Coinbase Layer-2 Network ‘Base’ Prepares for Mainnet Launch

Updated: 30 June 2023

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In preparation for its mainnet launch, Coinbase’s Layer-2 protocol, Base, has successfully undergone a series of security audits.

The primary goal of this launch is to attract an influx of new crypto users, potentially reaching up to 1 million in the coming years.

Coinbases Completes Security Audits for Base Launch

Coinbase’s Base, an application-focused layer 2 protocol developed in partnership with Optimism, is nearing its mainnet launch, with just one requirement left to be fulfilled.

Introduced in February, Base aims to establish a secure, cost-effective, and developer-friendly network for decentralized application development.

1/ 🔵 We’re excited to announce @BuildOnBase.

Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps.

Our goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy. pic.twitter.com/RmwZFJzGGs

— Coinbase 🛡️ (@coinbase) February 23, 2023

Coinbase engaged its protocol security team to conduct a comprehensive internal audit spanning six months to ensure the utmost security of both the blockchain and the OP stack.

Coinbase layer-2 network Base closes in on mainnet launch
While a date for mainnet wasn’t announced, the Base team said it’s now fulfilled four out of five of their criteria for launch. pic.twitter.com/PAklKBXWyD

— Cryptoc (@cryptopluc) June 30, 2023

On June 29, the team announced that the Ethereum-backed network had completed thorough security audits conducted both internally and externally.

This accomplishment marks the fulfillment of the penultimate prerequisite before the protocol can be launched.

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 🛡️ (@BuildOnBase) June 29, 2023

During the audit process, Coinbase’s team examined all pre-deployments and smart contracts of Optimism on both layer 1 and layer 2 to identify potential security vulnerabilities or risks.

Base Opens Audit to Community

In addition to Coinbase’s internal audit, Base facilitated a public smart contract audit test through Code4rena, inviting the wider community to participate.

More than 100 individuals conducted a thorough review of the network’s code, and according to Coinbase’s blog post, no significant flaws were found across various aspects of the network’s architecture.

The community audit occurred from May 27 to June 10, and successful bug finders were rewarded up to $100,000.

With the completion of these audits, Base has now met four of the five criteria required for the mainnet launch.

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 🛡️ (@BuildOnBase) June 29, 2023

The other three criteria passed include the “Regolith” hard fork in the testnet, a successful infrastructure review conducted with OP labs, and the implementation of Optimism’s “Bedrock” upgrade.

According to a previous Base post, the final requirement before the mainnet launch is to demonstrate “testnet stability.”

Today, @Coinbase announces one of the most exciting new products since I joined 5 years ago: "Wallet as a Service" (WaaS)

WaaS has potential to bend the curve of global crypto adoption, helping to usher in 1B users. Here's how… 🧵 pic.twitter.com/1wQYBUMsGb

— Zach Segal 🛡 (@zosegal) March 8, 2023

In March, the company announced “Wallet as a Service,” which is expected to complement Base by offering firms the ability to integrate digital wallets into their applications.