The Coinbase Layer 2 Network Base Is About to Be Launched on the Mainnet
Base, Coinbase’s new application-focused Layer 2 protocol, has one more criterion to meet before it’s ready for mainnet launch.
The team announced on June 29 that the Ethereum-secured network powered by Optimism has undergone six months of rigorous security reviews – both internal and external – its penultimate prerequisite for launch.
Base added that the team is confident as they haven’t found any critical bugs.
The grassroots team is confident that once these security workflows are complete, they can proceed with the mainnet launch.
Other criteria included a hard fork called “Regolith” on the testnet, a successful infrastructure check with OP Labs – the team behind Optimism – and Optimism’s “Bedrock upgrade”.
P.S. In case you’re keeping track, with the completion of these audits, we’ve now fulfilled ⅘ of our criteria for mainnet launch…https://t.co/eRarQ4R7zG https://t.co/9o3vNidNtE
— Base 🛡️ (@base) June 29, 2023
Coinbase officially launched Base on February 23rd. It is designed as a developer-friendly, low-cost network that is secure and easy to use.
Coinbase’s protocol team conducted an internal audit to “battle test” Optimism’s tech stack and identify any vulnerabilities on layers 1, 2 and the bridges.
Base, in addition to Coinbase’s internal audit, invited the general public to participate in a smart contract audit via Code4rena to report any bugs found in Optimism’s tech stack.
We are happy to report that no major vulnerabilities were found.
The security researchers examined a number of audits including Optimism’s Node software and the Ethereum Virtual Machine (EVM), equivalency vulnerabilities, bridge vulnerabilities and other smart contract issues.
We’ve detailed…
👉 How we’re secured by the OP stack
👉 Our experience with both internal and external audits
👉 The development of our open-source monitoring tool
👉 What it means to launch mainnet with this security first mindset— Base 🛡️ (@base) June 29, 2023
The audit took place from May 27th to June 10th. Successful bounty hunters were rewarded with up to $100,000.
According to a previous post by Base, the last criterion that needs to be met before mainnet launch is demonstrating “testnet stability”.
Base has not indicated how the final criteria will be met, but the team said it is still reviewing submissions from the 100 researchers who participated in public smart contract audits in addition to previous review programs – namely “Spearbit” and “Sherlock”.
Base developed Pessimism – an open source monitoring tool – to alert builders to anomalies in the log. These include account balance irregularities or contract events. Related:
When the news first broke in late February, many thought Base’s development was a “massive vote of confidence in Ethereum.”
Base is based on Ethereum and supports Layer 2 network Optimism to become a decentralized application network.
