TL;DR Breakdown
- Coinbase has shared a detailed breakdown of the road to mainnet of its Base network.
- Speculations engulf Base network’s testnet and future application.
Coinbase has revealed in a recent blog post a roadmap detailing the necessary steps for the launch of its mainnet. While specific dates were not provided, the roadmap outlines five criteria that need to be fulfilled before the network can go live. Out of the five, two have already been met, leaving three remaining milestones. The Base network was introduced by Coinbase on February 23 as a layer 2 solution for Ethereum, utilizing Optimistic Rollup technology to enhance scalability and reduce transaction fees. Currently, the Base testnet is only connected to the Goerli testnet version of Ethereum, not the mainnet where most users hold their assets.
Coinbase releases detailed information on Base network
The Base network relies on the OP Stack, a set of code also utilized by the Optimism network. The Base team expressed progress towards the mainnet launch in their announcement, emphasizing the fulfillment of the five criteria as prerequisites.
The first criterion, the successful implementation of the Regolith hard fork, which introduces security-oriented changes to deposit procedures, has already been accomplished. The second criterion involves undergoing an infrastructure review with the OP Labs team, which has also been completed.
The third criterion entails the successful upgrade of the network to Bedrock. This upgrade, scheduled by Optimism for June 6, will bring lower fees, shorter deposit times, and several other improvements. Although no specific date was mentioned for Base’s version of the upgrade, it is anticipated to align with Optimism’s timeline.
The final two criteria are the “successful completion of internal and external audits with no critical severity issues” and the “demonstrated testnet stability.” No specific dates were provided for these milestones.
While the roadmap lacks specific dates, a Base representative confirmed that milestones leading to the mainnet launch will be published as the project progresses.
Speculations arise over its testnet and future applications
The exact timeline is expected to be shared by Coinbase in the future. Since the launch of Base’s testnet, speculation has arisen regarding the types of applications that will be built on the network. In March, the Base team requested developers to create an inflation-pegged stablecoin called “flatcoin” for decentralized finance apps on Base, along with an on-chain reputation system. In response, Masa Finance ported its soulbound token protocol to the Base testnet in April.
However, not everyone welcomes Coinbase’s endeavor to build its network. Decentralization advocate Chris Blec raised concerns in March, arguing that Base’s use of a centralized “sequencer” would require user identity confirmation, potentially compromising user privacy. The Base team has assured that the sequencer will gradually become decentralized over time. As Base moves closer to its mainnet launch, it aims to address these concerns and provide a transparent timeline to foster trust and engagement within the crypto community.
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