The Layer 2 network Optimism is set to temporarily halt Ethereum (ETH) withdrawals for one hour on February 15th. However, deposits from the Ethereum mainnet to the Layer 2 network and regular transactions within the network will continue as usual without any interruptions.
The temporary pause in Ethereum withdrawals on the Optimism Layer 2 network is being implemented to support the testing of an upgraded incident response system.
The main goal is to enhance the network’s ability to handle security incidents effectively across different chains within the Optimism ecosystem.
The existing incident response system includes an on-chain pause feature tailored specifically for Ethereum withdrawals. With the upcoming update, a new functionality will be introduced to enable a Superchain-wide pause.
This enhancement will not only suspend Ethereum withdrawals but also halt the withdrawal of tokens and non-fungible tokens (NFTs) across the entire Optimism network and any associated chains that choose to utilize this feature.
“This upgrade is not just about strengthening individual chains; it’s about leveraging the collective security intelligence of the entire Superchain,” said OP Labs.
The improved feature is currently being tested on its testing network. The planned one-hour pause is intended to evaluate its effectiveness in a live setting.
During this period of temporary suspension, updates will be consistently provided on the network status page to maintain transparency and communicate the progress of the evaluation process.
The Optimism Robust Ecosystem
Optimism serves as the foundational blockchain network within its ecosystem, developed by OP Labs and leveraging its proprietary software, the OP Stack.
Operating as a Layer 2 network, OP Mainnet is strategically built upon Ethereum’s architecture, effectively extending Ethereum’s primary layer in a streamlined manner.
This architectural design enables rapid transaction processing at minimal costs, offering developers and cryptocurrency users an efficient and economically viable environment.
Moreover, it upholds the robust security standards inherent in Ethereum’s infrastructure, ensuring the integrity and safety of transactions and operations conducted within the Optimism ecosystem.
Comprising an ecosystem of Layer 2 chains, collectively called the Superchain, this network effectively utilizes optimistic rollups to minimize transaction costs for decentralized applications (dApps). The governance structure of this ecosystem is overseen by Optimism Collective–a Decentralized Autonomous Organization (DAO). OP Mainnet is also joined by other networks such as Base and Zora.
Optimism’s planned suspension of Ethereum withdrawals, dedicated to testing an upgraded incident response system, reflects the network’s commitment to enhancing security measures and ensuring a coordinated approach across its ecosystem.