Abstract
With the rise of Basechain, along with Arbitrum, has become a de facto Layer 2 solution for Ethereum. The high activity of USDC on Basechain makes it a prime candidate for YFX’s second supported blockchain.
Motivation
BaseChain utilizes Optimism’s Layer 2 technology and is primarily marketed by Coinbase. Currently, BaseChain’s activity has surpassed that of Arbitrum, and there is a noticeable lack of decentralized perpetual contract projects on BaseChain. This presents a significant growth opportunity for YFX on BaseChain.
Specification
Initially, we will deploy YFX on BaseChain and launch three contracts: BTC_USD[USDC], ETH_USD[USDC], and ETH_USD[ETH].
Since ChainLink’s datastream is not yet deployed on BaseChain, we plan to use PYTH as the primary oracle for price feeds.
Following further research on cross-chain bridges, we will gradually support YFX cross-chain transfers to Basechain.
If there is a sufficient user base on Basechain, we will initiate YFX mining on Basechain.
Voting Information
If the proposal passes, the platform will complete debugging and launch on BaseChain as soon as possible.
Voting will utilize YFX, iYFX, sbfYFX, and LYFX on Arbitrum, with the snapshot taken at 08:00 UTC on July 10.
Voting for YFXIP-4
The vote on this proposal is scheduled to start at 08:00 UTC on July 11 and will last for two days.
