It is possible to support all dApps implemented on Ethereum using Optimism. It would be necessary to split the Ethereum network into multiple networks collectively known as “ shards.” The realistic implementation of this is, however, quite a ways off. Sharding is indeed being considered as an option by Ethereum for the same reasons. There is a need to enhance the Ethereum network right now by implementing Layer-2-based solutions. Some examples of Ethereum solution layers are Immutable X, Arbitrum, Polygon, and Optimism, to name a few. It is through the use of Layer 2 solutions that we are able to increase transaction speed, and also reduce gas costs. It is at this stage that Ethereum L2 solutions need to prove their worth. There are a variety of limitations caused by the constant increase in the number of users of the Ethereum network due to the continuously growing number of users. It is a way to reduce the gas fees and speed up transaction processing by using a rollup scaling solution. This is one of them Optimistic Ethereum, or Optimism as it is more commonly referred to. A number of projects have emerged in the recent past that provide scaling solutions, with rollup-based solutions becoming the most popular of these. As a result, it is prevented from reaching its full vision of being a network for the financial sector. There is comfort and safety that you get from driving on a highway while also driving on a less crowded side street.Įven though Ethereum has been heavily used for many years, you cannot ignore the fact that it has high transaction fees and slow confirmation times. Optimism offers a platform for the execution of transactions, but the data about transactions are posted to the mainnet, which validates them. With Optimism or what is called Optimistic Ethereum, you are using a layer 2 chain that is running on top of the Ethereum mainnet (layer 1). What Benefits does Optimism bring to Ethereum?.OP was down by nearly 14% over the past 24 hours. Meanwhile, OP’s market value took a hit with its price floating below the $1 level. So far, the hacker has sold 1 million OP tokens for ETH and has withdrawn to L1 via Synapse and Hop bridges to then use tornado cash on mainnet. The attacker then used the previously deployed contract to deploy vaults per batch of 162. The hack was processed via a replay attack by “replaying the Gnosis Safe MasterCopy 1.1.1 deployment from Eth mainnet”. The cryptocurrency market maker noted that “somebody has done their homework well”, further adding that “in less than 24 hours after we notified Safe and Optimism about the situation, wallet 0x8BcFe4f1358E50A1db10025D731C8b3b17f04DBB has been funded via tornado cash transfer 177”. However, the assumption that the funds can only be recovered by Wintermute proved to be false. Following this, Wintermute scheduled the retrieval for 7th June. Nevertheless, they pointed out the high-risk nature of the retrieval, further concluding that it “could only be attempted once and required Safe to support”. Wintermute noted that they “made the assessment that the funds were potentially retrievable and that nobody other than Wintermute could recover those funds”. The market marker began exploring ways to retrieve the funds with the help of the Gnosis Safe team. Wintermute notified the Optimism team about the oversight on May 30 while providing $50 million USDC as collateral, since the launch next day was a clear priority. In light of Wintermute’s lack of technical oversight, the funds were left vulnerable to an exploit, further getting stolen on the L2 by the attacker. In a community announcement, Wintermute revealed that they made a “serious error” by providing an L1 address for the transfer, which was not updated to be deployed on Optimism. Wintermute’s “Serious Error” Worth 20 Million OP Following this, Optimism Foundation provided a 20 million loan in OP to Wintermute. The Optimism Foundation had partnered with Wintermute to facilitate liquidity provisioning services on its platform, in an attempt to make the user experience more efficient. The hack took place after the market maker, Wintermute provided an incorrect address for an Ethereum (L1) multisig that they had not yet deployed to Optimism (L2). Optimism, one of Ethereum’s top layer-2 protocols, fell prey to an exploit and lost 20 million Optimism governance tokens (OP) worth over $17 million.
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