Mofi, a protocol developer at OP Labs, a software development business, made a crucial Optimism mainnet update tip. The suggested update aims to address a few security flaws that security assessments by Spearbit, Cantina, and Code4rena found.
Interestingly, because there haven’t been any reports of exploits for these vulnerabilities, the recommendation is only a word of warning. As a result, user assets are secure.
Optimism introduces L2 hard fork
To bridge these gaps, Optimism has suggested using an L2 hard fork together with a series of smart contract updates.
Upgrades to the smart contracts will address the vulnerabilities found, and the L2 hard-forking will enhance the fault-proof system’s performance and stability. The group also suggested enhancing the powers of Guardian and DeputyGuardian.
In order to avoid referring invalid anchor states, this establishes the fault-proof system’s anchor state. On the OP mainnet, the permissioned fallback has been enabled as part of the scheduled repair. This update would greatly aid in resetting user withdrawal at the designated time in addition to applying these fixes.
https://x.com/Optimism/status/1824560736657670314
Layer-2 protocols experience hit milestones
In keeping with the upgrade theme, Shiba Inu’s Layer-2 scaling method The main component of the network, Bor, is about to undergo a hard fork due to work being done by Shibarium. This will complement the new burn mechanism, which links directly to base transaction fees.
As a more effective method of decreasing the total supply of SHIB tokens, 70% of the transaction fees will be converted to SHIB tokens and removed from circulation. In the long run, this process will result in a surge in the price of the SHIB token.
While its fellow L2s are celebrating major wins and upgrades, Ethereum recently lost its crucial L2 Transaction Per Second (TPS) rating. The OP mainnet ranks 11th, below Ethereum’s 10th.
