Coinbase Layer 2 Base Prepares For Mainnet Launch With No Plans To Issue Token
Coinbase’s layer 2 network Base recently published its mainnet launch criteria. The base’s mainnet will go live after Optimism’s Bedrock upgrade, full audits, and demonstration of testnet stability. The L2 network has confirmed that there are no plans to issue a network token for now.
By Anna B Kiwanuka
In a Wednesday blog post, Coinbase, one of the leading cryptocurrency exchanges, provided an extensive update on the upcoming milestones and processes for the launch of its Layer 2 network called Base on the mainnet.
The initial phase of Base on the mainnet is called Mainnet Genesis. During this phase, Coinbase aims to lay the foundation for the deployment of its Layer 2 network. The main objective of Mainnet Genesis is to establish a stable and secure infrastructure that will support the subsequent development and deployment of decentralized applications (dApps) on the Layer 2 network. It also aims to increase economic freedom and opportunity around the world by onboarding the next million developers and billion users into the crypto economy.
“Following Mainnet Genesis begins our Genesis Window — a focused, coordinated window for developers to deploy dapps on Base mainnet. During this window, we will be exclusively focusing on developers and providing support to ensure they are successful,” the Base team stated.
Although the blog did not mention a timeline or specific dates as to when the network would go live on the main network, it detailed five specific criteria that will unlock during the event. Two of these criteria have already been met; the successful testnet of the Regolith hard fork and an infrastructure review with the OP Labs team.
Base is built on the same codebase as Optimism, the Ethereum Layer 2 scaling solution developed by OP Labs. This link is the reason that much of Base’s development will be defined by Optimism’s own successful upgrades, including the widely anticipated Bedrock set to go live in June, and is next on the criteria list for Base’s mainnet launch.
After the Bedrock upgrade, Base will go through internal and external audits to confirm there are no critical issues detected and confirm the stability of its testnet.
On other blockchains, native tokens are often used to incentivize development and pay for gas fees. Layer 2 networks like Optimism and Arbitrum recently rewarded their early adopters with airdrops, which drove up activity on the networks significantly before the event.
Contradictory to the speculation in the crypto community online, Base stated that there are no plans to issue a network token.