Optimism (OP) has announced the resumption of token deposits and withdrawals on its mainnet, following a brief period of suspension. The deposits and withdrawals of Optimism’s native governance token, OP, have been paused since May 10th due to a technical issue that affected on-chain transfers.
The issue has now been resolved, and Optimism announced on May 12th that on-chain activities have returned to normal.
“After a brief pause in Optimism’s mainnet due to a technical issue that affected on-chain transfers, we have good news: Optimism mainnet has now fully recovered and on-chain activity has resumed in its entirety,” the statement said.
Optimism is a Layer 2 (L2) solution designed to enhance the speed and scalability of the Ethereum network. The project aims to improve performance and transaction speed on Ethereum while reducing costs. Optimism utilizes optimistic rollups technology.
Optimistic rollups are a second-layer technology that operates on top of the Ethereum mainnet and significantly increases its throughput capacity. These rollups enable the bundling of multiple transactions into a single block, which is then confirmed on the Ethereum mainnet. This approach greatly accelerates transaction processing and reduces costs since a larger number of transactions can be processed simultaneously.
The Optimism system is compatible with standard Ethereum development tools such as Solidity and the Ethereum Virtual Machine (EVM), making it easy for developers to migrate their applications to this platform.
OP is the native governance token. The token can be used to participate in project governance within the Optimism Collective community and to vote on protocol upgrades and fund distribution.
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