Coinbase’s Ethereum Layer-2 Network Base Edges Closer to Mainnet Launch
Coinbase’s Base is drawing closer to the mainnet launch with expert-led security audits ruling out vulnerabilities in the Ethereum layer-2 network.
The statement conveyed by Coinbase revealed that the Base nears its conclusion with a mainnet launch after the recent audit failed to disclose the existence of significant flaws. The Ethereum layer-2 network involved a jointly built project by Optimism and Coinbase.
Coinbase statement on Wednesday, June 28, confirmed that security experts and scientists have extensively vetted the Base technology and designs. The audit involved 100 participants poring over the Base network’s code in the just concluded audit contest. The experts ruled out the existence of significant flaws across the network’s architecture.
Audit Contest Fails to Reveal Major Flaws in Base Network Architecture
Coinbase admitted that getting more eyes to scrutinize the codebase is a better exercise that will help spot major flaws in the network’s architecture. It lauded the exercise as the experts involved ruled out discovering significant vulnerabilities.
The audit context features the Code4rena in a period spanning 14 days to allow scanning for weak points. The exports combed the smart contracts and bridges to assess flaws inherent in the architecture. The participants were promised a $100000 stablecoin USDC award to the individual who would discover major flaws in the base network. No winner secured the award as the Code4rena’s page allocated Base revealed no results.
Coinbase admitted a high engagement level was witnessed through the audit contest. The crypto exchange admitted that it was still sorting the submissions received from the participating experts. It reaffirmed that addressing the informative and minor issues surfacing during the audit test was ongoing.
The layer-2 network builds upon the Ethereum blockchain and involves a project Coinbase is undertaking in collaboration with Optimism. The choice for Optimism arose from being a tested partner that facilitates Ethereum scaling through Optimistic Rollups. Coinbase’s statement illustrated that Base utilizes OP Stack provided by Optimism. It projected the mainent launch at a later date in 2023.
Layer -2 Solutions Undertaken to Ease Network Transaction Speed and Cost
Coinbase believes that Layer-2 solutions feature unique designs to ease network transaction speed. Also, deploying layer-2 solutions on Ethereum targets yields increased efficiency when processing the transactions in a different setup. The solution is necessary, particularly when one is required to relay results to the respective network.
The just concluded audit round featuring critical eyes aimed at assessing the robustness of Base. Its execution is timely considering the preceding security audits by Coinbase notes alongside the Spearbit and Sherlock. The update indicated that the Protocol Security team from Coinbase had completed vetting the findings.
Coinbase reiterated that it would develop other measures to reinforce the Base’s security. The Brian Armstrong-led crypto exchange revealed advanced plans to develop a tool that will enable developers to assess the vulnerability of smart contracts by scanning for flaws. Coinbase identified Pessimism as a subsequent project tied to the Base to monitor for network irregularities.
Base Network Aimed at Diversifying Coinbase Revenue
Completing the Base project draws Coinbase nearer its 2023 objective to diversify revenue beyond the dependence on trading fees.
Coinbase chief executive Armstrong has in the past signaled that reliance on customer trades to generate trading fees left the firm vulnerable to exploitation. Recently, it leaned towards subscriptions for service offerings such as staking.
The San Francisco-based company has in March announced it will introduce Wallet-as-a-service. The offering would dovetail the Base as a channel that firms could leverage when adding digital wallets to the applications.
Coinbase has yet to outline the on-chain products it will host on the Base. A revisit to the onset of the Base project in February reveals Coinbase promised to transform the network to host on-chain products. The California-based firm was optimistic about transforming Base into an ecosystem of choice for developers. Its accomplishment would help court startup projects emerging from the layer-2 network.
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