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Optimism (OP) plans major upgrade following security audits

GrafaGrafa2024/08/20 10:20
By:Liezl Gambe

Optimism (CRYPTO:OP) is set to undergo significant upgrades after recent security audits by Code4rena, Spearbit, and Cantina revealed vulnerabilities within the blockchain's mainnet.

Despite the discovery of these potential risks, Optimism has not experienced any breaches, and user assets remain secure.

The project has taken proactive measures, such as activating a permissioned fallback mechanism to stabilise the network while addressing the identified issues.

The planned upgrade will focus on enhancing the blockchain’s Fault Proof System.

The team aims to improve the capabilities of the Guardian and DeputyGuardian, preventing the system from referencing invalid anchor states.

Additionally, the upgrade will reset user withdrawals, similar to the initial Fault Proof upgrade, with the goal of making the blockchain more user-friendly and reliable.

The upgrade will include smart contract updates to fix the vulnerabilities identified in the audits, as well as an L2 hard fork designed to enhance the stability and performance of the Fault Proof System.

These improvements are intended to bolster the security of the OP network and prevent potential dangers before they can manifest.

The announcement of these upgrades comes at a time when the cryptocurrency market is anticipating a potential altcoin season.

Analysts have observed Bitcoin's dominance testing the upper limits of a climbing wedge pattern, which could signal a decline in Bitcoin dominance and a surge in altcoin prices.

However, the altcoin season may take longer to materialise as Bitcoin (CRYPTO:BTC) continues to dominate the market.

Currently, Optimism (OP) is showing bullish momentum on its 24-hour chart, with a 2.30% increase, reaching $1.35.

This recovery from a daily low of $1.3202 to $1.3716 suggests that OP is positioned to continue its upward trend.

The ongoing upgrades and overall market conditions will play a crucial role in determining the trajectory of OP in the near future.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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