Coinbase’s layer-2 application-focused protocol, Base, is closing in on the launch of its mainnet. While an official date for the launch has not been announced, the Base team has fulfilled four out of five criteria required for the launch. The team expressed confidence after completing rigorous security audits both internally and externally over a six-month period.
One of the completed criteria includes a successful infrastructure review with OP labs, the team behind Optimism, which powers Base. Additionally, a hard fork called “Regolith” was implemented on the testnet, and Optimism’s “Bedrock” upgrade was successfully executed. All these milestones indicate progress towards the mainnet launch.
To ensure the robustness of Base’s technology stack, Coinbase’s protocol security team conducted an internal audit that encompassed layer 1, layer 2, and bridge vulnerabilities. Base also invited the wider community to participate in a public smart contract audit test, engaging over 100 security researchers. Thankfully, no significant vulnerabilities were discovered during this process.
The final criterion to be met before the mainnet launch is demonstrating “testnet stability.” Base has not provided specific details on how this requirement will be fulfilled but stated that they are reviewing submissions from the security researchers who participated in the public smart contract audit. They are also considering past audit programs such as “spearbit” and “sherlock.”
Base has taken a proactive approach to security by developing Pessimism, an open-source monitoring tool. This tool aims to notify developers of any anomalies within the protocol, such as irregularities in account balances, contract events, or discrepancies between layer 1 and layer 2 states.
The launch of Base is seen as a significant endorsement of Ethereum, as it is secured on the Ethereum network and powered by Optimism’s layer-2 technology. Coinbase has expressed its vision for Base to become a network for building decentralized applications, with plans for an inflation-pegged “flatcoin,” an on-chain reputation system, and an on-chain limit order book exchange.
Coinbase’s commitment to security and the progress made in fulfilling the launch criteria for Base demonstrate their dedication to providing a low-cost, secure, and developer-friendly network for decentralized application development.
Overall, Coinbase’s Base project is making strides towards its mainnet launch, backed by thorough security audits and community engagement to ensure a robust and reliable platform for the future of decentralized applications.