Base and Optimism networks have jointly announced a revenue-sharing and governance-sharing agreement. Coinbase, the parent company of Base, has also published a list of “principles of neutrality” it will follow to prevent Base from becoming centralized.
According to the Optimism Collective’s post, Base’s smart contracts can only be upgraded via a two-of-two multisignature wallet account. One signature is controlled by Base and the other by the Optimism network’s team (called the “Optimism Foundation”). This means that Base cannot be upgraded without the consent of the Optimism team. As more chains opt to use the OP Stack and become part of the “Superchain,” governance will be handed over to a “security council” with representatives from all of the chains that comprise this ecosystem.
Base will also pay either 2.5% of its revenue or 15% of its profits to the Optimism Collective, whichever is greater. In return, it will receive “up to approximately 118 million OP Tokens,” allowing it to have a voice within Optimism’s protocol governance. This amount will be capped at 9% of the total votable supply in order to maintain balance, the announcement stated.
Stay updated with the most important cryptocurrency news and valuable insights, conveniently delivered to your email every day. Subscribe to the TokenInsight mailing list now!
Prefer social media? Follow us on Twitter, or subscribe to our Telegram channel!
If you have news reports or announcements that you want to reach a wider audience, feel free to email us at news@tokeninsight.com
Base
Optimism
