Optimism Activates Fault-Proofs On Mainnet, OP Is Down 55% In 3 Months
12 Junho 2024 - 6:00PM
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In a major milestone for Ethereum and layer-2s, Optimism, a layer-2
scaling platform for the second most valuable network, has
announced the activation of open source and permissionless fault
proofs. Even though the platform manages over $7 billion of assets,
according to L2Beat, Optimism, like most optimistic rollups, lacked
a way of trustlessly verifying transactions. It relied on a
centralized sequencer and fraud-proof system for this function.
Optimism Activates Trustless Fraud-Proof System Activating the
open-source fault-proof system is crucial to creating a more
decentralized and secure future for the Optimism ecosystem.
Overall, fault proofs are a critical component, allowing users to
verify the validity of all offchain transactions. Related Reading:
Ex-Ripple Director Explains XRP Price Slide Amid Good News Most
importantly, it allows users to challenge any fraudulent activity
on Optimism, creating a safeguard against unauthorized withdrawals,
for example, and much more. In a post, Optimism Labs
said the layer-2 platform relied on a centralized system. Here, the
Optimism Security Council held the power to initiate withdrawals.
However, the platform eliminates this dependency with trustless
fault proof in place. This means that any user can withdraw tokens
without the council intervening. The power move is huge for the
community and decentralization. Even so, to ensure the safe
implementation of this fault-proof system, the Optimism Security
Council will still have the power, at least temporarily, to
intervene in cases of critical failures. This decision means
Optimism will continue to operate securely as it decentralizes
gradually. Eventually, the platform plans to release a
“multi-proof nirvana” that is open-source and modular, possibly
including zero-knowledge proofs. This will go beyond the current
“Cannon” system. Buterin Acknowledgement, But Why Is OP Crashing?
Vitalik Buterin, the co-founder of Ethereum, acknowledged this
milestone, welcoming Optimism to the “club of stage 1+ L2s.”
Nonetheless, the co-founder still needed more zero-knowledge
proof-based layer-2 platforms to join the ranks. Optimism is
the second layer-2 platform after Arbitrum to announce the release
of fault-proof systems, though both are still being tested. Dubbed
the Bounded Liquidity Delay (BOLD), Arbitrum’s fraud-proof system
was launched on Testnet early last month. Despite this milestone,
OP is firm but under pressure in the first half of June. Related
Reading: Shiba Inu Loses 14% In Last 7 Days – Will The Misery
Worsen? At spot rates, OP is down roughly 55% from March highs.
With Ethereum and Bitcoin prices under pressure, the token could
break May lows of $1.8 with eyes on $1.1. Feature image on Canva,
chart from TradingView
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