Optimism (OP) Labs Outlines Upgrade Plans After Security Audits Confirm Vulnerabilities Within the Mainnet

Code4rena, Spearbit, and Cantina audited the crypto project and found flows that could creep up the OP network in the Fault Proof System.

Optimism (OP) price analysis reveals that the altcoin is preparing for another round of upgrades after several security audits on the mainnet found vulnerabilities in the Fault Proof System. Code4rena, Spearbit, and Cantina performed the audits.

Optimism Price Analysis: Key Highlights

* Audits by Code4rena, Spearbit, and Cantina on the Optimism mainnet revealed vulnerabilities in the Fault Proof System.

* OP Labs proposed upgrades to fix the vulnerabilities, including improving Guardian & DeputyGuardian capabilities and resetting user withdrawals.

* The upgrades aim to enhance the stability, performance, and user-friendliness of the Optimism network.

* Despite the vulnerabilities, Optimism has not suffered any breaches, and user assets remain safe.

* The project activated the permissioned fallback mechanism to prevent possible instability while patching the exposures.

OP Price Analysis: Optimism to Undergo Upgrades

OP Labs proposed a round of upgrades on the Optimism mainnet, following several audits on the Fault Proof System by Code4rena, Spearbit, and Cantina. The audits revealed flows that could potentially creep up the OP network in the Fault Proof System.

However, the audits also confirmed that Optimism has not suffered from these vulnerabilities, and user assets remained safe throughout the period. Additionally, the project activated the permissioned fallback mechanism to prevent possible instability while patching the exposures.

OP Labs noted in the announcement that the upgrade includes smart contract upgrades to fix the vulnerabilities and an L2 hard fork to improve the stability and performance of the Fault Proof system. They also proposed extending the capabilities of the Guardian and DeputyGuardian to set the anchor state for the Fault Proof system and prevent referencing invalid anchor states.

The upcoming upgrades are intended to address weaknesses discovered during the audits and preempt any potential dangers before they emerge. OP Labs will launch a hard fork to fix security problems on Optimism and bolster user and asset safety. Furthermore, the upgrades will improve smart contracts to mitigate any weaknesses.

OP Price Analysis: Altcoin Season in Sight

The proposed upgrades on the OP mainnet come at a time when digital assets are gearing up for new surges. A crypto analysis by World of Charts on X, showed the bellwether crypto testing the upper limit of a climbing wedge, indicating declining Bitcoin Dominance.

Such a development hints at an upcoming surge in altcoin prices. An altcoin season is expected to emerge after Bitcoin’s dominance slides below the pattern.

However, the anticipated altcoin season may be delayed due to Bitcoin’s continued dominance. The altcoin season indicator stood at 22 during this publication, indicating an ongoing Bitcoin season. The index needs to rise past 75 to kick-start an alt season.

OP Price Analysis: Current Price Outlook

The altcoin maintained a bullish bias on its 24-hour chart as the broader market displayed mixed signals over the past day. However, OP’s price action remained largely flattish throughout the 24-hour period.

OP price increased by 2.30% to trade at $1.35 at the time of this writing. The recovery pushed it from a daily low of $1.3202 to a high of $1.3716 before retracing to press time values.

Optimism maintains bullish sentiments and appears set to extend the upside. Besides the team’s efforts to boost the network’s security and user-friendliness, broad market tendencies will be crucial in shaping OP’s trajectory in the upcoming sessions.

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