As a seasoned analyst with extensive experience in the blockchain industry, I cannot stress enough the importance of heeding Nomadic Labs’ critical alert. The identified bug in the Smart Rollups feature may not pose an immediate threat to the security of the Tezos mainnet or Etherlink platform, but it does affect a crucial functionality: withdrawals from Etherlink to Tezos layer 1.
As a crypto investor using Tezos, I’d like to share some important news. Nomadic Labs, a key player in the Tezos community, has issued a warning for all of us who operate nodes or bake on the Tezos network. They have discovered and fixed a major issue with the Smart Rollups feature, which requires an immediate update to the latest Octez v20.1 version.
According to recent reports, this glitch poses no threat to the security of the Tezos mainnet or Etherlink platform, providing reassurance that users’ assets are secure. Nevertheless, it is important to note that this issue prevents successful withdrawals of funds from Etherlink to Tezos’ layer 1 at present.
The bugfix has been incorporated into the ParisC protocol, a component of the Octez v20.1 update. This update can be activated by users through a User-Activated Upgrade (UAU) at block 5,898,241, which is estimated to occur within a week.
As a crypto investor, I’m excited to share some important news with my fellow bakers and node operators. The Octez network is releasing an upgrade to version 20.1, and it’s crucial that we all make the switch as soon as possible.
— Nomadic Labs (@LabosNomades) June 18, 2024
It is highly recommended by Nomadic Labs that Tezos bakers and node operators swiftly upgrade to version 20.1 of Octez to guarantee a hassle-free transition and maintain network stability. This prompt action is essential for the successful implementation of the ParisC protocol, which is designed to rectify the discovered issue.
The importance of carrying out this upgrade is emphasized by the approaching activation date for UAU. It is strongly recommended that operators go ahead and finish the upgrade procedure at the earliest opportunity to prevent any interruptions. By doing so promptly, they can ensure the network continues to function effectively and make a significant contribution to the robustness and dependability of the Tezos system as a whole.
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2024-06-18 18:58