Optimism to Suspend ETH Withdrawals for an Hour Next Week to Test Security Response
In Brief
Optimism will suspend ETH withdrawals for one hour on February 15th while testing the enhanced incident response system.
Layer 2 network Optimism is scheduled to undergo a one-hour suspension of Ethereum (ETH) withdrawals on February 15th. Deposits from the mainnet to the Layer 2 network and regular transactions on the network will remain unaffected.
This pause aims to facilitate the testing of an enhanced incident response system. The overarching objective is to improve the network’s capability to respond to security incidents across various chains within the Optimism ecosystem, ensuring a coordinated and efficient approach.
The current incident response system incorporates an on-chain pause specifically designed for Ethereum withdrawals. The upcoming addition will introduce a new feature facilitating a Superchain-wide pause. This enhancement will effectively halt withdrawals not only for Ethereum but also for tokens and NFTs across Optimism and any Optimism-based chains that opt into this functionality.
“This upgrade is not just about strengthening individual chains; it’s about leveraging the collective security intelligence of the entire Superchain,” said OP Labs.
The enhanced feature is presently operating on its testing network. The scheduled one-hour pause will assess its functionality in a live environment. Throughout this period of downtime, updates will be regularly posted on its network status page, ensuring transparency and communication regarding the ongoing evaluation process.
Optimism’s Robust Ecosystem
Optimism is the primary blockchain network within the Optimism ecosystem, developed by OP Labs and powered by its proprietary software, the OP Stack. As a Layer 2 network, OP Mainnet is designed to function atop Ethereum’s architecture, serving as a streamlined extension of the primary Ethereum layer.
This architecture facilitates swift transactions at minimal fees, providing developers and cryptocurrency users with an efficient and cost-effective environment while upholding the security standards inherent in Ethereum’s infrastructure.
Comprising an ecosystem of Layer 2 chains, collectively called the Superchain, 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 joined by other networks such as Base and Zora.
Optimism’s planned suspension of Ethereum withdrawals, dedicated to testing an upgraded incident response system, reflects the network’s commitment to enhancing security measures and ensuring a coordinated approach across its ecosystem.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
