Coinbase’s Base, a layer 2 application-focused protocol, is nearing its mainnet launch after successfully completing a series of security audits. The team, in a recent announcement, stated that the audits, which lasted for six months and were conducted both internally and externally, were the second-to-last criterion needed for the launch. Notably, no critical code bugs were found during the audits, giving the Base team confidence to move forward.
The previous three criteria for the mainnet launch included a successful infrastructure review with OP labs, the team behind Optimism, a Regolith hard fork in testnet, and Optimism’s Bedrock upgrade. These milestones indicate the progress made by Base in becoming a low-cost, secure, and developer-friendly network for decentralized applications.
Coinbase officially launched Base on February 23, with the goal of providing a robust platform for building decentralized applications. To ensure the resilience and security of Optimism’s technology stack, Coinbase’s protocol security team conducted its own internal audit, focusing on vulnerabilities that may arise on layer 1, layer 2, and the bridges connecting them. Additionally, Base invited the broader community to participate in a public smart contract audit test through Code4rena, resulting in no significant vulnerabilities identified.
The community audit, which ran from May 27 to June 10, offered rewards of up to $100,000 to successful participants. The final criterion to be fulfilled before the mainnet launch is demonstrating “testnet stability,” as outlined in a previous post by Base. While the team did not elaborate on how this will be achieved, they mentioned that they are reviewing submissions from the 100 researchers who participated in the public audit, as well as past audit programs like “spearbit” and “sherlock.”
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In addition to the security measures taken, Base has developed an open-source monitoring tool called Pessimism. This tool aims to notify builders of any anomalies that may occur in the protocol, such as account balance irregularities, contract events, or discrepancies between layer 1 and layer 2 states. By proactively monitoring the network, Base aims to provide a secure and reliable environment for developers.
Coinbase’s interest in Base extends beyond its launch. In March, the company expressed its desire to see the development of an inflation-pegged “flatcoin,” an on-chain reputation system, and an on-chain limit order book exchange built on Base. These additions would further enhance the capabilities of the network and provide users with more diverse options for decentralized applications.
The development of Base was seen as a significant show of confidence in Ethereum when it was first announced in February. Built on Ethereum and powered by Optimism’s layer 2 network, Base has the potential to become a leading platform for building decentralized applications. The successful completion of the security audits brings Base closer to its mainnet launch, further solidifying Ethereum’s position as a top choice for developers in the blockchain ecosystem.
In conclusion, Base by Coinbase has successfully completed a series of security audits, positioning it for its forthcoming mainnet launch. The team’s confidence in the protocol’s resilience, demonstrated by the absence of critical code bugs, is a testament to the thoroughness of the development process. With the final criterion of testnet stability yet to be met, Base is in the process of reviewing submissions from the community audit and previous programs. This launch will mark an important milestone for Coinbase and reinforce Ethereum’s standing as a leading blockchain platform for decentralized applications.
