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).

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.

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.

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.

Chart of OP

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