Base, a new Layer 2 application-focused protocol from Coinbase, has only one criteria to meet before it is ready for mainnet launch.
On June 29, the team saying The Optimism-powered, Ethereum-secured network has been subject to six months of rigorous security audits, both internal and external, its penultimate criteria required for launch.
โWith the completion of these audits, we have now met โ of our criteria for a mainnet launch,โ Base said, adding that they feel confident after not finding any critical bugs in the code:
"Completing these in-depth security workflows without discovering critical severity bugs gave the Base team the confidence to move toward the mainnet launch."
The other three criteria approved included a "Regolith" hard fork on testnet, a successful infrastructure review with OP Labs, the team behind Optimism, and the "Bedrock" update to Optimism.
PS: In case you're aware, with the completion of these audits, we've now met โ of our criteria for a mainnet launch...https://t.co/eRarQ4R7zG https://t.co/9o3vNidNtE
โBase๏ธ (@BuildOnBase) June 29, 2023
Coinbase officially launched Base on February 23, which claims to be a low-cost, secure, and developer-friendly network for building decentralized applications.
To "battle test" Optimism's technology stack, Coinbase's protocol security team conducted its own internal audit to identify any vulnerabilities that might arise at Layer 1, Layer 2, and bridges.
In addition to Coinbase's internal audit, Base invited the community at large to participate in a public smart contract audit test via code4rena To report bugs found in the Optimism technology stack:
"We engaged more than 100 security researchers as part of this contest and we are pleased to report that no significant vulnerabilities were discovered."
Audits investigated by security researchers included Optimism's node software, Ethereum virtual machine (EVM) equivalence vulnerabilities, bridging vulnerabilities, and miscellaneous smart contract issues.
We have detailedโฆ
How we are protected 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 mindsetโBase๏ธ (@BuildOnBase) June 29, 2023
The community audit ran from May 27 to June 10 with a maximum of $100,000 in rewards given out to successful bounty hunters.
Demonstrating โtestnet stabilityโ is the final criteria that must be passed before the mainnet launch, according to a previous Base post.
While Base did not indicate how exactly the final criteria would be met, the team said they are still reviewing submissions from the 100 researchers who participated in the public audit of smart contracts, in addition to reviews of previous audit programs, namely, โspearbitโ and โsherlockโ.
Base added that they have created Pessimism, an open source monitoring tool that aims to notify builders of any anomalies that may arise in the protocol, such as account balance irregularities, contract events, or mismatches between L1 states. and L2.
Related: Coinbase CEO Says Bitcoin Lightning Is "Something We Will Integrate"
In late March, Coinbase said they wanted to see an inflation-pegged โflat coin,โ an on-chain reputation system, and an on-chain limit order book exchange. built on foundation.
Many considered grassroots development to be a "big vote of confidence for Ethereum" when the news was first announced in late February.
Secured on Ethereum and powered by Layer 2 Network Optimism, Base aims to eventually become a network for building decentralized applications.
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