Coinbase’s L2 “Base” reveals challenges and goals for mainnet launch

Path to Base mainnet

Ethereum’s Layer 2 (L2) network, “Base,” today unveiled its remaining agenda for its mainnet launch.

Major U.S. cryptocurrency exchange Coinbase’s Base development team will launch the mainnet after meeting the challenges of testnet stability, successful Optimism (OP) ‘Bedrock’ upgrade, and completion of review and audit. I am ready to move on. In addition, we have reconfirmed that there is no plan to issue Base’s own token.

In addition, Base is issuing a “Path to Base Mainnet” NFT (Non-Fungible Token) to mark the mainnet preparatory stage. The selling price is 0.00069 ETH (about 150 yen), 6,000 units have already been issued, and it seems that the issue will end in 6 days (at the time of writing).

6/ We’ll continue to share updates as we get closer to mainnet.

Until then, keep building, check out our docs at https://t.co/tqEu3sSbZv, and join us on Discord.

Mint the ‘Path to Mainnet NFT’ to celebrate with us. https://t.co/eRarQ4QzK8 pic.twitter.com/vgJjhzAlae

— Base (@BuildOnBase) May 24, 2023

Base is positioned as an L2 scaling solution that enables safe and low-cost development of on-chain decentralized apps. The goal is to bring the next million developers and billion users into the crypto economy.

The Base testnet, which was established on February 23, 2013, has been used in a wide range of applications, including games, NFTs, infrastructure, development tools, wallets, security, DeFi, Oracle, analytics, bridges, payments, DAOs, and social. rice field. Along with this, Base focuses on auditing the codebase and infrastructure, load testing to ensure scalability, and providing support.

Of the five goals set as Base’s main criteria for mainnet launch, two have already been achieved, while the remaining three have yet to be achieved. These criteria are:

• Successful Regolith hard fork on testnet (completed)
• Successful (completed) infrastructure review with the OP Labs team
• Bedrock Successful Upgrade with Optimism
• Confirmation of successful internal and external audits and no critical issues
• Proof of testnet stability

connection:Coinbase L2 ‘Base’ Testnet Hard Fork Postponed

What is Base

Base employs Optimistic Rollup technology and is built using open source technology provided by Optimism (OP). As such, Optimism’s Bedrock upgrade is looking to further reduce transaction fees and improve scalability.

The Optimism team has announced several changes, including lower fees and faster deposit times with the upgrade to Bedrock. The upgrade to Bedrock is scheduled for June 6th.

connection:Optimism, big upgrade “Bedrock” scheduled for June

When the Base mainnet launches, the Genesis Window, a dedicated period for developers to deploy dApps on the Base mainnet, will begin. During this period, Base plans to focus on supporting developers.

As we get closer to mainnet, Base will continue to share progress and provide concrete timelines.

Major projects running on Base’s testnet include Blackbird, Parallel, Thirdweb, and OAK. Blackbird is developing a new platform that rewards restaurant repeaters, and Parallel is rolling out an NFT-based trading card game. Thirdweb offers a toolkit that allows developers to easily build on the blockchain, while OAK promotes a community currency for residents to use when transacting with local merchants.

Decentralized identity protocol Masa Finance has announced plans to launch a Soulbound Token (SBT) protocol for Base. SBT is a token that connects identity and reputation characteristics to a wallet address on the blockchain, enabling credit evaluation. Personal credit-related data such as educational qualifications, work history (contributions to projects), credentials used for user authentication, past loan history, etc. can be incorporated into the wallet.

connection:Decentralized ID project “Masa Finance” utilizing SBT, deployed to Coinbase L2 “Base”