We are excited to announce the launch of Optics v2!
Optics v1 will remain available while the community migrates.
After a series of events that have cast doubt on Optics v1, we feel strongly that launching the new and improved Optics v2 is the best path for restoring trust and confidence in the Optics protocol and for ensuring that it will continue to receive support and improvements. Key to restoring trust and confidence is the governor multisig for v2, composed of seven known entities within the Optics ecosystem who have each been proactive these past two weeks as we have explored a path forward.
A trusted protocol requires open and active communication with all stakeholders. We made numerous attempts, both direct and indirect, to establish support from a quorum of current v1 governor multisig holders. We are left with low confidence that the community would see the necessary engagement and coordination required to address ongoing maintenance on v1. As an urgent example, v1 still includes the 1 second timelock issue that we reported on this Forum more than 10 days ago. We believe the community will be better served by a responsive and more decentralized multisig, who each have shown active participation in the success of Optics. This multisig includes:
- Moola Market (DeFi Dapp)
- Mobius (DeFi Dapp)
- Ubeswap (DeFi Dapp)
- CeloWallet.app (Wallet)
- cLabs (Core Development)
- Censusworks (Validator)
- Celo Foundation
We have been encouraged by the positive feedback from the community on this proposed multisig, and we believe that the clear identities and commitments will provide both transparency and support to the Optics community.
What v2 Includes: Optics v2 includes a number of improvements and has been deployed in a transparent manner. The Optics v2 onchain state has been verified against the deployment config by members of the community. We want to thank everyone for all of these efforts and are excited to work together to continue to improve Optics as a novel and exciting interoperability protocol.
How users should migrate from Optics v1 to v2: To facilitate upgrading to the new bridge, we recommend using onchain DEXes to exchange from v1 to v2 assets whenever prices seem reasonable. We have received word from a number of arbitrageurs who are interested in providing liquidity and moving assets over the bridge to keep prices pegged. We are also working on additional documentation that will spell out exact steps for moving funds over. If you need support, please reach out on #support on Optics Discord.
cLabs will continue operating the agents that connect the decentralized Optics v1 contracts while the community migrates to Optics v2.
Meeting Our Commitments to the Community: in our AMA with the Community on November 22, 2021, we made a series of commitments. Optics v2 allows us to address many of these, and is the best route to making progress towards the remainder:
- Broad buy-in from the community of how Optics is managed and controlled (see multisig process above) – met by v2
- Audit of the new v2 deployment – with configs checked and verified and smart contract audit released – met by v2
- Clear process for governance and the recovery manager controlled by a multisig that is both larger, with known individuals - including some security audit of these multisig participants – met by v2
- Fixing the timelock bug, setting the value to a longer period like 2 weeks – met by v2
- A commitment to a faster and more secure bridge – met by v2
- Multiple watcher agents with multiple agents signing updates – near-term roadmap
- Adding Avalanche support – near-term roadmap
We also committed to a full incident report of the events of the last few weeks – we’ll share a first draft by Monday and invite collaboration from the community.
We also talked about making sure the project is focused on the needs of dapps, DEXs and tools relying on it – on every chain. To this end, we’ll be hosting an Optics Developer Call next week. Stay tuned for details.
Quite a few people have reached out over the past two weeks and asked how to get involved in building out Optics going forward. If this sounds like you, please reach out to me directly - on Discord or at tim at clabs.co.
We thank you for your patience throughout this last week. I have personally seen the community come together and work with one another with kindness and empathy through a difficult time. I’m excited for the future!
