Optimism Crypto Recovers with 17% Increase, Despite Security Concerns

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Investor sentiment around the cryptocurrency Optimism (OP) has recently been reinvigorated, following the coin’s encouraging positive price performance. This comes as a welcome surprise to many, especially considering that news of potential security vulnerabilities within the popular layer-2 platform was recently made public.

Originally developed by Offchain Labs, the much-talked-about Ethereum L2 solution, Arbitrum, was subject to an unwanted spotlight on April 26 when numerous security flaws were detected in the Optimism Stack fault-proof system. The vulnerabilities were discovered within the recently launched security program implemented on the Optimism testnet.

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The discovery detailed two significant systematic vulnerabilities that could potentially expose the network to exploit from an external bad actor. These actors could bypass the network’s security protocols, forcing the acceptance of a harmful claim or the rejection of a legitimate one, thereby initiating an irresolvable network dispute.

These vulnerabilities were traced back to the timers housed within the OP stack fault-proof system. If these flaws hadn’t been detected and the program had been introduced to the Optimism mainnet, it could have placed users’ funds at an extremely high risk level.

To its credit, OP Labs took immediate action. The vulnerabilities were flagged to them about a month ago, prompting the company to update the Optimism testnet to address these issues immediately. Ever resilient, the revelations had a distinctive impact on OP’s price, causing it to take a sharp dip, falling almost 5% to bottom out at $2.274 on April 27.

However, in what appears to be a rare display of confidence and trust, the last day saw investors demonstrating robust trust in Optimism’s future security and sustainability. As per CoinMarketCap data, OP had soared by an impressive 17.16% over the past 24 hours, reaching a market price of $2.69.

Alongside this rise, the token’s daily trading volume skyrocketed by 110.64% and is currently valued at an astounding $402.77 million.

In keeping with the current crypto atmosphere, widely respected crypto analyst Michaël van De Poppe has urged investors to focus heavily on altcoins following the Bitcoin Halving event. He attributes this to the transformative effect of the Halving and the emergence of spot ETFs on Bitcoin losing momentum making it ripe for altcoins to gain traction.

Mr. van De Poppe smartly notes that the majority of altcoins are currently undervalued, predicting significant gains in the ongoing bull cycle. Added to this, he believes that the impending crypto bull run could comfortably outlast the preceding cycle, due to the presently prolonged bear market.

Notably, van De Poppe identified Optimism (OP) as an altcoin brimming with potential, forecasting it to achieve triple the market growth of Bitcoin in this bullish cycle. He also earmarked Chainlink (LINK), Woo (WOO), Celestia (TIA) and Skale (SKL) as tokens of potential value and well poised to provide rewarding returns.

The OptimismOP was trading at a hefty $2.693 a day, according to the daily chart on Tradingview.com, underscoring a rallying confidence in the coin’s potential and its security after the recent alarm.