Base is a new application-focused layer 2 protocol from Coinbase that only needs to meet one criterion before it is ready for mainnet launch.
On June 29, the team explain The Optimism-powered, ethereum-secured network has undergone six months of rigorous security audits (both internal and external), the penultimate criterion required for launch.
“With these audits complete, we’ve now met ⅘ of the mainnet launch criteria,” Base said, adding that they feel confident after finding no critical code errors:
“Completing these in-depth security workflows without finding critically critical bugs gives the Base team the confidence to proceed with mainnet launch.”
the other three criteria passed These include the “Regolith” hard fork in the testnet, a successful infrastructure review by OP Labs (the team behind Optimism), and Optimism’s “Bedrock” upgrade.
PS: If you’re following, with these audits completed, we’ve now met ⅘ of the mainnet launch criteria… https://t.co/9o3vNidNtE
— Base️ (@BuildOnBase) June 29, 2023
Coinbase officially launched Base on February 23, aiming to be a low-cost, secure, developer-friendly network for building decentralized applications.
To “test” Optimism’s technology stack, Coinbase’s protocol security team conducted its own internal audit to identify any vulnerabilities that may have arisen on layer 1, layer 2, and bridges.
In addition to Coinbase’s internal audit, Base invites the broader community to participate in public smart contract audit testing by: Code 4 Arena Report bugs found in the Optimism tech stack:
“We hired over 100 security researchers as part of this competition and are pleased to report that no major vulnerabilities were found.”
The audits investigated by the security researchers included Optimism’s node software, ethereum virtual machine (EVM) equivalent vulnerabilities, bridging vulnerabilities and various smart contract issues.
We have detailed…
How the OP stack keeps us safe
Our experience in internal and external auditing
Development of our open source monitoring tools
What it means to launch a mainnet with a security-first mindset— Base️ (@BuildOnBase) June 29, 2023
The community audit runs from May 27th to June 10th, awarding successful bounty hunters up to $100,000.
According to a previous post by Base, demonstrating “testnet stability” is the final criterion that needs to be passed before mainnet launches.
While Base did not say how exactly the final criteria would be met, the team said they were still reviewing submissions from 100 researchers who participated in public smart contract audits, namely “spearbit” and “Summer”, in addition to reviews from past audit projects. Locke”.
Base added that they have built Pessimism, an open-source monitoring tool designed to notify builders of any anomalies that may arise in the protocol, such as abnormal account balances, contract events, or discrepancies between L1 and L2 states.
related: Coinbase CEO says Bitcoin Lightning is ‘something we’ll be integrating’
In late March, Coinbase said they wanted to see an inflation-pegged “flat coin,” an on-chain reputation system based on Base, and an on-chain capped order book exchange.
When the news was first announced in late February, many saw the development of Base as a “massive vote of confidence in ethereum.”
Base is secured on Ethereum and powered by layer 2 network Optimism, which aims to eventually be the network for building decentralized applications.
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