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Coinbase’s Layer Two Base is Coming to Mainnet, But How Do You Use It?

Last Updated June 30, 2023 11:24 AM
Teuta Franjkovic
Last Updated June 30, 2023 11:24 AM
Key Takeaways
  • Base’s resilience is being evaluated by new sets of critical eyes following security audits of Spearbit and Sherlock
  • To further ensure Base security, further measures are being created
  • Base requested the public to participate in an audit test using Code4rena to disclose problems in the Optimism’s technological architecture

There is only one requirement left for Base, a new layer 2 application-focused protocol from Coinbase before it is prepared for mainnet activation.

Base Team: Mainnet Launch Is Close

The Optimism-powered, Ethereum-secured network has undergone rigorous security assessments for six months, both internally and externally, according to the team’s statement on June 29. This was the second-to-last requirement for launch.

Base stated that the team is confident after not discovering any serious code vulnerabilities, adding that “with the completion of these audits, we’ve now fulfilled 45 of our criteria for mainnet launch”:

“Completing these in-depth security workstreams without discovering critical severity bugs gave the Base team confidence to proceed towards mainnet launch,” the company stated.

A “Regolith” hard fork in testnet, a fruitful infrastructure review with OP labs, the group behind Optimism, and Optimism’s “Bedrock” update were the other three conditions that were met.

On February 23, Coinbase formally launched Base. For the development of decentralized apps, it strives to provide a low-cost, safe network that is also developer-friendly.

No Notable Problems Discovered In the Network Created by Coinbase and Optimism

In order to “battle-test” Optimism’s technical architecture, Coinbase’s protocol security team carried out an internal audit to find any potential security holes on layer 1, layer 2, and the bridges. The company stated  it’s pleased to inform that no material flaws were found despite involving over 100 security researchers in this challenge.

Along with conducting an internal audit, Coinbase also encouraged the general public to participate in a public smart contract audit test through Code4rena in order to report any vulnerabilities in the Optimism tech stack.

The Optimism node software, Ethereum Virtual Machine (EVM) equivalence flaws, bridge vulnerabilities, and several smart contract problems were among the audits that the security experts looked into.

The community audit took place between May 27 and June 10, and bounty hunters who were successful may get up to $100,000 in incentives.

According to a previous post from Base, the last need that must be satisfied before the mainnet launch is demonstrating “testnet stability”.

Credit: base.mirror.xyz

Although Base did not specify how the final criteria would be met in detail, the team stated that they are still considering the 100 academics who participated in the public smart contract audit as well as evaluations from earlier audit programs, such as “spearbit” and “sherlock.”

Base further stated that they had created Pessimism, an open-source monitoring tool intended to alert protocol designers to any abnormalities that might develop, such as discrepancies between L1 and L2 states, contract events, or account balance irregularities.

Late in March, Coinbase stated their desire to see Base, an on-chain reputation system, an on-chain limit order book exchange, and an inflation-pegged “flatcoin” established.

Coinbase has diversified its sources of income by turning to subscriptions and services like staking in an effort to lessen its reliance on trading fees from consumer trades. In March, the business unveiled “Wallet as a Service,” which it thinks would give businesses a means to integrate digital wallets into their apps.

Who Will Be Able to Use Base and How?

When Base’s development was first disclosed in late February, many people saw it as a “massive vote of confidence for Ethereum.”

Base aspires to eventually develop into a network for creating decentralized apps. It is secured on Ethereum and powered by layer-2 network Optimism.

According to the company, the team has some novelties to share:

  • BLACKBIRD

With a new platform that grants rewards to patrons who return to participating restaurants frequently, Blackbird is creating the future of restaurant loyalty. A rewards program for Williamsburg cafe GERTIE and the Upside Pizza Club program, which gives members access to exclusive concerts and events as well as a slice of pizza every day for a year, were among the efforts that Blackbird introduced in testing earlier this year.

  • PARALLEL

An NFT-based trading card game called Parallel attempts to give players actual ownership of their cards and other in-game possessions while they engage in conflict with other factions in a futuristic setting. Users will be able to acquire and play with less expense thanks to Parallel bringing its universe to Base Mainnet.

  • THIRDWEB

With their development toolkit, Thirdweb intends to make building on blockchains exceedingly simple for developers. The team’s own games attest to the simplicity and quickness of deployment; Web3 Warriors, the first large-scale game created on Base, was released in just three weeks.

  • OAK

OAK serves as the local money for a prosperous Oakland. Residents can support neighborhood initiatives and keep money in the local economy by exchanging an OAK-branded stablecoin with neighborhood businesses. This also spares businesses from paying expensive transaction costs.

Genesis Window: Post-Launch Expectations

Maintaining Mainnet Genesis marks the start of our Genesis Window, a targeted, organized period for developers to launch dapps on the Base mainnet. We will only be concentrating on developers during this time frame and supporting them to make sure they are successful.

During this time, the company asserted there are few things important here:

  • During the Genesis window, developers will be able to start securely, quickly, and reliably delivering their dapps to Base.
  • Rapid technical assistance: Any dapp deploying within this window will receive hands-on support from the Base core team through Discord.
  • Recognized as a genesis builder: During this window, we’ll support and honor the early dapps that launch on Base mainnet.