Optimism releases permissionless fault proofs onto OP mainnet, OP Stack’s stage 1 of decentralization

Optimism Weekly Overview - June 11, 2024

Welcome back to the Optimism Weekly Overview. 

We’re creating the best place for the community to get up to speed on the chain’s latest updates, metrics and releases as well as the Superchain ecosystem developments, insights and more – all in one place. 

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Superchain Ecosystem Numbers

• DeFi total value locked (TVL) across Superchain: $3.13B (-2.0%)

  • Assets onchain: $15.87B (-0.10%)

• Daily average transaction volume:  3.63M (+19.5%)

  • Fraxtal: 3.21K (-17.05%)

  • Mode: 182.57K (-13.56%)

  • Base: 2.73M (+30.62%)

  • Zora: 99.83K (+5.46%)

  • Redstone: 3.78K (-85.71%)

  • OP Mainnet: 484.85K (-2.96%)

• Revenue-generating deployers on:

  • Base: 5,266 (+0.04%)

  • Zora: 165 (-0.60%)

  • OP Mainnet: 1,020 (-1.35%)

  • Superchains: 5,957 (-0.15%)

• Optimism’s average txn fee (today): $0.1087

• Superchain transaction fee total savings vs L1s:

  • OP Mainnet: 19,808 ETH 

  • Base: 59,493 ETH

  • Zora: 2,088 ETH

  • Compared to Ethereum, L2 Superchain users saved a total of 81,389 ETH, or $298.89M on txn fees this week.

The percentages and metrics are pulled from OPLabs data on Dune and are calculated from its change over a 7-day time frame, unless noted otherwise.

Spotlight on Optimism’s Superchain

Highlighting some of the biggest updates on Optimism’s Superchain this week. 

⚡What’s happening: Permissionless fault proofs have launched on OP mainnet, allowing for withdrawal of ETH and other ERC-20 tokens from OP Stack chains without needing to involve a third party platform. 

⚡Why it matters: Permissionless fault proofs help operators prevent inaccurate transaction data being passed down from layer-2 blockchains (L2) like Optimism to layer-1 blockchains (L1) Ethereum. 

Previously, without fault proofs, users who deposited their funds into Optimism needed to trust the rollup's security council, a system that had potential for human error or bias. This not only on OP mainnet, but also affects other OP Stack chains such as Base, Zora, Metal, and Mode. 

In a sector that needs to emphasize security, Optimism’s launch of fault proofs adds potential for more secure transactions onchain and moves the network toward decentralization. Optimism also implements a Security Council, which can also pause withdrawals and disable the system in the event of a bug or malicious attack. This allows for quick action in the event of an outside attack and hopefully provides ease of mind for users.

⚡What it means for the broader ecosystem: The release of permissionless fault proofs allows anyone to contribute to Superchain security by granting any user of the protocol the ability to challenge and remove invalid withdrawals.

With the Optimism Security Council, there’s a greater emphasis on security, something web3 in general has struggled with previously. The initiative also acts in alignment with other protocols in the space, aiming towards a better user experience, alongside other recent products like Coinbase Smart Wallet & Solana Smart Wallet. 

What’s poppin’ on the Superchain

👤Total number of weekly active addresses on major Superchains: 

• Base: 2.01M 

• OP Mainnet: 588.41K

• Zora: 135.40K 

• Mode Network: 33.23K 

• Gelato Network launches Lisk Developer Mainnet, an integration with the goal of enhancing sequencer revenue towards the Optimism Collective

• Learn more about the ecosystem with Superchain Demo Day

• Optimism continues to roll out their 5,000 OP weekly rounds as part of Onchain Summer

• Base flips OP Mainnet in TVL, shared by X user MilkRoadDaily (chart below)

From the Optimism Collective

Highlighting the companies, communities and citizens bound to the Optimism Collective.

• Alchemy introduces Rollups, becoming a part of the Optimism network as a RaaS partner to help support developers

• Ham Chain launches on the OP Stack, allowing developers to create onchain social experiences

• Camp Network, a Layer-2 (L2), leveraging offchain data for onchain usage, deploys on Velodrome

• ICYMI: Superchain news via video format by X user reformed_normie

Making headlines 

• OP Mainnet implements 'fault proofs' to strengthen rollup decentralization (The Block)

• Optimism Celebrates Stage 1 Decentralization With Permissionless Fault Proofs (The Defiant)

• Gelato Network Launches Lisk L2 on Optimism: A New Frontier in Blockchain Interoperability (BlockchainReporter)

• Alchemy debuts one-stop shop for rollup development (CryptoNews)

Get into the OP Stack

Want to dive into the ecosystem full-time? Find the latest job postings here or get involved at an event below. 

• Join the Superchain community for The Great Migration, June 11-13 

• Hear some great minds at Optimism speak for Enterprise Chain Summit, June 13 at Google Zurich

• Enter the Superchain for Superchain Space, an event around EthCC in Brussels, July 8

• Enjoy a day of workshops and networking for Optimistic Gathering, July 9 in Brussels for EthCC

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This product was built by Token Relations. 

This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.