Coinbase L2 ‘Base’ Testnet Hard Fork Postponed

Base testnet hard fork

Ethereum’s L2 network “Base” has postponed the hard fork on the testnet scheduled for April 27th. The implementation date of the new “Regolith hardfork” has been reset to May 5th at 2:00 am (Japan time).

Base Goerli Regolith Hardfork update:

Our hardfork did not activate as scheduled earlier today due to a sequencer misconfiguration
New date: May 4 at 10a PT
Update to v0.2.0https://t.co/gBy5Msn2Kw

— Base (@BuildOnBase) April 27, 2023

According to Base, the reason for the postponement of the hard fork was that the previous Regolith hard fork release (v0.1.1) did not launch as planned due to problems with the sequencer configuration.

The latest version of the software (v0.2.0) contains an emergency fix to fix some nodes that died at block 3710592 shortly after the last Regolith hard fork was scheduled. .

In the Optimistic Rollup technique that Base employs, the sequencer is responsible for ordering the transactions. If there is a problem with the sequencer settings, transaction processing may not be executed normally, and nodes on the network may end up in unexpected situations. As a result, we believe that some nodes responsible for executing transactions and smart contracts were not properly synchronized and died.

Base is based on the open source software stack (OP Stack) published by Optimism and employs a technique called Optimistic rollup. The Regolith hardfork was scheduled to apply to sequencers and nodes on April 27th. It was claimed to be a more secure and reliable platform.

connection:Coinbase L2 ‘Base’ Towards First Hard Fork On Testnet

Base and Coinbase ecosystem

Base is led by Coinbase, a leading US cryptocurrency exchange, and is designed to provide easy access to Coinbase’s products, users and tools.

The Coinbase ecosystem has 110 million authenticated users (email addresses and phone numbers are registered) and about 1 trillion yen ($80 billion) in assets, and Web3 business will be developed for them. is said to be possible.

However, Coinbase received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) in March, investigating some digital assets and services for alleged violations of securities laws. If Coinbase were to list cryptocurrencies that are considered securities, it would have to register as a business with the SEC and meet its reporting obligations, which would increase its operational burden.

Meanwhile, Coinbase has expressed its intention to counter the SEC’s hardline stance, accusing the SEC of trying to regulate the cryptocurrency space through enforcement actions without proper rulemaking. On April 24, Coinbase filed a limited lawsuit seeking a response to its July 2022 SEC “Petition for Clarification of Regulations Concerning the Cryptocurrency Industry.”

If the SEC grants a denial of the petition, Coinbase can challenge that decision in court. Under the Administrative Procedures Act (APA), Coinbase is expected to be able to challenge the SEC’s decision on a formal basis, arguing that rulemaking is necessary.

connection:Coinbase Sues U.S. Securities and Exchange Commission for “Clarification of Regulations”