Optimism plans hard fork as TVL surges by nearly $6 million

Optimism (CRYPTO:OP) has announced a hard fork named the Granite Network Upgrade to address security vulnerabilities identified during recent audits.

The upgrade aims to enhance the security and performance of Optimism’s fault-proof system on the OP Mainnet, particularly by disabling permissionless fraud proofs in favor of a more controlled, permissioned system.

The vulnerabilities, classified as high-priority, were flagged by third-party auditors, prompting the Optimism team to take precautionary measures.

While these vulnerabilities did not pose an immediate threat to user assets, they were significant enough to warrant a thorough response.

The network has implemented temporary safeguards, including a permissioned fallback mechanism to manage potential risks until the hard fork is complete.

The Granite Network Upgrade will involve smart contract improvements and a Layer-2 (L2) upgrade, both designed to stabilise the system and prevent future security breaches.

The hard fork is scheduled for implementation by September 11, 2024.

Node operators are required to update their software to ensure the upgrade proceeds smoothly without causing any network downtime.

The announcement of the upgrade has positively impacted the network's Total Value Locked (TVL), which has increased by $5.88 million.

This rise in TVL reflects renewed investor confidence in the platform, as users are responding favorably to the planned enhancements in security and reliability.

Despite the broader market downturn, the Optimism token (OP) has remained relatively stable, demonstrating the network's resilience.

The proposed Granite upgrade is seen as a proactive step toward fortifying Optimism's infrastructure, further solidifying its position in the DeFi space.

This development underscores the ongoing challenges in the decentralised finance sector, where security remains a top priority.

By addressing these vulnerabilities head-on, Optimism is setting a precedent for other networks to follow, ensuring that the ecosystem continues to evolve safely and securely.

At the time of writing, Optimism is priced at $1.37.