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Sunday, February 25, 2024
More
    bitcoin
    Bitcoin (BTC) $ 51,582.82
    ethereum
    Ethereum (ETH) $ 3,021.69
    tether
    Tether (USDT) $ 0.999746
    bnb
    BNB (BNB) $ 378.95
    usd-coin
    USDC (USDC) $ 0.999823
    xrp
    XRP (XRP) $ 0.54529
    binance-usd
    BUSD (BUSD) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.086072
    cardano
    Cardano (ADA) $ 0.59578
    solana
    Solana (SOL) $ 103.24
    matic-network
    Polygon (MATIC) $ 0.981926
    polkadot
    Polkadot (DOT) $ 7.75
    tron
    TRON (TRX) $ 0.137677

    Why Optimism Will Pause Your Ethereum (ETH) Withdrawals

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    The Optimism (OP) community is poised for a brief suspension of Ethereum (ETH) withdrawals on Thursday, February 15, beginning at 9:00 ET.

    The scheduled one-hour interruption is essential to a broader technique. It goals to reinforce the community’s protection in opposition to safety threats.

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    Optimism Community Plans to Pause Ethereum Withdrawals

    The pause, introduced by Optimism, will facilitate important upkeep work and the implementation of a major protocol improve.

    β€œOn Thursday, Feb fifteenth 9:00am ET (6:00am PT), OP Mainnet will likely be paused as a part of a deliberate upkeep window lasting one hour. Through the pause withdraws to L1 will likely be rejected. The community will likely be unpaused at 10:00am ET (7:00am PT), Optimism introduced.

    OP Labs first proposed the upcoming improve on January 25. A key half is the brand new SuperchainConfig contract. This modern function is supposed to develop with the Superchain, including new skills over time. To not point out, this contract has been working nicely on OP Sepolia since December 11, 2023.

    On the coronary heart of this improve lies the improved potential to handle safety incidents throughout all OP Chains successfully. The Superchain, with its intricate net of interconnected chains, certainly presents distinctive safety challenges.

    Learn extra: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups In contrast

    Quantity Misplaced to Safety Incidents in 2023. Supply: DefiLlama

    The improve introduces a Superchain-wide pause mechanism. Its purpose is to scale back dangers by providing a unified and powerful response. That is particularly for key areas just like the L1CrossDomainMessenger and withdrawals for ERC-20 and ERC-721 tokens.

    See also  6 Finest Crypto Bridges for Cross-Chain in 2023

    This strategic enhancement will not be merely about reinforcing particular person chains however about harnessing the collective safety prowess of your complete Superchain. The improve focuses on L1 sensible contracts, making certain that node operators and customers face no disruptions or necessities for motion.

    It builds on the prevailing community pause function on OP Mainnet, introducing a unified SuperchainConfig contract that enhances pause performance, thereby providing stronger safety assurances for all ETH, ERC-20, and ERC-721 tokens inside the usual bridges.

    Learn extra: A Newbie’s Information to Layer-2 Scaling Options

    The authority to enact or elevate these pauses rests with the Optimism Basis multisig, which applies to all OP Chains that choose into this mechanism. This β€œall-or-nothing” strategy to pausing withdrawals ensures a cohesive and well timed response to any found vulnerabilities, underscoring the significance of a synchronized safety protocol throughout the Superchain.

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