Coinbase’s anticipated blockchain network dubbed Base might get its mainnet launch soon. Currently, the Ethereum (ETH) network-based layer two scaling solution is in its testnet phase. The developer’s team behind the network indicated that the mainnet will launch soon. Though there was no revelation on the tentative date, several conditions were told to meet prior to the launch.
In a blog post on May 24, the Base developers noted several criteria to meet prior to the mainnet launch. These criteria include to check for the network’s stability during the testnet phase, review and audits. And the successful mainnet upgrade of Optimism Bedrock.
The team have showcased their intentions to release Base mainnet following Optimism’s upcoming upgrade. The mainnet upgrade for the Ethereum developers-created Layer 2 network is set for June 2023.
The upgrade would play a crucial role since Coinbase’s scaling solution is deeply associated with the network. Coinbase announced the launch of its L2 solution Base, focusing on providing a secure, cheap, and developer-friendly environment for the on-chain decentralized applications.
The solution was built over the development software stack of Optimism, dubbed OP Stack. Given the correlation, Base also serves akin to Optimism as a rollup network.
The network makes the off-chain calculations on a secondary layer. This results in faster and ultimately cheaper transactions.
These features include additional features like the Ethereum network’s security benefits. The base also holds a benefit for Coinbase to act as a default L2 network for its on-chain products.
Since its launch in February 2023, Base has been in its testnet phase—replicating the network’s potential for testing. The success of the testnet acts as a solid foundation for the smooth functioning of the network’s mainnet.
As reported, the Base team stated that a number of developers and projects took an interest in the testament. Thridweb, OAK, Blackbird, and Parallel-like entities took part in the initiative. Uniswap (UNI) and Aave (AAVE), like Etheruem-based prominent decentralized finance (defi) players, were said to seek deployment over the mainnet.
The team indicated the mainnet rollout is possible to take place in the later part of this year. The “genesis window” period of the network will be followed, which will enable developers to deploy applications. And the core team of the Base Network will provide direct support. Unlike the majority of blockchain networks within the crypto space, Coinbase’s blockchain has no plan to launch a native token.
Recently the leading US cryptocurrency exchange reported adding its support to Osmosis (OSMO), the decentralized finance (defi) token based on Cosmos (ATOM) blockchain network. The move came in the wake of the company’s initiative to designate crypto tokens with a bit riskier and lower liquidity, dubbed the “Experimental Asset” label.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/05/27/coinbase-layer-2-solution-base-indicates-the-mainnet-launch/