clients. Notably, the creation of a new client called "op-reth" aims to expand the spectrum of client options.
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Related News
Do Kwon Faces Extradition to the United States Over Terra Crypto Collapse
December 7, 2023
The decision, yet to be officially announced, follows the US Securities and Exchange Commission's (SEC) charges against Kwon for alleged crypto asset securities fraud.
Montenegro's Justice Minister is reportedly inclined to extradite Do Kwon, the founder of Terraform Labs, to the United States, according to a recent report from The Wall Street Journal.
Do Kwon, a key figure in the Terra blockchain ecosystem, is wanted by the United States and South Korea for his alleged involvement in the downfall of Terra's digital assets.
The decision follows Kwon's arrest in Montenegro last March. The collapse, which occurred in May 2022, triggered a broader market downturn affecting major players in the cryptocurrency space.
Legal Maneuvers and Extradition Talks
Kwon, who initially agreed to be extradited to South Korea, now faces the possibility of extradition to the United States. Montenegro's Justice Minister has privately communicated the decision to send Kwon to the US to answer charges related to financial crimes.
The specific charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation during Kwon's tenure at Terra.
Despite Kwon's earlier agreement for extradition to South Korea, the final decision rests with Justice Minister Milovic. The minister may await the outcome of a potential last-ditch appeal by Kwon against the court ruling.
Milovic emphasized that the decision would be made public "in a timely manner," leaving room for speculation on the intricate legal proceedings.
SEC Charges and Market Impact
The United States Securities and Exchange Commission (SEC) had previously charged Kwon with defrauding investors in crypto schemes in February. The legal action marked a pivotal moment, linking Kwon to allegations of orchestrating a multibillion-dollar crypto asset securities fraud.
In May 2022, Terraform Labs' collapse had a significant impact on the broader cryptocurrency market, impacting major platforms like Voyager Digital, BlockFi, Celsius Network, and FTX.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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