Crypto Giant Coinbase Trials Ethereum Layer-2 Network

Crypto Giant Coinbase Trials Ethereum Layer-2 Network


Learn about Coinbase’s progress on its layer-2 network, Base, as it prepares for mainnet launch with safety and security as top priorities and aims to provide a low-cost way for developers to build decentralized apps on-chain.

Base, the Coinbase Crypto exchange layer-2 network, is progressing along its roadmap in preparation for launch to mainnet.

On May 24, Base shared its launch criteria as the network readies for deployment. “Base is gearing up for mainnet with safety and security as top priorities,” it stated.

In addition, there was a reminder that there would be no Base crypto token launch. Nonetheless, that didn’t stop so- was known ‘degens’ from pumping the unrelated BASE crypto token when the network was announced earlier this year.

Base Eyeing a Billion Users

The Base testnet has been live since February as the network is upgraded and battle-tested in preparation for full launch.

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Base is an Ethereum (ETH) layer-2 network built on the Optimism OP stack. Furthermore, the aim is to provide a secure and low-cost way for developers to build decentralized applications on-chain. Coinbase Crypto exchange has grand ambitions for Base in its mission to “increase economic freedom and opportunity around the world.”

“To advance this purpose, Base is supplying a platform to onboard the following Million developers and Billion users into the cryptoeconomy.”

The testing phase has seen Base used for gaming, Non-Fungible Token (NFTs), infrastructure, developer tooling, wallets, security, Decentralized Finance, oracles, analytics, bridging, payments, DAOs, and social applications.

It touted a number of use case examples. This includes Blackbird, a restaurant loyalty platform, the NFT-based trading card game Parallel, and the Blockchain Tech development toolkit Thirdweb.

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It has completed two of the 5 criteria listed for launch. These are completing a successful Regolith hard fork in testnet and a successful infrastructure review with the OP Labs team.

The outstanding items include the Optimism Bedrock upgrade, internal and external audits with no critical severity issues, and testnet stability.

Furthermore, there will be a “Genesis Window” on the path to mainnet. This is a period for developers to deploy decentralized applications on Base.

The main piece of information the update omitted was a timeframe for the mainnet launch. Nonetheless, it did state that this was not a priority.

“Our most important priorities are to secure the safety and security of the network, followed by clear communication so developers can prepare. Timely mainnet deployment ranks third.”

Coinbase Crypto exchange Branching Into Europe

In related news, reports have resurfaced that Coinbase Crypto exchange has partnered with Bitpanda. The Austrian-based cryptocurrency exchange and trading platform will work with Coinbase Crypto exchange to connect its clients to banks in Europe.

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The move is the latest effort by Coinbase Crypto exchange to put more distance betwixt it and the wrath of United States regulators.

Source

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