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

Dalmas Ngetich
Dalmas Ngetich
11 months ago
2 mins read
Optimism Fraud-Proofs

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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 TVL | Source: L2BEAT
Optimism TVL | Source: L2BEAT

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.

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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.

Vitalik Buterin acknowledges the Optimism milestone | Source: Vitalik Buterin via Warpcast
Vitalik Buterin acknowledges the Optimism milestone | Source: Vitalik Buterin via Warpcast

 

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.

OP price trending lower on the daily chart | Source: OPUSDT on Binance, TradingView
OP price trending lower on the daily chart | Source: OPUSDT on Binance, TradingView

Despite this milestone, OP is firm but under pressure in the first half of June.

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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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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

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