- It showed several errors
- Possible reason – increased load on the network
A few days ago, Coinbase introduced its own second-level blockchain, Base. Unfortunately, programmers had some problems with its deployment.
Developer @0xfoobar reported that the bridge returns every transaction to the sender. The linked smart contract also has problems: Etherscan shows that transactions are not completed. The tweet was later deleted by the developer.
According to another programmer, Roberto Bayardo, something is going on with the Coinbase wallets themselves. They incorrectly calculate the amount of gas or ETH fees that users need to complete a transaction (less than what comes out in the end).
People started mass testing the new protocol, so there was an overload. Perhaps bots are involved in this, which automatically make transactions. Now programmers are fixing problems with the bridge.
Validators transfer money to Coinbase
Base is built on the Optimism (OP) protocol. This means that validators benefit when the network is heavily used. The Base protocol website even flashed the news that the sequencers (optimism validators) are donating 20% of their income to Coinbase to fund the development of Base. They later removed the 20% figure, but Twitter user @tier10k managed to take a screenshot.