Optimism (OP) has announced a forthcoming major upgrade on its mainnet, with Mofi, a protocol engineer at OP Labs, hinting at the development. The upgrade aims to address certain security vulnerabilities identified during security audits conducted by Spearbit, Cantina, and Code4rena. However, it is important to note that these vulnerabilities have not been exploited, and users’ assets remain secure.
To rectify the identified loopholes, Optimism proposes implementing a series of smart contract upgrades and conducting an L2 hard fork. The smart contract upgrades will specifically target the noted vulnerabilities, while the L2 hard fork aims to enhance the stability and performance of the fault-proof system. Additionally, the upgrade will expand the capabilities of Guardian and DeputyGuardian, setting the anchor state for the fault-proof system to safeguard against referencing invalid anchor states. Furthermore, the activation of the permissioned fallback on the OP mainnet forms a part of the proposed fix, which will also facilitate the reset of user withdrawals at the designated time.
In a similar vein of advancements, Shibarium, Shiba Inu’s Layer-2 scaling solution, is set to launch a hard fork with a new version of Bor, the core component of the network. This update will complement the introduction of a new burn mechanism that directly ties in with base transaction fees. Seventy percent of these fees will be converted to SHIB tokens and subsequently removed from circulation, resulting in a decrease in the total supply of SHIB tokens and a potential surge in their price.
While other Layer-2 protocols celebrate notable milestones and upgrades, Ethereum has recently witnessed a decline in its L2 Transaction Per Second (TPS) ranking. The OP mainnet currently ranks 11th, just below Ethereum’s 10th position.