Coinbase Layer-2 Base Network Closes in on Mainnet Launch

Base, a new protocol focused on Layer 2 applications from Coinbase, only has one more criterion to meet before it is ready for mainnet launch.

On June 29, the team said the Ethereum-secured network powered by Optimism has undergone six months of rigorous security audits – both internal and external – its penultimate criteria required for launch.

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“With the completion of these audits, we have now met ⅘ of our criteria for the mainnet launch,” Base said, adding that they feel confident after finding no critical code bugs:

“Completing these thorough security workflows without uncovering any critical-severity bugs gave the core team the confidence to proceed with the mainnet launch.”

The other three criteria pass included a “Regolith” hard fork in testnet, a successful infrastructure review with OP labs – the team behind Optimism – and Optimism’s “Bedrock” upgrade.

Coinbase officially launched Base on February 23, which aims to be a low-cost, secure, and developer-friendly network for building decentralized applications.

To “combat test” Optimism’s technology stack, Coinbase’s protocol security team conducted its own internal audit to identify any vulnerabilities that may emerge at layers 1, 2, and bridges.

In addition to Coinbase’s internal audit, Base invited the wider community to participate in a public smart contract audit test via Code4rena to report bugs found in the Optimism tech stack:

“We engaged over 100 security researchers in this competition and are pleased to report that no significant vulnerabilities were discovered.”

Among the audits investigated by security researchers were Optimism’s node software, Ethereum Virtual Machine (EVM) equivalence vulnerabilities, bridge vulnerabilities, and various smart contract issues.

The Community Audit ran from May 27 to June 10 with a maximum of $100,000 in rewards given out to successful bounty hunters.

Demonstrating “testnet stability” is the final criteria to be met before the mainnet launches, according to a previous Base article.

The five criteria required for Base to launch on the mainnet. The schedule provided by Base was released on May 25. Source: Basic

Although Base did not specify how exactly the final criteria would be met, the team said it is still reviewing submissions from the 100 researchers who participated in the public smart contract audit in addition to reviews of the programs. prior audit – namely “spearbit” and “sherlock”.

Base added that they have built Pessimism, an open-source monitoring tool that aims to notify builders of any anomalies that may arise in the protocol, such as account balance irregularities, contract events, or mismatches between L1 and L1 states. L2.

Related: Coinbase CEO Says Bitcoin Lightning Is “Something We’re Going To Integrate”

In late March, Coinbase said it wanted to see an inflation-linked “flatcoin,” an on-chain reputation system, and an on-chain limited order book exchange built on Base.

Many viewed the Base development as a “massive vote of confidence for Ethereum” when the news was first announced in late February.

Secured on Ethereum and powered by Layer 2 network optimism, Base aims to eventually become a network for building decentralized applications.

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