Coinbase’s layer 2 application-focused protocol, Base, is getting closer to its mainnet launch. The team announced that it has fulfilled four out of five criteria required for launch, with the completion of rigorous security audits. These audits, conducted over a period of six months, both internally and externally, have given the Base team confidence in the protocol’s readiness for mainnet launch. No critical code bugs were found during the audits, which is a significant milestone for the project.
Criteria Met and Progress Achieved
Apart from the security audits, Base has also met three other criteria for mainnet launch. These include a successful infrastructure review with OP labs, the team behind Optimism, as well as the completion of Optimism’s “Bedrock” upgrade. Additionally, a “Regolith” hard fork was conducted in the testnet environment. These achievements demonstrate the commitment of the Base team to ensure a low-cost, secure, and developer-friendly network for building decentralized applications.
Community Involvement and Final Criteria
To ensure the robustness of the protocol, Coinbase’s protocol security team conducted an internal audit, focusing on layer 1, layer 2, and bridge vulnerabilities. Furthermore, Base invited the broader community to participate in a public smart contract audit test. Over 100 security researchers took part in this contest, but no significant vulnerabilities were discovered. The community audit was held from May 27 to June 10, with rewards of up to $100,000 given to successful bounty hunters.
The final criterion that needs to be fulfilled before the mainnet launch is demonstrating “testnet stability.” While the exact details were not provided, Base stated that they are currently reviewing submissions from the security researchers involved in the public smart contract audit. They are also considering feedback from previous audit programs. In addition, Base has developed Pessimism, an open-source monitoring tool that will notify builders of any anomalies in the protocol, such as account balance irregularities or disparities between L1 and L2 states.
Coinbase’s Vision for Base
In March, Coinbase expressed its vision for Base, which includes the development of an inflation-pegged “flatcoin,” an on-chain reputation system, and an on-chain limit order book exchange. The launch of Base is seen as a significant endorsement of Ethereum, as it is secured on the Ethereum network and powered by the layer-2 network Optimism. Base aims to become a leading network for decentralized application development.
As Base prepares for its mainnet launch, the completion of rigorous security audits marks a crucial step forward. With the fulfillment of multiple criteria and the confidence gained from the absence of critical code bugs, Base is on track to provide a secure and efficient platform for developers to build decentralized applications. The involvement of the community and the development of monitoring tools further strengthen the protocol’s reliability. As the launch approaches, the cryptocurrency community eagerly anticipates the positive impact that Base will have on the Ethereum ecosystem.