SC012 - Monthly Call (December 2024)

First published on December 10, 2024

Agenda

Justine from the Foundation discusses upcoming Season 7, aiming for $250 million per month in cross-chain asset transfers and introduces decentralization working models based on the L2Beat’s stages framework, currently in phase A of the Decentralisation Roadmap for the protocol layer.
Ben emphasizes the importance of roll-up stages and introduces a new fault proof implementation using RETH, enhancing incident response capabilities by allowing switching between Ethereum stack implementations.
A system diagram for governance decisions is shared by Justine, outlining the Security Council’s role in protocol upgrades.
Ben details the 2025 plan where the Security Council will manage keys for multiple chains, stressing the need for a repeatable deployment system for simultaneous chain upgrades.

Kelvin and Matt address improvements in incident response and upgrades, with Kelvin discussing the inefficiencies in the current L1 contract upgrade process and plans to transition to onchain upgrade scripts by the end of March.
Kelvin talks about ongoing work by L2Beat to simplify incident response processes and introduces a proposal for a standard multi-sig policy and a backup decision-making mechanism for the Security Council.
The need for a coherent security policy and alignment on the security model for the Security Council is emphasized.

The meeting wraps up with updates on the completion of liveness checks. Everyone has 90+ days of liveness.
The Holocene upgrade is due to be signed by the SC in early January.
Retrofunding results are now live.
Action required: please DM Alisha an OP address that you want your OP sent to if you signed up to participate in Retro Funding.
You can view the Season 7 budget for the Security Council in the forum.
Cohort B elections are coming up. The deadline for nominations is January 3.

The OP Collective is preparing for Season 7 with a primary intent of achieving $250 million per month in cross-chain asset transfers.
The Foundation is progressively decentralizing responsibilities from itself to the community, with a structured model outlining milestones across protocol, economic, and social layers.
The OP Labs team is developing a separate implementation of fault proofs using a different Ethereum stack, which will enhance incident response capabilities.
OP Labs is targeting cycle 34 for upcoming changes to governance contracts, with a review period starting at the end of February and production expected by the end of March.
The liveness check was successfully completed, bringing all participants back up to 90+ days.
The Holocene upgrade is anticipated to go through governance in the next cycle, with a potential approval from the Security Council in early January.

The Security Council is set to take on keys for more chains soon, which will improve operational efficiency in managing multiple chain upgrades.
Improvements are being made by OP Labs to the L1 contract upgrade process to streamline governance proposals and reduce error-prone manual steps.
The Security Council is working on a standard multi-sig policy to enhance security, expected to be ready in the coming months.
There are ongoing discussions about improving the liveness properties of the Security Council, including a backup mechanism for decision-making.

Questions were raised about the decision-making process when discrepancies arise between multiple proofs, emphasizing the need for a clear incident response policy.
Discussions included the potential for using an odd number of proofs to facilitate majority decision-making in future governance scenarios.
SC members inquired about the implementation of multi-sigs in the Security Council, with responses indicating that the security model needs to be clarified by OP Labs before technical implementation can proceed.
A session will be scheduled to align on the exact security model desired by Labs and the Security Council.

Acknowledgment of the hard work by the OP Labs team in developing new governance models and improving upgrade processes.
The Security Council received positive feedback for its performance in the retrofunding results for Seasons 5 and 6, indicating strong community support.

The focus for 2025 includes creating a repeatable deployment system for upgrades across multiple chains, enhancing validation processes, and establishing a clear incident response framework.
The Security Council is preparing for Season 7, which will feature a governance-approved budget due by December 14.
Elections for Cohort B are scheduled for early next year; interested candidates should reach out for support from Alisha or Maxwell before the end of December. The deadline for nominations is January 3.

The Security Council will soon receive updates on new chains being deployed with keys held directly by them.
The introduction of on-chain upgrade scripts, known as OP contracts manager, aims to simplify the upgrade process and improve governance proposal clarity.
The Security Council will share a proposed security model document asynchronously for feedback before a follow-up call in January.
The governance round for the Security Council’s budget has been initiated, with a focus on gathering community input for adjustments.

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