The Upcoming Optimism Ecosystem Milestone: Canyon Hardfork

The Optimism ecosystem is gearing up for a significant milestone with the upcoming Canyon hardfork, set to be activated on several testnets on November 14, 2023, at 17:00 UTC. This milestone, announced by the OP Labs Team on November 7, 2023, is eagerly anticipated across the Superchain following the previous Bedrock network enhancement.

Canyon Hardfork Development and Activation

Collaboratively developed with Base, the Canyon hardfork has successfully undergone initial activation on a devnet, paving the way for deployment on testnets. Its subsequent rollout to the OP Mainnet and other Superchain mainnets will depend on the approval of the Optimism governance protocol.

Key Improvements in Canyon Hardfork

The launch of Canyon hardfork brings several improvements, including support for the Shanghai and Capella hardforks, alongside a series of minor bug rectifications. Noteworthy EIPs—EIP-3651, EIP-3855, EIP-3860, EIP-4895, and EIP-6049—have been incorporated, featuring enhancements like new ethereum instructions, phasing out of the SELFDESTRUCT function, and modifications for beacon chain push withdrawals.

Crucial Updates and Protocol Modification

Within Canyon, a crucial update includes the fine-tuning of EIP-1559, which adjusts the basefee’s sensitivity to network congestion. This aims to moderate the speed of basefee adjustments, fostering a more stable network fee environment. Protocol modifications also include improved handling of unclosed channels and introducing a new field in the deposit transaction receipt encoding to correct a discrepancy in the nonce consensus.

Deployment and Impact of the Hardfork

The hardfork ensures the deployment of the create2Deployer bytecode across all networks, enabling consistent access to this critical contract for developers. While end-users may not experience a direct impact from these upgrades, node operators are required to update their nodes to comply with the new Canyon specifications. Detailed instructions are available through a publicly accessible guide.

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Anticipated Governance Updates and Mainnet Integration

Participants in the Optimism ecosystem should watch for upcoming governance updates that will signal the potential mainnet integration of the Canyon hardfork.

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