Optimism that ETH withdrawals will be suspended for an hour next week to test security response
Posted: February 9, 2024 7:32 AM Updated: February 9, 2024 7:32 AM
Correction and fact check date: February 9, 2024, 7:32 a.m.
briefly
Optimism will suspend ETH withdrawals for one hour on February 15th while testing its enhanced incident response system.
Layer 2 network Optimism will suspend Ethereum (ETH) withdrawals for one hour on February 15th. Deposits from the mainnet to the layer 2 network and regular transactions on the network will not be affected.
This pause aims to facilitate testing of enhanced incident response systems. The overarching goal is to improve the network’s ability to respond to security incidents across various chains within the Optimism ecosystem, ensuring a coordinated and efficient approach.
Our current incident response system includes an on-chain pause feature designed specifically for Ethereum withdrawals. The upcoming addition will introduce a new feature that facilitates suspension of the entire superchain. This improvement effectively halts withdrawals for tokens and NFTs not only on Ethereum, but also across Optimism and any Optimism-based chains that have opted in for this feature.
“This upgrade is not just about strengthening individual chains. This leverages the collective security intelligence of the entire superchain,” OP Labs said.
The enhancements are currently live on the test network. A scheduled one-hour pause evaluates its capabilities in a real-world environment. During this period of downtime, updates will be posted regularly on the network status page to ensure transparency and communication about the ongoing evaluation process.
A powerful ecosystem of optimism
Optimism is the main blockchain network within the Optimism ecosystem, developed by OP Labs and powered by its proprietary software, OP Stack. As a layer 2 network, OP Mainnet is designed to operate on top of the Ethereum architecture, serving as a streamlined extension of the base Ethereum layer.
This architecture facilitates rapid transactions at minimal cost, providing an efficient and cost-effective environment for developers and cryptocurrency users while maintaining the security standards inherent to the Ethereum infrastructure.
Consisting of an ecosystem of layer 2 chains, collectively called superchains, this network effectively utilizes optimistic rollups to minimize transaction costs for decentralized applications (dApps). The governance structure of this ecosystem is overseen by Optimism Collective, a decentralized autonomous organization (DAO). OP mainnet is also combined with other networks such as Base and Zora.
Dedicated to testing its upgraded incident response system, Optimism’s planned suspension of Ethereum withdrawals reflects the network’s commitment to strengthening security measures and ensuring a coordinated approach across the ecosystem.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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