The Crypto Roundup: 30 June 2023 | CryptoCompare.com

Nasdaq-listed cryptocurrency exchange Coinbase has shared that its forthcoming Ethereum layer-2 network, Base, has undergone thorough examination by security experts in anticipation of a mainnet launch after more than 100 individuals scrutinized the network’s code as part of a recent audit competition.

The contest, orchestrated via Code4rena over a two-week period, challenged participants to locate vulnerabilities within the network’s smart contracts, bridges, and other features. Despite a potential $100,000 reward in stablecoin USDC, no winners emerged according to the competition’s results.

Although no major flaws were detected, Coinbase stated that the audit contest had a high level of engagement and that the company is currently examining the various submissions received. Minor or enlightening issues identified are being addressed as the exchange continues to fortify Base.

With Optimism’s OP Stack underpinning it, Base is set to make its mainnet debut in 2023. To further secure Base, Coinbase is developing additional precautions, including a tool for developers to probe smart contracts for deficiencies, and another, named Pessimism, to track irregularities within the Base network. The protocol, it’s worth noting, had already undergone security audits by Spearbit and Sherlock.