Coinbase has unveiled a “Path to Mainnet” for its Ethereum Layer 2 network, Coinbase Base, which outlines criteria that must be met before launch. They disclose five-point criteria.
In its latest release, cryptocurrency exchange Coinbase has revealed its “Path to Mainnet” that outlines the roadmap for launching the mainnet for Coinbase. The outline does not mention the mainnet launch schedule, however, it lists five specific criteria that must be met before launch. Of the five, Coinbase has met five criteria so far.
1/ The base prepares for the main network with safety and security as top priorities. Today, we’re excited to share our launch benchmarks!
Reminder: Base has no plans to issue a network token.https://t.co/eRarQ4QzK8
– Base 🛡️ (BuildOnBase) May 24, 2023
Coinbase Base is an Ethereum Layer 2 network that offers a low-cost, secure, and developer-friendly way to build on-chain solutions. Coinbase built the L2 Base Network in collaboration with Optimism and it is on the OP Stack.
Some of the main benefits of Coinbase Base are that it is completely secured by the Ethereum blockchain, supported by trusted players like Coinbase, offers great features for a small fee, and is completely open source.
Coinbase unveiled the creation of the core network earlier this year in February. Base’s existing testnet is connected to the Goerli testnet version of the Ethereum blockchain. In the very short time since inception, some great builders have already been on the Coinbase Base testnet. In its official blog post, Coinbase male:
“Since the testnet, we have seen tremendous reception from the developer community and projects deployed to the testnet across a myriad of use cases: games, NFTs, infrastructure, developer tools, wallets, security, DeFi, Oracles, analytics, bridging, payments, DAOs and social. And so on.
Five criteria for filling out the launch of the Coinbase mainnet
at recent days advertisementThe base team said they needed to meet five criteria before they could move forward with a mainnet launch. These are as follows:
- The Coinbase Base test network should successfully perform the Regolith hard fork. This will bring about security-oriented changes to the way deposits are made.
- The core test network should undergo an infrastructure review with the OP Labs team.
- This includes a successful upgrade of the Coinbase Base Testnet to Bedrock. According to the Optimism team, Bedrock will implement shorter deposit times, lower fees, and bring about several other major changes. Optimism will be upgraded to Bedrock next month on June 6th.
- The fourth criterion includes “the successful completion of internal and external audits with no serious problems”.
- The fifth criterion involves proving the stability of the test network.
Of the two above, Coinbase Base has already met the first two criteria. Coinbase Base has indicated that it will continue to post milestones as it nears the mainnet launch.
There have been many speculations about Coinbase Base planning to launch its own network token. However, Base denied these rumors and asked investors to be aware of any such Ponzi scheme.
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Bhushan is a financial technology enthusiast with a good knack for understanding financial markets. His interest in economics and finance has turned his attention towards the new emerging Blockchain technology and Cryptocurrency markets. He is persistent in the learning process and keeps himself motivated by sharing the knowledge gained. In his spare time he reads fantasy and thriller novels and occasionally explores his culinary skills.