Optimism’s Canyon Upgrade is Mainnet Deployed

Optimism’s Canyon upgrade is mainnet deployed

In an announcement from Optimism developer – OP Labs, it was announced that the Canyon upgrade will officially deploy to mainnet at 5:00 p.m. on January 11 (UTC).

The Canyon upgrade will be activating on OP Mainnet tomorrow, Jan. 11 at 17:00:01 UTC!

This is a reminder to upgrade your nodes—minimum versions are op-node v1.3.2 & op-geth v1.101304.2.

Here is a handy upgrade guide:https://t.co/V19urav6ez

— OP Labs (@OPLabsPBC) January 10, 2024

This is the next major update after the Optimism network deployed Bedrock. The changes in this upgrade mainly focus on fixing some outstanding bugs and optimizing the product development process in the Optimism ecosystem, including:

• Eliminate SEFT-DESTRUCT: Minimize unnecessary risks during smart contract development.

• Adjusted the coefficients in the EIP-1559 mechanism to reduce the rate at which gas fees fluctuate.

• Other adjustments like Warm Coinbase and Push0 to reduce the size of smart contracts and reduce the risk of being hacked to withdraw assets.

Overall, this upgrade focuses on fixing outstanding errors, while implementing technical details to synchronize with the current version of Ethereum.

Another notable point in Optimism’s technical update is the testing of the Fraud Proof authentication mechanism on the Goerli testnet in October 2023.

Update: The @ethereum Goerli deprecation planned for early Jan. has been delayed, and will take place after the Dencun upgrade, scheduled for Jan. 17.

We still recommend migrating from OP Goerli to OP Sepolia as soon as possible to prepare for this change!

— OP Labs (@OPLabsPBC) January 5, 2024

Although they planned to pause testing on Goerli to switch to Sepolia in early January 2024, Optimism also announced that they will adjust that plan to synchronize with the time after the Dencun upgrade and monitor fluctuations in Fraud Proof testing.

Currently, there is still no specific information about when Optimism will officially deploy Fraud Proof to the mainnet.

Related: Arbitrum and Optimism: Who will be the winner?

On January 12, Optimism also announced the third round of the RetroPGF incentive program with 30 million OP tokens (equivalent to 116 million USD) allocated to 501 projects contributing to the ecosystem.

RetroPGF Round 3 results are here!

30M OP was granted to contributors building the public goods that power the Optimism Collective. pic.twitter.com/f4KicSz99t

— Optimism (@Optimism) January 11, 2024

Chart of OP

OP’s chart on the 4h frame at 7:53 am on January 12, 2024 ((UTC) on Tradingview