Coinbase’s Ethereum Layer-2 Network, Base, Nears Mainnet Launch
Coinbase’s layer 2 blockchain, Base, is preparing its mainnet launch after completing a series of security audits.
Base aims to attract as much as one million new crypto users in the next few years, Coinbase said in a press release.
Built on the OP stack in partnership with Optimism, Base’s code was scrutinized by over 100 people as a part of an audit contest launched by Coinbase.
After auditing all of Optimism's pre-deployments and smart contracts on both the layers to identify potential vulnerabilities of security risks, Coinbase’s Protocol Security team gave a green flag.
Coinbase announced its plans to launch Base in February this year.
Base Team to Proceed Towards Mainnet Launch
Coinbase revealed in a blog post that its Protocol Security team has worked closely with OP Labs for the last 6 months to enhance the security of Base and Optimism.
The security team also used a method called “fuzzing” to find bugs using malformed code that is injected into existing code through automation.
The fuzzing technique was used on crucial components like the layer 2 blockchain bridge to layer 1 and the sequencer.
The security team also developed operational runbooks for various risk scenarios and certain distress events.
Over the last six months, the team also reviewed and audited the key management setup and contracts for Base.
The NASDAQ-listed company noted that completing in-depth security workstreams without discovering any major vulnerability in the system gave the Base team confidence to proceed towards mainnet launch.
Base Will Not Feature a Native Token
As of now, it is not clear when the Base mainnet will go live. However, the firm behind America’s largest crypto exchange clarified that it will not feature a native token.
Other layer 2 blockchains Polygon, Optimism and Arbitrum all have native tokens.
Coinbase noted that it engaged over 100 security researchers as part of a contest and reported there were no significant vulnerabilities discovered.
The crypto firm further added that it is actively working to resolve all submissions as the engagement from researchers was high, and are currently in the process of ensuring appropriate action for any informative or minor issues that were reported.
Coinbase is currently in the midst of a legal battle for its existence against the US Securities Exchange Commission.