Optimism Deploys Canyon Upgrade on Mainnet

After an extensive testing period, Optimism's Canyon upgrade has finally been officially deployed on the mainnet.

Optimism Deploys Canyon Upgrade on Mainnet

Optimism (OP) officially deployed the Canyon upgrade to the mainnet at 00:00 early morning on January 12, 2024.

This is the first major update since Optimism's Bedrock network milestone. Changes implemented in this upgrade primarily address lingering issues and optimize product development processes, such as:

• Removal of SEFT-DESTRUCT: Minimizing unnecessary risks in smart contract development.
• Adjustments to parameters in the EIP-1559 mechanism to reduce gas fee volatility.
• Other refinements like Warm Coinbase and Push0 to minimize smart contract size and vulnerabilities to asset siphoning attacks.

Overall, this upgrade focuses on addressing existing issues while aligning technical specifics closely with the current Ethereum version.

Another notable technical update by Optimism is the testing of the Fraud Proof verification mechanism on Goerli in October 2023.

While plans were in place to temporarily halt testing on Goerli and transition to Sepolia in early January 2024, Optimism has indicated a delay in these plans post the Dencun upgrade, monitoring developments in the Fraud Proof testing.

As of the time of writing, specific details regarding the timeline for Fraud Proof's deployment on the mainnet by Optimism have not yet been disclosed.

Also on January 12, Optimism announced the third round of the RetroPGF incentive program, allocating 30 million OP tokens (approximately $116 million USD) to 501 projects contributing to the ecosystem.