Coinbase’s Base network has announced its roadmap towards the mainnet, without yet specifying any launch date. Instead, Base emphasizes that it will not issue any new tokens.
Coinbase: Base network prepares for launch on the mainnet
Coinbase’s Base network announced to its followers that it is preparing for its launch on the mainnet, outlining the roadmap. Not only that, Base specified that it will not issue any new tokens.
In a roundup of tweets, Base, the second layer of Ethereum that uses Optimistic Rollup technology to reduce transaction fees and increase scalability, also specified where it stands on five steps.
Indeed, the Coinbase network said it has already successfully achieved two out of five points, which are the Regolith hard fork testnet and the infrastructure review with the OP Labs team.
However, the following items are still in the works:
- the upgrade of OP Mainnet to Bedrock;
- the Completion of non-criticality audits;
- the Stability of the Testnet.
This announcement is a sharing of the “work in progress” being carried out by Base, which gives no indication of an official launch date on the mainnet.
Coinbase’s introduction of Base
Crypto-exchange Coinbase had introduced the Base network back in February, describing it as an Ethereum L2 network that offers a secure, low-cost and easy way for developers to build dApps on the blockchain.
This is a move by Base to solve the very challenges faced by developers building dApps on the Ethereum mainnet, which is often congested and expensive to operate.
In this sense, Coinbase described Base as that network that can significantly improve Ethereum in terms of scalability, so as to enable faster and cheaper transactions.
And second, Base will offer a unique security architecture that separates data from code, so as to minimize the risk of a code exploit.
The platform should be packed with easy-to-use tools and resources for developers who want to build and deploy their dApps on the network.
From technology to regulations: the challenge against the SEC continues
In February, while Coinbase was talking about its technological advances thanks to Base, the crypto-exchange also dove into the area of crypto regulations, especially with regard to the SEC’s charges against cryptocurrencies.
The general discourse is that the US Securities and Exchange Commission is struggling to succeed in defining crypto assets as securities.
Coinbase’s intervention, however, cost it a warning from the SEC agency in March stating that the crypto-exchange would be violating US security laws.
Unlike Kraken, whose matter had ended in a settlement, Coinbase instead wanted to address the issue. This led Coinbase to counter-sue the SEC, accusing it of failing to give clear guidance on what rules should be applied.
In this matter, the latest update has been precisely this month, in which Paul Grewel, Coinbase’s CLO reportedly stated that the Third Circuit has issued an order directing the SEC to file a response to the 2022 petition within 10 days.