Coinbase’s Base, a Layer-2 protocol developed in collaboration with Optimism, is preparing for its mainnet launch following a series of security audits. The primary objective of this launch is to attract a substantial number of new cryptocurrency users, with a potential target of 1 million in the coming years.
Base, introduced in February, aims to create a secure, cost-effective, and developer-friendly network for decentralized application (dApp) development. Coinbase’s protocol security team conducted an extensive internal audit over six months to ensure the highest level of security for both the blockchain and the OP stack.
On June 29, the team announced the successful completion of thorough security audits, both internal and external, of the Ethereum-backed network. This milestone fulfills one of the last prerequisites before the protocol can be launched.
During the audit process, Coinbase’s team carefully examined pre-deployments and smart contracts of Optimism on both Layer 1 and Layer 2 to identify any potential security vulnerabilities or risks.
In addition to the internal audit, Base engaged the wider community by facilitating a public smart contract audit test through Code4rena. Over 100 individuals participated in a thorough review of the network’s code, with no significant flaws found across various aspects of the network’s architecture. Successful bug finders during the community audit were rewarded up to $100,000.
With the completion of these audits, Base has now met four out of the five criteria required for the mainnet launch. The other three criteria that have been 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.
The final requirement before the mainnet launch, as stated in a previous Base post, is to demonstrate “testnet stability.” Coinbase announced “Wallet as a Service” in March, which is expected to complement Base by offering firms the ability to integrate digital wallets into their applications.