- May 28, 2023
- Posted by: [email protected]
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Coinbase’s Base network is getting ready to deploy its mainnet, following a roadmap outlined in a blog post titled “Path to Mainnet.” The roadmap includes five criteria that need to be met before the network can launch, although no specific dates are provided. Two criteria have already been fulfilled, while three remain outstanding.
The Base network testnet was introduced by Coinbase on February 23. It aims to function as a layer 2 solution for Ethereum, utilizing Optimistic Rollup technology to enhance scalability and reduce transaction fees. However, the current testnet of Base is only connected to the Goerli testnet version of Ethereum, which means that most users’ assets are not on the mainnet.
The Base network relies on the OP Stack, a code framework also employed by the Optimism network. According to the announcement, the Base team is making progress towards the mainnet launch, but certain criteria must be met. The first criterion is the successful execution of the Regolith hard fork, which involves security-related changes to the deposit process. The second criterion is an infrastructure review conducted by the OP Labs team. These two criteria have already been fulfilled.
The third criterion entails the successful implementation of the Bedrock upgrade on the network. Bedrock is expected to introduce various improvements, including lower fees and shorter deposit times. The Optimism team has scheduled their upgrade to Bedrock for June 6, but the specific date for Base’s version of the upgrade has not been announced.
The fourth and fifth criteria are the completion of internal and external audits without any critical severity issues and the demonstration of testnet stability. No specific dates have been set for these two criteria.
While the roadmap lacks specific dates, a Base representative stated that milestones leading to the mainnet launch will be published as the project progresses, with an exact timeline to be shared soon.
Since the launch of Base’s testnet, speculation has arisen regarding the types of applications that will be developed on the network. The Base team has called upon builders to create an inflation-pegged stablecoin called a “flatcoin” for use in Base decentralized finance apps, as well as an on-chain reputation system. Masa Finance responded to this request by porting its soulbound token protocol to the testnet in April.
However, not everyone is thrilled with Coinbase’s plans to build its own network. Chris Blec, a decentralization supporter, has expressed worry that Base will need to validate user identities due to its centralized “sequencer,” potentially jeopardizing user privacy. According to the Base team, the sequencer will gradually shift to a decentralized paradigm over time.
