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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    PENGU token loses 20% in August amid Pudgy Party game launch

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    What’s Behind the Double-Digit Declines?

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    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

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    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

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  • Blockchain
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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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Home Blockchain

Why Optimism Will Pause Your Ethereum (ETH) Withdrawals

February 11, 2024
in Blockchain
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Why Optimism Will Pause Your Ethereum (ETH) Withdrawals
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The Optimism (OP) network is poised for a temporary suspension of Ethereum (ETH) withdrawals on Thursday, February 15, starting at 9:00 ET.

READ ALSO

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The scheduled one-hour interruption is key to a broader strategy. It aims to enhance the network’s defense against security threats.

Optimism Network Plans to Pause Ethereum Withdrawals

The pause, announced by Optimism, will facilitate essential maintenance work and the implementation of a significant protocol upgrade.

“On Thursday, Feb 15th 9:00am ET (6:00am PT), OP Mainnet will be paused as part of a planned maintenance window lasting one hour. During the pause withdraws to L1 will be rejected. The network will be unpaused at 10:00am ET (7:00am PT), Optimism announced.

OP Labs first proposed the upcoming upgrade on January 25. A key part is the new SuperchainConfig contract. This innovative feature is meant to grow with the Superchain, adding new abilities over time. Not to mention, this contract has been working well on OP Sepolia since December 11, 2023.

At the heart of this upgrade lies the enhanced ability to manage security incidents across all OP Chains effectively. The Superchain, with its intricate web of interconnected chains, indeed presents unique security challenges.

Read more: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared

Amount Lost to Security Incidents in 2023. Source: DefiLlama

The upgrade introduces a Superchain-wide pause mechanism. Its goal is to reduce risks by offering a unified and strong response. This is especially for key areas like the L1CrossDomainMessenger and withdrawals for ERC-20 and ERC-721 tokens.

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This strategic enhancement is not merely about reinforcing individual chains but about harnessing the collective security prowess of the entire Superchain. The upgrade focuses on L1 smart contracts, ensuring that node operators and users face no disruptions or requirements for action.

It builds on the existing network pause feature on OP Mainnet, introducing a unified SuperchainConfig contract that enhances pause functionality, thereby offering stronger security assurances for all ETH, ERC-20, and ERC-721 tokens within the standard bridges.

Read more: A Beginner’s Guide to Layer-2 Scaling Solutions

The authority to enact or lift these pauses rests with the Optimism Foundation multisig, which applies to all OP Chains that opt into this mechanism. This “all-or-nothing” approach to pausing withdrawals ensures a cohesive and timely response to any discovered vulnerabilities, underscoring the importance of a synchronized security protocol across the Superchain.

Tags: ETHEthereumOptimismpauseWithdrawals

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