Base Builds Security Fence Pessimism for Optimism
Overview
Layer-2 Base has launched Pessimism, a security monitoring system designed to enhance security within the Optimism ecosystem.
Introduction to Pessimism
As part of its decentralization efforts, layer-2 Base has introduced Pessimism, an open-source monitoring system aimed at bolstering security across the Optimism ecosystem. Pessimism is engineered to detect protocol threats and security vulnerabilities for networks based on OP Stack and other EVM-compatible chains.
Introducing Pessimism, an open source monitoring system designed to enhance security of Base (as well as the broader OP Stack and Ethereal ecosystem) by quickly detecting and responding to a myriad of protocol threatshttps://t.co/erocaQOkbz
— Base (@base) September 19, 2023
Components of Pessimism
Pessimism consists of three subsystems:
- ETL (Extract, Transform, Load)
- Risk Engine
- Alert System
These components work together to analyze and alert on potential vulnerabilities. Coinbase plans to expand Pessimism's capabilities to manage bridges, secure withdrawal processes, and identify other security issues.
Developers and users are invited to contribute suggestions, propose features, or provide feedback on Pessimism through the platform's GitHub page.
Decentralization Efforts
Coinbase previously announced its intention to transition Base to a fully decentralized model. This involves implementing a fault-proof module and multi-server software to make Base resistant to censorship and independent of any single entity.
About Base
Base, a layer-2 network developed by Coinbase, officially launched in early August 2023. Built using OP Stack technology from OP Mainnet (formerly Optimism), Base quickly became the third-largest layer-2 ecosystem on Ethereum, following Arbitrum and Optimism, with a total value locked (TVL) of over $400 million. At times, Base even surpassed Ethereum in transaction processing speed.
Despite its rapid rise, Base has faced several challenges, including memecoin rug pulls (e.g., BALD, Frenstech, Magnate Finance), a surge in scam tokens, exploits on LeetSwap and RocketSwap, and a network-wide outage on September 6th.
Conclusion
The introduction of Pessimism marks a significant step in Base's efforts to enhance security within the Optimism ecosystem. As Base continues to grow and evolve, its commitment to security and decentralization remains a top priority.
For more updates, follow Coin68 on Google News.
[Image Sources: Example.com, CoinMarketCap]
