OPLabsPBC revealed plans to upgrade the Optimism (OP) blockchain after security audits confirmed vulnerabilities within the mainnet.
Code4rena, Spearbit, and Cantina audited the crypto project and found flows that could creep up the OP network in the Fault Proof System.
Meanwhile, Optimism hasn’t suffered from these vulnerabilities, and user assets remain safe. Further, the project activated the permissioned fallback mechanism to prevent possible instability while patching the exposures.
Also, the team proposed improving Guardian & DeputyGuardian capabilities to avoid referencing invalid anchor states. Meanwhile, resetting user withdrawals, similar to the first Fault Proof upgrade, is the primary effect of the planned upgrade.
That aims to bolster user-friendliness and make the blockchain more reliable.
According to the announcement:
The upgrade includes both a set of smart contract upgrades to fix the vulnerabilities identified in the audit as well as an L2 hard fork to improve the stability and performance of the Fault Proof system. In addition, we propose extending the capabilities of the Guardian and DeputyGuardian to set the anchor state for the Fault Proof system to prevent referencing invalid anchor states.
Boosting OP network security
The upcoming upgrades aim to address weaknesses discovered during the audits to prevent potential dangers before they emerge.
OPLabsPBC will launch a hard fork to fix security problems on Optimism and to strengthen user and asset safety.
Further, the upgrades will improve smart contracts to alleviate any weaknesses.
The looming altcoin season
The proposed upgrades on the OP mainnet come as digital assets brace for new surges. Crypto analyst World of Charts posted a Bitcoin dominance chart on X.
The pattern showed the bellwether crypto testing the climbing wedge’s upper limit, indicating declined Bitcoin dominance.
Such a development signals imminent surges in altcoin prices. An altcoin season will emerge after Bitcoin’s dominance slides below the pattern.
Nonetheless, the anticipated altcoin season could take longer than expected as Bitcoin remained dominant.
The altcoin season indicator read 22 during this publication, confirming an ongoing Bitcoin season. The index should climb past 75 to kick-start an alt season.
Current OP price outlook
The altcoin maintained a bullish stance on its 24-hour chart as the broad market displayed mixed signals over the past day.
OP jumped 2.30% to hover at $1.35 during this writing. The recovery pushed it from a daily low of $1.3202 to $1.3716 before retracing to press time values.
OP 1D Chart on Coinmarketcap
Optimism maintains bullish sentiments and seems ready to extend the upside. Besides the team’s efforts to boost the network’s security and user-friendliness, broad market tendencies would be crucial in shaping OP’s trajectory in the upcoming sessions.
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