Demex Daily #26: $OP OP Labs Debuts Fault-Proof Testnet System to Boost Decentralization in Optimism Network

What’s Interesting Today:

OP Labs, the team behind the Optimism network, has introduced a testnet version of its fault-proof system to enhance decentralization. At present, OP Stack-based networks, like Optimism, rely on centralized sequencers to process transactions on Ethereum, exposing them to potential fraudulent activities. Ethereum's co-founder, Vitalik Buterin, has emphasized the need for optimistic rollups to permit users to submit fraud proofs for true decentralization. OP Labs' new system, which is modular in design, consists of three components: a fault-proof program, a fault-proof virtual machine, and a "dispute game protocol". This modular nature allows individual networks to design their own anti-fraud mechanisms, potentially even using zero-knowledge proofs. The initiative aligns with OP Labs' goal of creating a diversified, interconnected "Superchain" of blockchain networks.

Osmosis, a leading decentralized exchange on Cosmos, has partnered with Nomic and Kujira to bring Bitcoin to the Cosmos inter-blockchain communications protocol. Announced at the Cosmoverse 2023 Conference, users can now transfer Bitcoin to the Cosmos network using Osmosis' Nomic bridge, incurring a 1.5% transaction fee. This process grants users Nomic Bitcoin (nBTC), an IBC-compatible token, on a one-to-one basis with their Bitcoin. nBTC can be traded and used for liquidity on Osmosis and is also compatible with over 50 Cosmos-linked app chains. Additionally, through a partnership with DeFi protocol Kujira, users can send BTC to Kujira's Sonar wallet and use nBTC as collateral for various financial activities. An initial cap of 21 BTCs has been set for the cross-chain bridge, controlled by Nomic DAO governance.

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