🔥 Optimism (#OP ) Teases Major Upgrade on Mainnet: Details

Mofi, a protocol engineer at software development company OP Labs, hinted at a major upgrade on the Optimism mainnet. The proposed upgrade targets tackling a few security vulnerabilities discovered by Spearbit, Cantina and Code4rena during security audits.

Noteworthy, the proposal is only a matter of caution as there have yet to be any exploit reports on these vulnerabilities. Hence, users' assets remain safe.

🔸 Optimism introduces L2 hard fork

Optimism has proposed introducing a set of smart contract upgrades and an L2 hard fork to fix these loopholes.

Today, @OPLabsPBC posted an upgrade proposal detailing findings from a recent series of community-driven audits on the Fault Proof System, including the plan to fix the bugs identified as part of the audits. — Optimism (@Optimism ) August 16, 2024

The smart contract upgrades will fix the identified vulnerabilities, while the L2 hard-forking will improve the stability and performance of the fault-proof system. In addition, the team proposed the extension of the capabilities of Guardian and DeputyGuardian.

This sets the anchor state for the fault-proof system to prevent referencing invalid anchor states. As part of the planned fix, the permissioned fallback has been activated on the OP mainnet. Beyond implementing these fixes, this upgrade would go a long way in resetting user withdrawal at the stipulated time.

🔸 Layer-2 protocols experience hit milestones

In the same spirit of upgrades, Shiba Inu’s Layer-2 scaling solution Shibarium is working on launching a hard fork with a new version of Bor, the network's core component. This will complement the new burn mechanism, which links directly to base transaction fees.

As a more effective method of decreasing the total supply of SHIB tokens, 70% of the transaction fees will be converted to SHIB tokens and removed from circulation. In the long run, this process will result in a surge in the price of the SHIB token.