Coinbase has unveiled the “Path to Mainnet” for its Ethereum Layer 2 network, Coinbase Base, outlining criteria to be fulfilled before the launch. They have revealed a five-point criteria.
In the latest, crypto exchange Coinbase revealed the “Path to Mainnet” outlining the roadmap for the mainnet launch of Coinbase Base. The outline doesn’t mention the timeline of mainnet launch, however, lists five specific criteria to satisfy before the launch. Of the five, Coinbase has satisfied five criteria so far.
1/ Base is gearing up for mainnet with safety and security as top priorities. Today, we’re excited to share our launch criteria!
Reminder: Base has no plans to issue a network token.https://t.co/eRarQ4QzK8
— Base 🛡️ (@BuildOnBase) May 24, 2023
The Coinbase Base is an Ethereum Layer 2 network that caters to a low-cost, safe, and developer-friendly way to build on-chain solutions. Coinbase has built the L2 Base network in collaboration with Optimism and is residing on the OP Stack.
Some of the key benefits of Coinbase Base are that it’s completely secured by the Ethereum blockchain, empowered by trusted players like Coinbase, offers big features at small fees, and is completely open source.
Coinbase unveiled the creation of the Base network earlier this year in February. The current testnet for Base is connected to the Goerli testnet version of the Ethereum blockchain. In a very short time since inception, some incredible builders have been already on the Coinbase Base testnet. In its official blog post, Coinbase noted:
“Since testnet, we’ve seen tremendous reception from the developer community and projects deployed on testnet across a myriad of use cases: Gaming, NFTs, Infrastructure, Developer Tooling, Wallets, Security, DeFi, Oracles, Analytics, Bridging, Payments, DAOs, Social and more.”
Five Criteria to FulFill for Coinbase Base Mainnet Launch
In their recent announcement, the Base team said that they need to fulfill five criteria before they progress towards the mainnet launch. These are as below:
- The Coinbase Base testnet should successfully perform the Regolith hard fork. this will bring security-oriented changes to the way deposits are performed.
- The Base testnet should undergo an infrastructure review with the OP Labs team.
- This involves a successful upgrade of the Coinbase Base testnet to the Bedrock. As per the Optimism team, Bedrock will implement shorter deposit times, lower fees, and bring several other major changes. Optimism’s upgrade to Bedrock shall happen next month on June 6.
- The fourth criterion includes a “successful completion of internal and external audits with no critical severity issues”.
- The fifth criterion involves the demonstration of testnet stability.
Of the above two, Coinbase Base has already satisfied the first two criteria. Coinbase Base noted that they would continue to publish milestones as they approach closer to the mainnet launch.
There have been several speculations over Coinbase Base planning to launch its own network token. However, Base has denied these rumors asking investors to be aware of any such Ponzi scheme.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
