As Mofi, a seasoned crypto investor and protocol engineer at OP Labs, I find myself intrigued by Optimism’s recent announcement about the proposed upgrade on their mainnet. Having weathered numerous market fluctuations and witnessed the rise and fall of countless projects, I can’t help but appreciate a team that takes security seriously, even when there are no immediate threats.
At OP Labs, where Mofi works as a protocol engineer, there’s been a suggestion for a significant update on the Optimism main network. This upgrade aims to address some security issues that were uncovered during audits by Spearbit, Cantina, and Code4rena.
Significantly, the suggestion serves primarily as a precaution since no one has reported taking advantage of these vulnerabilities so far. Consequently, user possessions should stay secure.
Optimism introduces L2 hard fork
As a researcher, I’ve been considering a strategy that involves enhancing our existing smart contracts with updates and implementing a layer 2 hard fork to address certain vulnerabilities we’ve identified.
The smart contract upgrades will fix the identified vulnerabilities, while the L2 hard-forking will improve the stability and performance of the fault-proof system. In addition, the team proposed the extension of the capabilities of Guardian and DeputyGuardian.
As a seasoned systems engineer with years of experience under my belt, I strongly believe that ensuring a fault-proof system is crucial for maintaining user trust and confidence. The “anchor state” serves as a foundation for the system, preventing it from referencing invalid states. In my past projects, I’ve learned the hard way how devastating it can be when systems reference incorrect information, leading to costly downtime and loss of user data.
Layer-2 protocols experience hit milestones
Following the trend of updates, Shiba Inu‘s layer-2 scaling platform, Shibarium, is actively preparing for a hard fork that introduces a fresh iteration of Bor, its fundamental network element. This update aligns with the introduction of a new burn mechanism, which is directly connected to base transaction fees.
Instead of reducing the overall number of SHIB tokens by 70%, each transaction fee will now be transformed into additional SHIB tokens, which will then be taken out of circulation. This practice should lead to an increase in the value or price of the SHIB token over time.
As a researcher, I find myself reflecting on the recent developments in the Layer-2 (L2) landscape. While other L2 networks are basking in their major victories and updates, it seems that Ethereum has experienced a setback in its Transaction Per Second (TPS) rating. Currently, the mainnet ranks 11th, falling slightly below Ethereum’s previous 10th position. This shift in rankings underscores the dynamic and competitive nature of this rapidly evolving field.
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2024-08-17 14:20