Optimism will implement a hard fork to address security vulnerabilities found in audits.
The upgrade includes smart contract improvements to fix weaknesses in the network.
Users can engage with Optimism easily through Coinbase Wallet for secure transactions.
OPLabsPBC has announced plans for crucial upgrades to the Optimism mainnet after security audits found vulnerabilities. These audits by Spearbit, Cantina, and Code4rena uncovered flaws in the Fault Proof System that could threaten the network. The proposed upgrades include smart contract improvements and a Layer-2 hard fork to boost security and stability.
Strengthening Network Security
The upgrades aim to fix the gaps identified during the audits. These updates are essential to stop threats before they occur. OPLabsPBC will introduce a hard fork on the Optimism mainnet to address the security issues. This step ensures that user assets stay safe.
https://twitter.com/Optimism/status/1824560736657670314
The upgrades also involve improving smart contracts to tackle the weaknesses found. To keep the network stable during these changes, a permissioned fallback will be activated. The plan also includes resetting user withdrawals at specific times to make the network more reliable and user-friendly.
Developments in Layer-2 Ecosystems
Other Layer-2 networks are also advancing. For example, Shiba Inu’s Layer-2 solution Shibarium plans to launch a hard fork with a new version of its core component Bor. This upgrade will introduce a burn mechanism linked to transaction fees. Seventy percent of these fees will be turned into SHIB tokens and removed from circulation. This strategy could reduce the supply of SHIB tokens and possibly affect its price.
While Optimism ranks just below Ethereum in the Layer-2 Transaction Per Second (TPS) ratings, it remains committed to improving its network. These proposed upgrades show Optimism's dedication to security and stability.
Optimism's Vision for the Future
Optimism is not just focused on technical upgrades. The network is part of a larger effort that includes businesses, groups, and citizens all working towards a better future for ETH. Optimism’s open-source and MIT-licensed code makes it easy for builders to start building without needing to learn new programming languages or change existing code.
Users can easily engage with the Optimism network through Coinbase Wallet. They can fund their wallets with ETH or other supported assets by buying or transferring tokens from a Coinbase account or using the Optimism Bridge to transfer assets from other wallets.
These upgrades and developments highlight Optimism's commitment to keeping its network secure and user-friendly.
The post Optimism Proposes Key Network Upgrades After Critical Security Audits appeared first on Crypto News Land.
