Optimism Activates Fault-Proofs On Mainnet, OP Is Down 55% In 3 Months

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	25,877,143,264	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

25,877,143,264

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0006	-0.13%	0.4741	0.4739	0.474

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0006

-0.13%

0.4741

0.4739

0.474

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.4759	0.4738	0.4746	0.4747	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.4759

0.4738

0.4746

0.4747

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	01:34:59	1,938.00	0.4741	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

01:34:59

1,938.00

0.4741

USD

Price x Volume	Volume	Base Symbol	Related Pairs
590,371.24	1,243,224.87	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

590,371.24

1,243,224.87

Optimism Activates Fault-Proofs On Mainnet, OP Is Down 55% In 3 Months

12/06/2024 10:00pm

NEWSBTC

In a major milestone for Ethereum and layer-2s, Optimism, a layer-2 scaling platform for the second most valuable network, has announced the activation of open source and permissionless fault proofs. Even though the platform manages over $7 billion of assets, according to L2Beat, Optimism, like most optimistic rollups, lacked a way of trustlessly verifying transactions. It relied on a centralized sequencer and fraud-proof system for this function. Optimism Activates Trustless Fraud-Proof System Activating the open-source fault-proof system is crucial to creating a more decentralized and secure future for the Optimism ecosystem. Overall, fault proofs are a critical component, allowing users to verify the validity of all offchain transactions. Related Reading: Ex-Ripple Director Explains XRP Price Slide Amid Good News Most importantly, it allows users to challenge any fraudulent activity on Optimism, creating a safeguard against unauthorized withdrawals, for example, and much more. In a post, Optimism Labs said the layer-2 platform relied on a centralized system. Here, the Optimism Security Council held the power to initiate withdrawals. However, the platform eliminates this dependency with trustless fault proof in place. This means that any user can withdraw tokens without the council intervening. The power move is huge for the community and decentralization. Even so, to ensure the safe implementation of this fault-proof system, the Optimism Security Council will still have the power, at least temporarily, to intervene in cases of critical failures. This decision means Optimism will continue to operate securely as it decentralizes gradually. Eventually, the platform plans to release a “multi-proof nirvana” that is open-source and modular, possibly including zero-knowledge proofs. This will go beyond the current “Cannon” system. Buterin Acknowledgement, But Why Is OP Crashing? Vitalik Buterin, the co-founder of Ethereum, acknowledged this milestone, welcoming Optimism to the “club of stage 1+ L2s.” Nonetheless, the co-founder still needed more zero-knowledge proof-based layer-2 platforms to join the ranks. Optimism is the second layer-2 platform after Arbitrum to announce the release of fault-proof systems, though both are still being tested. Dubbed the Bounded Liquidity Delay (BOLD), Arbitrum’s fraud-proof system was launched on Testnet early last month. Despite this milestone, OP is firm but under pressure in the first half of June. Related Reading: Shiba Inu Loses 14% In Last 7 Days – Will The Misery Worsen? At spot rates, OP is down roughly 55% from March highs. With Ethereum and Bitcoin prices under pressure, the token could break May lows of $1.8 with eyes on $1.1. Feature image on Canva, chart from TradingView

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