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DeFi News

Optimism to Stop ETH Withdrawals for 1 Hour Next Week 

Specifically, withdrawals of ETH from the Layer 2 network to the Ethereum mainnet will be temporarily stopped.

Written By Dishita Malvania
Published February 9, 2024 12:42 PM·Updated 11 months ago
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Optimism to Stop ETH Withdrawals for 1 Hour Next Week

Layer 2 network Optimism is planning to conduct a one-hour halt on Ethereum (ETH) withdrawals on February 15.

This pause aims to test an upgraded incident response system, enhancing the network’s ability to address security issues across various chains within the Optimism ecosystem.

Specifically, withdrawals of ETH from the Layer 2 network to the Ethereum mainnet will be temporarily stopped, while deposits from the mainnet to the Layer 2 network and regular transactions within the network will continue unaffected.

The new feature of the incident response system will enable a broader pause, impacting withdrawals of both tokens and NFTs for Optimism and any associated chains that opt into the system.

When announcing the upgraded system on January 25, OP Labs emphasized that the enhancement aims to not only bolster individual chains but also harness the combined security intelligence across the entire Superchain.

The updated feature is currently operational on its testing network, and a one-hour pause will be conducted to evaluate its functionality in a live setting.

Optimism encompasses a network of Layer 2 chains, referred to as the Superchain, employing optimistic rollups to decrease transaction expenses for dApps. Governed by a DAO called the Optimism Collective, this ecosystem includes prominent networks such as the OP Mainnet, alongside others like Base and Zora.

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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TAGGED:Ethereum (ETH)
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