Coinbase layer-2 network Base closes in on mainnet launch

Base, a brand new layer 2 application-focused protocol by Coinbase has only one standards left to fulfil  earlier than being prepared for mainnet launch.

On June 29, the group said the Optimism-powered, Ethereum-secured community has been topic to 6 months of rigorous safety audits — each internally and externally — its second-last standards required for launch.

“With the completion of those audits, we’ve now fulfilled ⅘ of our standards for mainnet launch,” Base stated, including that they really feel assured after not discovering any essential code bugs:

“Finishing these in-depth safety workstreams with out discovering essential severity bugs gave the Base group confidence to proceed in direction of mainnet launch.”

The opposite three standards handed included a “Regolith” laborious fork in testnet, a profitable infrastructure evaluation with OP labs — the group behind Optimism — and Optimism’s “Bedrock” improve.

P.S. In case you’re preserving observe, with the completion of those audits, we’ve now fulfilled ⅘ of our standards for mainnet launch…https://t.co/eRarQ4R7zG https://t.co/9o3vNidNtE

— Base ️ (@BuildOnBase) June 29, 2023

Coinbase formally launched Base on February 23, which goals to be a low-cost, safe, developer-friendly community for constructing decentralized functions.

To “battle-test” Optimism’s tech stack, Coinbase’s protocol safety group carried out its personal inner audit to determine any vulnerabilities that will emerge on layer 1, layer 2 and on the bridges.

Along with Coinbase’s inner audit, Base invited the broader neighborhood to partake in a public good contract audit check through Code4rena to report bugs discovered within the Optimism’s tech stack:

“We engaged over 100 safety researchers as a part of this contest, and are glad to report there have been no important vulnerabilities found.”

Among the many audits investigated by the safety researchers included Optimism’s node software program, Ethereum Digital Machine (EVM) equivalence vulnerabilities, bridge vulnerabilities and miscellaneous good contract points.

We’ve detailed…
How we’re secured by the OP stack
Our expertise with each inner and exterior audits
The event of our open-source monitoring software
What it means to launch mainnet with this safety first mindset

— Base ️ (@BuildOnBase) June 29, 2023

The neighborhood audit ran from Might 27 to June 10 with a most of $100,000 in rewards handed out to profitable bounty hunters.

Demonstrating “testnet stability” is the ultimate standards that must be handed previous to mainnet launch, in line with a earlier submit from Base.

Whereas Base didn’t state how the ultimate standards could be fulfilled precisely, the group stated that they’re nonetheless reviewing submissions from the 100 researchers that took half within the public good contract audit along with evaluations from previous audit applications — particularly “spearbit” and “sherlock.”

Base added that they’ve constructed Pessimism, an open supply monitoring software which goals to inform builders of any anomalies that will come up within the protocol, corresponding to account stability irregularities, contract occasions, or disparities between L1 and L2 states.

Associated: Coinbase CEO says Bitcoin Lightning is ‘one thing we’ll combine’

In late March, Coinbase stated they need to see an inflation-pegged “flatcoin,” an on-chain fame system and an on-chain restrict order guide trade constructed on Base.

Many thought of the event of Base to be a “large vote of confidence for Ethereum” when the information was first introduced in late February.

Secured on Ethereum and powered by layer-2 community Optimism, Base goals to ultimately change into a community for constructing decentralized functions.

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