Coinfeeds Daily → Optimism Halts ETH Withdrawals

Optimism Halts ETH Withdrawals

Published: Feb 11, 2024 | Last Updated: Feb 11, 2024
Howard Kane
Image:

Critical security test on Feb 15 to temporarily suspend Ethereum withdrawals for one hour, deposits remain unaffected.

Understanding the Optimism Network Maintenance

Optimism, a layer-2 scaling solution for Ethereum, has announced that it will be conducting a critical test of its new incident response system. This test will require the temporary suspension of ETH withdrawals from the network for a short period. Scheduled for February 15, 2024, the halt will last for approximately one hour, during which users will not be able to withdraw their Ethereum tokens. However, it's important to note that this will not affect the ability to deposit funds from Ethereum (ETH.X) to Optimism (OP.X).

Why is Optimism Testing Its Incident Response System?

The primary goal of this scheduled maintenance is to enhance the security and robustness of the Optimism network. By testing the incident response system, the Optimism team aims to ensure that they can effectively manage and mitigate any potential security incidents that may arise in the future. This proactive approach to network security is crucial in maintaining user trust and safeguarding assets within the ecosystem.

What Does This Mean for Users?

For users of the Optimism network, this means that there will be a brief period when withdrawing Ethereum to other networks or wallets will not be possible. It's essential for users to plan their transactions accordingly to avoid any inconvenience during this maintenance window. Despite this temporary limitation, the ability to deposit into the Optimism network will remain uninterrupted, allowing for continuous interaction with the platform's various decentralized applications and services.

Enjoyed reading this article? Subscribe for daily market and news updates.
Let me read it first >