The security vulnerabilities discovered during OP’s community audits have prompted this reversal.
After community-driven audits identified numerous flaws in its recently launched permissionless fraud proof system, including two of high severity, Optimism has returned its network to a permissioned state.
Optimism initiated trials for its fault-proof system on Ethereum’s Sepolia test network in March to address criticism regarding previous vulnerabilities and enhance security and decentralization.
The decision was made just over two months after the network implemented permissionless fraud proofs on June 10, which was followed by its token activation event. This achievement enabled the network to achieve Stage 1 decentralization, as defined by Ethereum co-founder Vitalik Buterin, by enabling the withdrawal of ether and ERC-20 tokens.
Mofi Taiwo, a protocol engineer who represents Optimism contributor OP Labs, submitted a proposition to the network’s governance forum that outlined the rationale for activating the failsafe system. The post underscored that it was impossible to exploit any vulnerabilities and that user assets were never at risk.
“Despite the fact that the auditors identified several high-severity issues, no user assets were ever at risk. Our monitoring technology can identify all of the audit issues enumerated below,” Taiwo stated in the proposal.
Contracts associated with the fraud proof system that were not within the scope of Optimism’s audit were the primary focus of the identified vulnerabilities. The project’s guidelines identified these contracts as posing reputational and liveness risks, which did not necessitate formal audits.
Taiwo suggested an upgrade called “Granite” that is scheduled to take place on September 10 at 16:00:01 UTC in order to resolve the issues. This upgrade will necessitate numerous network enhancements, including an L2 hard fork. Although a formal audit has not been conducted on the hard fork, OP Labs has conducted an internal security assessment and determined that the modifications are low-risk.
Also Read: VanEck, 21Shares Solana ETFs encounter an obstruction as CBOE withdraws filings
Wallets