Coinbase, one of the leading cryptocurrency exchanges in the world, has been developing its own layer-2 network for Ethereum, called Base. It is designed to offer a low-cost, secure, and developer-friendly way to build on-chain solutions that leverage the power of Ethereum.
Base: The Coinbase Network Based on Ethereum
Base is a layer-2 network that uses optimistic rollup technology to reduce transaction fees and increase scalability on Ethereum. It is built on the OP Stack, a set of code that is also used by Optimism, another optimistic rollup network. Coinbase has collaborated with OP Labs to create Base as a customized version that suits Coinbase’s needs and vision. It aims to provide a seamless user experience for both developers and end-users who want to interact with Ethereum-based applications.
Base has not announced a specific date for its mainnet launch yet, but it has stated that it will publish the milestones it will hit as it moves closer to its mainnet launch. The exact timeline will be shared soon by Base.
Base Roadmap for The Future
The company has recently shared its roadmap for launching on mainnet, which includes five milestones:
- The first one is to execute the Regolith hard fork on the Base testnet, which will improve the security of deposits.
- The second one is to complete an infrastructure review with the OP Labs team, who are the core developers of Optimism.
- The third one is to upgrade the Base testnet to Bedrock, which is the latest version of Optimism that will offer faster deposits, lower fees, and other benefits. The upgrade is scheduled for June 6.
- The fourth one is to pass internal and external audits with no critical issues.
- The fifth one is to demonstrate testnet stability.
Base has already achieved the first two milestones and is working on the remaining ones. The will keep updating its progress as it gets closer to the mainnet launch.
