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Before the upcoming implementation on the OP Mainnet, OP Labs, the core developer of Optimism, released ‘fault proofs’ on the OP Sepolia.
Fault proofs function as a security mechanism for Ethereum Layer 2 networks, facilitating users to contest transactions that may be fraudulent or incorrect. They are essential in guaranteeing that off-chain transaction processing remains free from manipulations.
The OP Labs notes in the announcement that “Open-source, feature-complete fault proofs are live on OP Sepolia. With permissionless validation, anyone can participate in the system without an allowlist.”
Open-source, feature-complete fault proofs are live on OP Sepolia! With permissionless validation, anyone can participate in the system without an allowlist.
— OP Labs (@OPLabsPBC) March 19, 2024
This milestone is another step towards multi-proof nirvana that will allow Optimism to reach Stage 2 decentralization.…
Optimism’s mainnnet currently lacks fault proofs, a cause for concern regarding network security and decentralization. It will apply within the network; users must trust the block producers to sub its accurate Layer 1 state roots.
The blog states, “Additional proofs can act as safety nets that catch bugs in other proofs, which ultimately opens the door to Stage 2 decentralization — a complete reliance on the fault proof system with no backup security council.”
“If this upgrade is accepted for inclusion into the OP Stack by Optimism Governance, Optimism will be uniquely positioned in the race to multi-proof capabilities and Stage 2 decentralization”.
Optimism Price Update
Optimism (OP) price grew more than 7% in the past 24 hours; at the time of writing, it was trading at $3.46. Similarly, its market capitalization and trading volume surged by approximately 7.24% and 36.56%.
As per CoinMarketCap, Optimism(OP) is the 30th most traded cryptocurrency and 36th most prominent in market capitalization. OP/USDT is the most traded pair of the Optimism crypto, with a trading volume of $194,201,407.
Over 70% of OP is held by Whales address; others have the remaining 29.3% or are still to be held.
Overall Market Price Overview
The market capitalization slipped more than 0.50% in the past 24 hours; as of writing, it was $2.39 Trillion. Bitcoin, the most preferred and talked about crypto, grew 2.54% intraday and is trading at $63,687.
Pepe (PEPE), the most sparkling memecoin, flourished 12.33% in the past 24 hours, which makes it the leader of the gainers list. KuCoin Token (KCS) 10.85%, Starknet (STRK) 10.00%, and Fetch.ai (FET) 8.29%.
The intraday losers list is ruled by Dogwifhat (WIF) as it lost 16.68% of its trading value, followed by Avalanche (AVAX), Aptos (APT) 5.82%, Solana (SOL) 4.48% and Near Protocol (NEAR) 3.21%.
Earlier this week, the market was flourishing at a constant pace, and analysts praised the growth. Market observers praised the spike and predicted that a bull run is expected before the 4th Bitcoin halving and Ethereum spot ETF.
The Bitcoin spot ETF has lured millions of new users towards crypto and an inflow of over $10 Billion is seen in the Bitcoin ecosystem.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
