# Ethereal

Markdown version of https://l2beat.com/layer2s/projects/ethereal

## Summary

**Warning:** There are impactful changes and part of the information might be outdated.

**Warning:** Why is the project listed in others? There are less than 5 external actors that can submit challenges. Consequence: projects without a sufficiently decentralized set of challengers rely on few entities to safely update the state. A small set of challengers can collude with the proposer to finalize an invalid state, which can cause loss of funds. There are less than 5 external actors that can attest data availability. Consequence: projects without a sufficiently decentralized data availability committee rely on few entities to safely attest data availability on Ethereum. A small set of entities can collude with the proposer to finalize an unavailable state, which can cause loss of funds. Learn more about the [recategorisation](https://medium.com/l2beat/framework-update-l2-projects-recategorisation-5d43b0d1fe50).

- Total Value Secured: $1.88 M (-1.53% compared to seven days ago; canonically bridged $22.78, natively minted $0.00, externally bridged $1.88 M; 99.9% with additional trust assumptions compared to the tokens involved and the Stage assigned to the project's canonical messaging bridge)
- TVS by asset: Stablecoins $1.88 M (100%)
- Past day UOPS: 0.01 (+20.9% compared to seven days ago)
- Gas token: USDe
- Type: Other
- Purpose: Exchange
- Host chain: Arbitrum One
- Chain ID: 5064014
- Risks shown: combined with host chain Arbitrum One; Risk analysis also lists each separately

### Risks

- Sequencer failure: Self sequence (sentiment: good)
- State validation: Fraud proofs (INT) (5d 14h challenge period + 2d execution delay; sentiment: bad)
- Data availability: External (DAC) (sentiment: bad)
- Exit window: None (sentiment: bad)
- Proposer failure: Cannot withdraw (sentiment: bad)

### About

Ethereal is a decentralized exchange offering institutional-grade performance (sub-20 ms latency, ~1M orders per second) with DeFi-enabled self-custody and security guarantees.

### Links

- Website: https://ethereal.trade
- Docs: https://docs.ethereal.trade/
- Explorer: https://explorer.ethereal.trade/
- Social: https://discord.com/invite/etherealdex, https://x.com/etherealdex, https://mirror.xyz/0x71331A0991C312fcCF766c3Ca8F7a11c4f5F756B
- Contracts explorer (Disco): https://disco.l2beat.com/ui/p/ethereal

### Badges

- EVM: This project uses the Ethereum Virtual Machine to run its smart contracts and supports the Solidity programming language
- Data Availability Committee: There is a Data Availability Committee that provides/attests to data availability
- Built on Arbitrum Orbit: The project is built on Arbitrum Orbit
- Built on top of Arbitrum: The project has Arbitrum as its host chain
- Conduit: This project was deployed via the rollup-as-a-service provider Conduit

## Value Secured

The interactive TVS charts are shown on [the HTML page](https://l2beat.com/layer2s/projects/ethereal#tvs).

Token by token: [TVS breakdown](https://l2beat.com/layer2s/projects/ethereal/tvs-breakdown).

- [TVS chart (JSON)](https://l2beat.com/api/scaling/tvs/ethereal)
- [TVS breakdown by token (JSON)](https://l2beat.com/api/scaling/tvs/ethereal/breakdown)

## Activity

The interactive activity chart is shown on [the HTML page](https://l2beat.com/layer2s/projects/ethereal#activity).

- [Activity chart (JSON)](https://l2beat.com/api/scaling/activity/ethereal)

## Milestones & Incidents

- 2025-10-21: [Mainnet Alpha Launch](https://x.com/etherealdex/status/1980687756633448814). Ethereal launches its public Mainnet Alpha.

## Risk summary

There are 3 additional risks coming from the host chain [Arbitrum One](https://l2beat.com/layer2s/projects/arbitrum)

**Warning:** Fraud proof system is fully deployed but is not yet permissionless as it requires Validators to be whitelisted.

### Funds can be stolen if

1. the custom whitelisted Outbox or its destination Multisig is compromised (CRITICAL),
2. a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL),
3. no whitelisted challenger disputes an invalid state root before the challenge window expires (CRITICAL),
4. an attacker successfully performs a resource exhaustion attack.

### Funds can be lost if

5. the external data becomes unavailable (CRITICAL).

### Users can be censored if

6. the committee restricts their access to the external data.

### MEV can be extracted if

7. the operator exploits their centralized position and frontruns user transactions.

## Risk analysis

The L3 risks depend on the individual properties of L3 and those of the host chain combined.

**Warning:** Fraud proof system is fully deployed but is not yet permissionless as it requires Validators to be whitelisted.

|  | Sequencer failure | State validation | Data availability | Exit window | Proposer failure |
| --- | --- | --- | --- | --- | --- |
| Arbitrum One (L2) | Self sequence (sentiment: good) | Fraud proofs (INT) (sentiment: good) | Onchain (sentiment: good) | None (sentiment: bad) | Self propose (sentiment: good) |
| Ethereal (L3, individual) | Self sequence (sentiment: good) | Fraud proofs (INT) (sentiment: bad) | External (DAC) (sentiment: bad) | None (sentiment: bad) | Cannot withdraw (sentiment: bad) |
| Ethereal (L3, combined) | Self sequence (sentiment: good) | Fraud proofs (INT) (sentiment: bad) | External (DAC) (sentiment: bad) | None (sentiment: bad) | Cannot withdraw (sentiment: bad) |

### L3 combined risks

The information below reflects combined L2 & L3 risks.

#### Sequencer failure

Self sequence (sentiment: good)

In the event of a sequencer failure, users can force transactions to be included in the project's chain by sending them to L1. There can be up to a 2d delay on this operation.

#### State validation

Fraud proofs (INT) (5d 14h challenge period + 2d execution delay; sentiment: bad)

No actor outside of the single Proposer can submit fraud proofs. Interactive proofs (INT) require multiple transactions over time to resolve. The challenge protocol can be subject to delay attacks. There is a 5d 14h challenge period.

#### Data availability

External (DAC) (sentiment: bad)

Proof construction relies fully on data that is NOT published onchain. There exists a Data Availability Committee (DAC) with a threshold of 1/1 that is tasked with protecting and supplying the data.

#### Exit window

None (sentiment: bad)

There is no window for users to exit in case of an unwanted upgrade since contracts are instantly upgradable.

#### Proposer failure

Cannot withdraw (sentiment: bad)

Only the whitelisted proposers can publish state roots on L1, so in the event of failure the withdrawals are frozen.

## Stage

Ethereal is not even a Stage 0 project.

**Warning:** The requirement for available node software is under review.

### Stage 0

1 issue needs fixing.

- Met: The project self-identifies as a Validium or Optimium.
- Met: State roots are posted to Ethereum L1.
- Met: A complete and functional proof system (fraud or validity proofs) is deployed.
- Under review: A source-available node exists that can reconstruct the L2 state when DA is accessible. Please note that the L2BEAT team has not verified the validity of the node source code.
- Issue: Fraud proof submission is not sufficiently decentralized.

### Stage 1

3 issues need fixing.

**Principle**

- Issue: Compromising ≥75% of the Security Council to push a malicious upgrade, or sequencer+DA-committee collusion to withhold data and finalize invalid state roots, should be the only ways (other than bugs) to steal funds or block withdrawals indefinitely.

**Guidelines**

- Met: Users are able to exit without the help of the permissioned operators, provided DA is accessible.
- Met: The sources of all programs used are public and program hashes can be independently regenerated.
- Issue: Upgrades executed by actors with more centralized control than a Security Council provide less than 7d for users to exit if the permissioned operator is down or censoring.
- Issue: The Security Council is not properly set up.

[Learn more about Stages](https://l2beat.com/stages).

Please keep in mind that these stages do not reflect project security, this is an opinionated assessment of project maturity based on subjective criteria, created with a goal of incentivizing projects to push toward better decentralization. Each team may have taken different paths to achieve this goal.

## Data availability

Set of parties responsible for signing and attesting to the availability of data.

### Risk analysis

#### Economic security

None (sentiment: bad)

There are no onchain assets at risk of being slashed in case of a data withholding attack, and the committee members are not publicly known.

#### Fraud detection

None (sentiment: bad)

There is no fraud detection mechanism in place. A data withholding attack can only be detected by nodes downloading the full data from the DA layer.

#### Committee security

1/1 (sentiment: bad)

The committee does not meet basic security standards, either due to insufficient size, lack of member diversity, or poorly defined threshold parameters. The system lacks an effective DA bridge and it is reliant on the assumption of an honest sequencer, creating significant risks to data integrity and availability.

#### Upgradeability

No delay (sentiment: bad)

There is no delay in the upgradeability of the bridge. Users have no time to exit the system before the bridge implementation update is completed.

#### Relayer failure

No mechanism (sentiment: bad)

The relayer role is permissioned, and the DA bridge does not have a Security Council or a governance mechanism to propose new relayers. In case of relayer failure, the DA bridge will halt and be unable to recover without the intervention of a centralized entity.

### Technology

#### Architecture
![Anytrust architecture](https://l2beat.com/images/da-layer-technology/anytrust/architecture1.png#center)

The DAC uses a data availability solution built on the AnyTrust protocol. It is composed of the following components:
- **Sequencer Inbox**: Main entry point for the Sequencer submitting transaction batches.
- **Data Availability Committee (DAC)**: A group of members responsible for storing and providing data on demand.
- **Data Availability Certificate (DACert)**: A commitment ensuring that data blobs are available without needing full data posting on the L1 chain.

Committee members run servers that support APIs for storing and retrieving data blobs.
The Sequencer API allows the rollup Sequencer to submit data blobs for storage, while the REST API enables anyone to fetch data by hash.
When the Sequencer produces a data batch, it sends the batch along with an expiration time to Committee members, who store it and sign it.
Once enough signatures are collected, the Sequencer aggregates them into a valid DACert and posts it to the L1 chain inbox.
If the Sequencer fails to collect enough signatures, it falls back to posting the full data to the L1 chain as calldata.

A DACert includes a hash of the data block, an expiration time, and proof that the required threshold of Committee members have signed off on the data.
The proof consists of a hash of the Keyset used in signing, a bitmap indicating which members signed, and a BLS aggregated signature.
L2 nodes reading from the sequencer inbox verify the certificate’s validity by checking the number of signers, the aggregated signature, and that the expiration time is at least two weeks ahead of the L2 timestamp.
If the DACert is valid, it provides a proof that the corresponding data is available from honest committee members.

#### DA Bridge Architecture
![Anytrust bridge architecture](https://l2beat.com/images/da-bridge-technology/anytrust/architectureL3.png#center)

The DA commitments are posted to the destination chain through the sequencer inbox, using the inbox as a DA bridge.
The DA commitment consists of Data Availability Certificate (DACert), including a hash of the data block, an expiration time, and a proof that the required threshold of Committee members have signed off on the data.
The sequencer distributes the data and collects signatures from Committee members offchain. Only the DACert is posted by the sequencer to the destination chain inbox (the DA bridge), achieving destination chain transaction ordering finality in a single onchain transaction.

**Risks**

- Funds can be lost if a malicious committee attests to an invalid data availability certificate.
- Funds can be lost if the bridge contract or its dependencies receive a malicious code upgrade. There is no delay on code upgrades.

**References**

- [Inside AnyTrust - Arbitrum Docs](https://docs.arbitrum.io/how-arbitrum-works/inside-anytrust)

## State validation

![A diagram of the state validation](https://l2beat.com/static/images/state-validation/bold.bb41beaf.png)

Updates to the system state can be proposed and challenged by a set of whitelisted validators. If a state root passes the challenge period, it is optimistically considered correct and made actionable for withdrawals.

### State root proposals

Validators propose state roots as children of a previous state root. A state root can have multiple conflicting children. State roots are referred to as "assertions" within the contracts. Each chain of assertions only requires one stake, and validators staked on assertions with a child are considered inactive and can either move their stake to a new node or withdraw it. The function used to propose a new assertion is the `stakeOnNewAssertion` function. The stake is currently set to 0.1 ETH, and it can be slashed if the proposal is proven incorrect via a fraud proof. The protocol allows such funds to be trustlessly pooled together if necessary. New nodes cannot be created faster than the minimum assertion period, currently set to 15m. An assertion without "rivals" can be confirmed after the challenge period has passed, currently set to 5d 14h. If a rival is present, then it is checked that the assertion is the winner in the challenge protocol.

**Risks**

- Funds can be stolen if no whitelisted challenger disputes an invalid state root before the challenge window expires (CRITICAL).

**References**

- [BoLD paper](https://arxiv.org/pdf/2404.10491)

### Challenges

A challenge can be started between two siblings, i.e. two different state roots that share the same parent, by calling the `createLayerZeroEdge` function in the `ChallengeManager` contract. Edges represent assertions, or bisected assertions, within the challenge protocol. Challenges are played via a bisection game, where asserters and challengers play together to find the first instruction of disagreement. Such instruction is then executed onchain in the WASM OneStepProver contract to determine the winner. An edge can only be bisected when rivaled. The bisection process requires no new stake as their validity is checked against a parent "history root" that contains all intermediate states. An edge can also be confirmed if itself or its descendants spend enough time being unrivaled. Such time is set to 5d 14h. If both actors play as slow as possible, the maximum time to confirm an edge is double such value, i.e. 11d 4h. Due to the complexities of maintaining the history root, the challenge protocol is divided into 3 levels, where the lowest level represents assertions over blocks, the highest level represents assertions over single WASM instructions, and intermediate levels represent assertions over chunks of WASM instructions. When moving between levels, a new stake is required. Level 0 (block level) requires a stake of 0.0 ETH, level 1 requires a stake of 0.1 ETH, level 2 requires a stake of 0.1 ETH. The ratio between such stakes can be exploited to perform resource exhaustion attacks.

**Risks**

- Funds can be stolen if an attacker successfully performs a resource exhaustion attack.

**References**

- [Fraud Proof Wars: Arbitrum BoLD](https://medium.com/l2beat/fraud-proof-wars-b0cb4d0f452a)

### Program Hashes

#### ArbOS wasmModuleRoot v51

A commitment to the exact WASM binary version used for Orbit stack optimistic dispute games.

- Hash: `0x8a7513bf7bb3e3db04b0d982d0e973bcf57bf8b88aef7c6d03dba3a81a56a499`
- Repository: https://github.com/OffchainLabs/nitro/tree/consensus-v51/arbos
- Verification: successful
- Used in: [Plume Network](https://l2beat.com/layer2s/projects/plumenetwork), [Gravity](https://l2beat.com/layer2s/projects/galxegravity), [Reya](https://l2beat.com/layer2s/projects/reya), [Ethereal](https://l2beat.com/layer2s/projects/ethereal), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain), [Lasernet](https://l2beat.com/layer2s/projects/lasernet), [Pepe Unchained](https://l2beat.com/layer2s/projects/pepe-unchained), [Corn](https://l2beat.com/layer2s/projects/corn), [Onyx](https://l2beat.com/layer2s/projects/onyx), [Powerloom](https://l2beat.com/layer2s/projects/powerloom), [Superposition](https://l2beat.com/layer2s/projects/superposition)

##### Verification steps

Even though the program is compiled in docker for reproducibility reasons, it gives the correct results only on linux OS. Steps below were done on Ubuntu 22.04 OS. The steps below consume ~35 GiB disk space.

1. Install docker [https://docs.docker.com/get-started/get-docker/](https://docs.docker.com/get-started/get-docker/).
2. Checkout the correct branch in [nitro](https://github.com/OffchainLabs/nitro) repo: `git checkout consensus-v51` . Commit hash should be `03949e76071f048c850d721c7a378a2e4b3fbd09`.
3. Update git submodules `git submodule update --init --recursive --force`.
4. Generate wasm module root in docker: `docker buildx build --target nitro-node-dev -t nitro-node-dev .`.
5. Export the value from the docker: `docker run --rm --entrypoint cat nitro-node-dev /home/user/target/machines/latest/module-root.txt`.

## Upgrades & Governance

### Past upgrades

The metrics include upgrades on the currently used proxy contracts. Historical proxy contracts and changes of such are not included.

- Count of upgrades: 7
- Last upgrade: 4mo ago
- Avg upgrade interval: 5mo 28d

- 2026-06-19 01:34 UTC, upgrade of [ExchangeGateway](https://explorer.ethereal.trade/address/0xB3cDC82035C495c484C9fF11eD5f3Ff6d342e3cc#code): transaction [0x7e8bc19dd02c63ae22cba5f88603c784cbcd2bd6230e11491b2b80d601ee4967](https://explorer.ethereal.trade/tx/0x7e8bc19dd02c63ae22cba5f88603c784cbcd2bd6230e11491b2b80d601ee4967), implementations: [0xd03959377f5DF4CB08A6bB1aec93ddE2141fC3A0](https://explorer.ethereal.trade/address/0xd03959377f5DF4CB08A6bB1aec93ddE2141fC3A0#code) ([diff](https://disco.l2beat.com/diff/ethereal:0x6F4888af4c37D9Da8545b4766646e2891e47b1db/ethereal:0xd03959377f5DF4CB08A6bB1aec93ddE2141fC3A0))
- 2026-04-16 07:56 UTC, upgrade of [ExchangeGateway](https://explorer.ethereal.trade/address/0xB3cDC82035C495c484C9fF11eD5f3Ff6d342e3cc#code): transaction [0x5af5474916ab2d51c82b367a4de90b08e07eb9dd8bc452788c9856ff70cabad2](https://explorer.ethereal.trade/tx/0x5af5474916ab2d51c82b367a4de90b08e07eb9dd8bc452788c9856ff70cabad2), implementations: [0x6F4888af4c37D9Da8545b4766646e2891e47b1db](https://explorer.ethereal.trade/address/0x6F4888af4c37D9Da8545b4766646e2891e47b1db#code) ([diff](https://disco.l2beat.com/diff/ethereal:0x922Eb912285225c25428bC4Aaf4C31Eb73C07f6d/ethereal:0x6F4888af4c37D9Da8545b4766646e2891e47b1db))
- 2026-02-09 10:03 UTC, upgrade of [SequencerInbox](https://arbiscan.io/address/0x0E2480384E3703FDf84c7A0448658E8C7543b3a8#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0xC08A4543b011fd4f1EfC9e26521F4e157433b3b1](https://arbiscan.io/address/0xC08A4543b011fd4f1EfC9e26521F4e157433b3b1#code) ([diff](https://disco.l2beat.com/diff/arb1:0x289b8F787Ab752b039C477B98016869f6b8AE772/arb1:0xC08A4543b011fd4f1EfC9e26521F4e157433b3b1))
- 2026-02-09 10:03 UTC, deployment of [RollupProxy](https://arbiscan.io/address/0x75c070fe237817Bd027d402327069e9cd07De078#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0x8dA371823A4937e5F371B7b53876Ee34d5d5E520](https://arbiscan.io/address/0x8dA371823A4937e5F371B7b53876Ee34d5d5E520#code), [0x56411606380fD9eF28DB1AAc3897Bd4a24F26606](https://arbiscan.io/address/0x56411606380fD9eF28DB1AAc3897Bd4a24F26606#code)
- 2026-02-09 10:03 UTC, deployment of [EdgeChallengeManager](https://arbiscan.io/address/0xA4444d9536595d35967206b86067a90aD053e1EF#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0x1Ef281CD6BD48affD9C44Cb590858FCfF92DE821](https://arbiscan.io/address/0x1Ef281CD6BD48affD9C44Cb590858FCfF92DE821#code)
- 2026-02-09 10:03 UTC, upgrade of [Bridge](https://arbiscan.io/address/0xd86f5ad3fa5becbB07e565DbD4b70DBd817A43A8#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0x31127A9c0308d8E3F6db5158a14aD674f22946d7](https://arbiscan.io/address/0x31127A9c0308d8E3F6db5158a14aD674f22946d7#code) ([diff](https://disco.l2beat.com/diff/arb1:0x92329713Dc1a897D67a1C7f2a40eeeA83F5362CE/arb1:0x31127A9c0308d8E3F6db5158a14aD674f22946d7))
- 2026-02-09 10:03 UTC, upgrade of [Inbox](https://arbiscan.io/address/0x574b121c469583c3a46cd88bBCC9Ac5c8C907d06#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0x08b1395a2Ee51073d6B9ebF9E97FBeb09dcAcAf1](https://arbiscan.io/address/0x08b1395a2Ee51073d6B9ebF9E97FBeb09dcAcAf1#code) ([diff](https://disco.l2beat.com/diff/arb1:0xb0de8855D29C00ad0710BC7a9975f0534deFc227/arb1:0x08b1395a2Ee51073d6B9ebF9E97FBeb09dcAcAf1))
- 2026-02-09 10:03 UTC, upgrade of [Outbox](https://arbiscan.io/address/0xA2A5DCA414e3AaBD48B9CA97426f7e3Fba967492#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0x99761fAc22FcE23498F8004ac4025F822fEdce95](https://arbiscan.io/address/0x99761fAc22FcE23498F8004ac4025F822fEdce95#code) ([diff](https://disco.l2beat.com/diff/arb1:0xd2e4Cc9Ec636eC9cFE840A2cF6ca32B690fD921A/arb1:0x99761fAc22FcE23498F8004ac4025F822fEdce95))
- 2026-02-09 10:03 UTC, upgrade of [RollupEventInbox](https://arbiscan.io/address/0x5D6bec85F093Eb49bD6913aCe7e9A081c41aed8F#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0x9fD20D42Cf52B1A0dEf8e95AD8d2E92B58ECa51B](https://arbiscan.io/address/0x9fD20D42Cf52B1A0dEf8e95AD8d2E92B58ECa51B#code) ([diff](https://disco.l2beat.com/diff/arb1:0x4b4fdb082b44490c9AEEd91C932c3E33AAbfF653/arb1:0x9fD20D42Cf52B1A0dEf8e95AD8d2E92B58ECa51B))
- 2025-10-15 13:20 UTC, deployment of [ExchangeGateway](https://explorer.ethereal.trade/address/0xB3cDC82035C495c484C9fF11eD5f3Ff6d342e3cc#code): transaction [0x04a67ea928eab86c5df00ab440dbc47745f199286b8478ef520c8f6fc6b804d0](https://explorer.ethereal.trade/tx/0x04a67ea928eab86c5df00ab440dbc47745f199286b8478ef520c8f6fc6b804d0), implementations: [0x922Eb912285225c25428bC4Aaf4C31Eb73C07f6d](https://explorer.ethereal.trade/address/0x922Eb912285225c25428bC4Aaf4C31Eb73C07f6d#code)
- 2025-09-24 19:55 UTC, deployment of [PythLazer](https://explorer.ethereal.trade/address/0xACeA761c27A909d4D3895128EBe6370FDE2dF481#code): transaction [0x10c96fa49c416b2c5064728b2e683e0ffe68885629e4f4ab4046a516184993c3](https://explorer.ethereal.trade/tx/0x10c96fa49c416b2c5064728b2e683e0ffe68885629e4f4ab4046a516184993c3), implementations: [0x486908B534E34D1Ca04d12F01b5Bf47aC62A68F5](https://explorer.ethereal.trade/address/0x486908B534E34D1Ca04d12F01b5Bf47aC62A68F5#code)
- 2025-09-22 19:49 UTC, deployment of [SequencerInbox](https://arbiscan.io/address/0x0E2480384E3703FDf84c7A0448658E8C7543b3a8#code): transaction [0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d](https://arbiscan.io/tx/0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d), implementations: [0x289b8F787Ab752b039C477B98016869f6b8AE772](https://arbiscan.io/address/0x289b8F787Ab752b039C477B98016869f6b8AE772#code)
- 2025-09-22 19:49 UTC, deployment of [Bridge](https://arbiscan.io/address/0xd86f5ad3fa5becbB07e565DbD4b70DBd817A43A8#code): transaction [0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d](https://arbiscan.io/tx/0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d), implementations: [0x92329713Dc1a897D67a1C7f2a40eeeA83F5362CE](https://arbiscan.io/address/0x92329713Dc1a897D67a1C7f2a40eeeA83F5362CE#code)
- 2025-09-22 19:49 UTC, deployment of [Inbox](https://arbiscan.io/address/0x574b121c469583c3a46cd88bBCC9Ac5c8C907d06#code): transaction [0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d](https://arbiscan.io/tx/0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d), implementations: [0xb0de8855D29C00ad0710BC7a9975f0534deFc227](https://arbiscan.io/address/0xb0de8855D29C00ad0710BC7a9975f0534deFc227#code)
- 2025-09-22 19:49 UTC, deployment of [Outbox](https://arbiscan.io/address/0xA2A5DCA414e3AaBD48B9CA97426f7e3Fba967492#code): transaction [0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d](https://arbiscan.io/tx/0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d), implementations: [0xd2e4Cc9Ec636eC9cFE840A2cF6ca32B690fD921A](https://arbiscan.io/address/0xd2e4Cc9Ec636eC9cFE840A2cF6ca32B690fD921A#code)
- 2025-09-22 19:49 UTC, deployment of [RollupEventInbox](https://arbiscan.io/address/0x5D6bec85F093Eb49bD6913aCe7e9A081c41aed8F#code): transaction [0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d](https://arbiscan.io/tx/0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d), implementations: [0x4b4fdb082b44490c9AEEd91C932c3E33AAbfF653](https://arbiscan.io/address/0x4b4fdb082b44490c9AEEd91C932c3E33AAbfF653#code)
- 2025-09-22 19:49 UTC, deployment of [UpgradeExecutor](https://arbiscan.io/address/0xDde7f92D0f2225f5951564D387e158b9b57f95F3#code): transaction [0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d](https://arbiscan.io/tx/0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d), implementations: [0xb6298031A9536600EBB8B59f3DD24b0e33d86008](https://arbiscan.io/address/0xb6298031A9536600EBB8B59f3DD24b0e33d86008#code)

## Updates

Each date links the update on the HTML page, which also shows its contract diffs.

### [2026-07-07 12:20 UTC](https://l2beat.com/layer2s/projects/ethereal?update=8ae34b66) (high severity, 8 changes)

ExchangeGateway upgraded; source unchanged. PerpEngine redeployed and rewired via the ExchangeGateway `PERP_ENGINE` registry. New PerpEngine adds a Liquidator role that can settle funding and PnL without a matching account, and lets `update()` change a perp product's `pythFeedId`. [PerpEngine diff](https://disco.l2beat.com/diff/ethereal:0xCc0385301a10191b7ac633A64742a34F2e4cFB37/ethereal:0x5e26faca3898F6fF88A6ae0Be08a290Ad9f3C3c8).

### [2026-06-15 08:07 UTC](https://l2beat.com/layer2s/projects/ethereal?update=9ee73a7c) (2 changes)

Conduit Multisig 2 dropped one signer.

### [2026-06-08 13:31 UTC](https://l2beat.com/layer2s/projects/ethereal?update=6ecaa059) (2 changes)

Ethereal SafeL2 (on ethereal chain) rotated one signer.

### [2026-06-02 11:04 UTC](https://l2beat.com/layer2s/projects/ethereal?update=7a9e030d) (2 changes)

Conduit Multisig 2 rotated one signer (operator key `0x3840…fd5f` → `0xcdC9…4853`); same rotation propagated across Conduit Multisigs 1/2/3 on eth/arb1/base.

### [2026-05-08 09:35 UTC](https://l2beat.com/layer2s/projects/ethereal?update=00707823) (4 changes)

ExchangeGateway-owning SafeL2 (`ethereal:0x14Fb412e...`, the one ethereal moved to on 2026-05-05) added 2 signers (`0xcE7a6c96`, `0x9D217887`). Threshold 2 → 3, total 3 → 5 (2-of-3 → 3-of-5).

### [2026-05-05 15:18 UTC](https://l2beat.com/layer2s/projects/ethereal?update=462a3f8a) (5 changes)

ExchangeGateway admin/owner moved from old SafeL2 (`0xae703b50...`) to a newly-deployed SafeL2 (`0x14Fb412e...`). The old SafeL2 also had member `0x690d1E0f` removed (5-of-11 → 5-of-10). Net effect: governance over the DEX entrypoint shifted to a new multisig contract.

### [2026-04-28 15:42 UTC](https://l2beat.com/layer2s/projects/ethereal?update=d6e5ab7e) (2 changes)

Conduit Multisig 2 (`arb1:0x79C2abE3...`) — signer `0x381624F7` removed. Threshold unchanged at 4; total signers 12 → 11 (33% → 36%). Same shared multisig change observed on `superposition`.

### [2026-04-16 21:34 UTC](https://l2beat.com/layer2s/projects/ethereal?update=93ec268d) (high severity, 14 changes)

ExchangeGateway upgraded (still delegatecalls auxiliary modules via the registry). ActionHandler and Liquidation redeployed at new addresses; a new Deleverage module was added to the registry. Old ActionHandler (0xA23081) and Liquidation (0xF925Bf) deleted from discovery. CollateralManager, ExchangeConfig, and PerpEngine unchanged.

Shapes added: ExchangeGateway v2 (0x86b4515...), and new auxiliary shapes for ActionHandler_v2, Liquidation_v2, Deleverage in ethereal/ExchangeGatewayRegistryContracts template.

ExchangeGateway: [diff](https://disco.l2beat.com/diff/ethereal:0x922Eb912285225c25428bC4Aaf4C31Eb73C07f6d/ethereal:0x6F4888af4c37D9Da8545b4766646e2891e47b1db)

### [2026-02-11 15:33 UTC](https://l2beat.com/layer2s/projects/ethereal?update=2f2a0d80) (high severity, 66 changes)

Upgrade to BoLD dispute protocol and ArbOS v51 "Dia" (nitro-contracts v3.1.0+).

RollupProxy replaced with a new BoLD-enabled contract (`isPostBoLD: true`). Assertion-based state management replaces the old node-based system. Validators stake 0.1 ETH (WETH), validator whitelist remains enabled.

ChallengeManager replaced with EdgeChallengeManager implementing the BoLD multi-level bisection protocol: block-level edges (height 67M), 1 big-step level (height 524K), small-step edges (height 8.4M), with 0.1 ETH stake for big-step and small-step edges.

All core contracts upgraded: Bridge, Inbox, Outbox, RollupEventInbox, SequencerInbox. SequencerInbox gains delay buffer support (`isDelayBufferable: true`, currently set to max/disabled) and `feeTokenPricer` field. `delayBlocks` increased from 5760 to 7200.

All four OneStepProvers and OneStepProofEntry replaced with new versions. ValidatorUtils removed (no longer needed in BoLD).

ArbOS updated to v51 "Dia" (wasmModuleRoot `0x8a7513bf...`), adding Ethereum Fusaka support (secp256r1, BLS12-381, CLZ opcode), improved gas pricing, and native token mint/burn support.

### [2026-01-27 11:42 UTC](https://l2beat.com/layer2s/projects/ethereal?update=fb033149) (2 changes)

New member added to Conduit Multisig 2, increasing from 4 of 11 to 4 of 12 threshold.

### [2026-01-21 08:37 UTC](https://l2beat.com/layer2s/projects/ethereal?update=a54824e4) (2 changes)

New member conduit msig2.

### [2026-01-16 12:23 UTC](https://l2beat.com/layer2s/projects/ethereal?update=8103bfb0) (2 changes)

Conduit Multisig 2 added a new signer, increasing members from 9 to 10 (threshold remains 4).

### [2026-01-14 12:40 UTC](https://l2beat.com/layer2s/projects/ethereal?update=a303960f) (2 changes)

Conduit Multisig 2 lost one member, reducing from 4 of 10 to 4 of 9 threshold.

### [2025-12-10 12:06 UTC](https://l2beat.com/layer2s/projects/ethereal?update=28446f9d) (3 changes)

Conduit multisig added member.

### [2025-10-23 12:25 UTC](https://l2beat.com/layer2s/projects/ethereal?update=006fbaf3) (10 changes)

add ethereal on ethereal disco incl the exchange contract. heavily EOA and layerzero-governed.

this is the first orbit stack that uses the native OFT integration (uses a precompile to allow gas token mints on the L2).

for TVS we are counting the wrapped USDe for now (covers >90% since the exchange only supports this token). in the future we will need a custom tvs adapter for such chains.

### [2025-10-22 14:50 UTC](https://l2beat.com/layer2s/projects/ethereal?update=62c39415) (18 changes)

standard v41 (wasmroot) orbit stack with custom outbox that can sweep native tokens from the escrow.

the wasmroot is not yet resolved because that would require global disco refresh.

## Operator

The section considers only the L3 properties. For more details please refer to [Arbitrum One](https://l2beat.com/layer2s/projects/arbitrum)

### The system has a centralized sequencer

While forcing transaction is open to anyone the system employs a privileged sequencer that has priority for submitting transaction batches and ordering transactions.

**Risks**

- MEV can be extracted if the operator exploits their centralized position and frontruns user transactions.

**References**

- [Sequencer - Arbitrum documentation](https://docs.arbitrum.io/how-arbitrum-works/inside-arbitrum-nitro#the-sequencer)

### Users can force any transaction

Because the state of the system is based on transactions submitted on the underlying host chain and anyone can submit their transactions there it allows the users to circumvent censorship by interacting with the smart contract on the host chain directly. After a delay of 1d in which a Sequencer has failed to include a transaction that was directly posted to the smart contract, it can be forcefully included by anyone on the host chain, which finalizes its ordering.

**References**

- [SequencerInbox.sol - source code, forceInclusion function](https://arbiscan.io/address/0xC08A4543b011fd4f1EfC9e26521F4e157433b3b1#code)
- [Sequencer Isn't Doing Its Job - Arbitrum documentation](https://docs.arbitrum.io/how-arbitrum-works/sequencer#unhappyuncommon-case-sequencer-isnt-doing-its-job)

## Sequencing

### Buffered forced transactions

To force transactions from the host chain, users must first enqueue "delayed" messages in the "delayed" inbox of the Bridge contract. Only authorized Inboxes are allowed to enqueue delayed messages, and the so-called Inbox contract is the one used as the entry point by calling the `sendMessage` or `sendMessageFromOrigin` functions. If the centralized sequencer doesn't process the request within some time bound, users can call the `forceInclusion` function on the SequencerInbox contract to include the message in the canonical chain. The time bound is defined to be the minimum between 1d and the time left in the delay buffer. The delay buffer gets replenished over time and gets consumed every time the sequencer doesn't timely process a message. Only messages processed with a delay greater than 428424622y 1mo consume the buffer. The buffer is capped at 428424622y 1mo. The replenish rate is currently set at 1m every 20m. Even if the buffer is fully consumed, messages are still allowed to be delayed up to 428424622y 1mo.

**References**

- [Sequencer and censorship resistance - Arbitrum documentation](https://docs.arbitrum.io/how-arbitrum-works/sequencer)

## Withdrawals

The section considers only the L3 properties. For more details please refer to [Arbitrum One](https://l2beat.com/layer2s/projects/arbitrum)

### Regular messaging

The user initiates L2->L1 messages by submitting a regular transaction on this chain. When the block containing that transaction is settled, the message becomes available for processing on L1. The process of block finalization usually takes several days to complete.

**References**

- [Transaction lifecycle - Arbitrum documentation](https://developer.offchainlabs.com/tx-lifecycle)
- [L2 to L1 Messages - Arbitrum documentation](https://docs.arbitrum.io/how-arbitrum-works/deep-dives/l2-to-l1-messaging)
- [Mainnet for everyone - Arbitrum Blog](https://offchain.medium.com/mainnet-for-everyone-27ce0f67c85e)

### Autonomous exit

Users can (eventually) exit the system by pushing the transaction on L1 and providing the corresponding state root. The only way to prevent such withdrawal is via an upgrade.

## Other considerations

### EVM compatible smart contracts are supported

Arbitrum One uses Nitro technology that allows running fraud proofs by executing EVM code on top of WASM.

**References**

- [Inside Arbitrum Nitro](https://developer.offchainlabs.com/inside-arbitrum-nitro/)

## Permissions

Explore these contracts and permissions in Disco, L2BEAT's contract explorer: https://disco.l2beat.com/ui/p/ethereal

### Arbitrum One

#### Actors

##### Conduit Multisig 2

Addresses: [0x79C2abE3eBA9dc119318FdAaA48118e1CDB53F56](https://arbiscan.io/address/0x79C2abE3eBA9dc119318FdAaA48118e1CDB53F56)

A Multisig with 4/10 threshold.
- Can upgrade **with no delay**
  - SequencerInbox [via: UpgradeExecutor → ProxyAdmin]
  - Inbox [via: UpgradeExecutor → ProxyAdmin]
  - RollupEventInbox [via: UpgradeExecutor → ProxyAdmin]
  - RollupProxy [via: UpgradeExecutor]
  - Outbox [via: UpgradeExecutor → ProxyAdmin]
  - EdgeChallengeManager [via: UpgradeExecutor → ProxyAdmin]
  - Bridge [via: UpgradeExecutor → ProxyAdmin]
  - UpgradeExecutor [via: UpgradeExecutor → ProxyAdmin]
- Can interact with RollupProxy
  - Pause and unpause and set important roles and parameters in the system contracts: Can delegate Sequencer management to a BatchPosterManager address, manage data availability, DACs and the fastConfirmer role, set the Sequencer-only window, introduce an allowList to the bridge and whitelist Inboxes/Outboxes [via: UpgradeExecutor]

Participants (10): [0xcdC931935768c0562AfE989A366a3Dc4d52F4853](https://arbiscan.io/address/0xcdC931935768c0562AfE989A366a3Dc4d52F4853), [0xA9FCCc53F1c9095DA867Bd648683F8bdCcc78d09](https://arbiscan.io/address/0xA9FCCc53F1c9095DA867Bd648683F8bdCcc78d09), [0x6BB4249858Ee19b6ABC071AD26bEe690baa783A6](https://arbiscan.io/address/0x6BB4249858Ee19b6ABC071AD26bEe690baa783A6), [0x2103c69696CB2D3779f5445393808239034E911c](https://arbiscan.io/address/0x2103c69696CB2D3779f5445393808239034E911c), [0x81175155D85377C337d92f1FA52Da166C3A4E7Ac](https://arbiscan.io/address/0x81175155D85377C337d92f1FA52Da166C3A4E7Ac), [0xA0737fea60F0601A192E3d2c98865A883ab0bda2](https://arbiscan.io/address/0xA0737fea60F0601A192E3d2c98865A883ab0bda2), [0xF3313C48BD8E17b823d5498D62F37019dFEA647D](https://arbiscan.io/address/0xF3313C48BD8E17b823d5498D62F37019dFEA647D), [0x4D8007a0E9f293e62E2b0F43C6Cf4C4B9e135BAe](https://arbiscan.io/address/0x4D8007a0E9f293e62E2b0F43C6Cf4C4B9e135BAe), [0xa0C600a6e85bf225958FFAcC70B5FDDF9A059038](https://arbiscan.io/address/0xa0C600a6e85bf225958FFAcC70B5FDDF9A059038), [0xefCf0c8faFB425997870f845e26fC6cA6EE6dD5C](https://arbiscan.io/address/0xefCf0c8faFB425997870f845e26fC6cA6EE6dD5C)

Used in: [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#Conduit%20Multisig%202)

##### Ethereal Multisig

Addresses: [0x33Fbf4E75d54bBec0e432B6dc27bDEa0ca5DEdf9](https://arbiscan.io/address/0x33Fbf4E75d54bBec0e432B6dc27bDEa0ca5DEdf9)

A Multisig with 5/11 threshold.

Participants (11): [0xb93C042c688F1Cf038bab03C4F832F2630Bb7d8F](https://arbiscan.io/address/0xb93C042c688F1Cf038bab03C4F832F2630Bb7d8F), [0xFBE49A82CB2BFF6Fa4C2B1F0d165A5E1175Aac83](https://arbiscan.io/address/0xFBE49A82CB2BFF6Fa4C2B1F0d165A5E1175Aac83), [0x54D0D64f7326b128959bf37Ed7B5f2510656a471](https://arbiscan.io/address/0x54D0D64f7326b128959bf37Ed7B5f2510656a471), [0xE987E14b2E204fdf5827a3cFCa7D476E8Df6a99E](https://arbiscan.io/address/0xE987E14b2E204fdf5827a3cFCa7D476E8Df6a99E), [0xe5cA87dA3A209aD85FdcbB515e1bD92644e9E1A6](https://arbiscan.io/address/0xe5cA87dA3A209aD85FdcbB515e1bD92644e9E1A6), [0x18d32B1AB042b5E9a3430e77fDE8B4783A019234](https://arbiscan.io/address/0x18d32B1AB042b5E9a3430e77fDE8B4783A019234), [0x99682F56F4ccCF61BD7e449924f2f62D395e1E45](https://arbiscan.io/address/0x99682F56F4ccCF61BD7e449924f2f62D395e1E45), [0xE3F95F2e1aDEC092337FB5D93C1fE87558658b11](https://arbiscan.io/address/0xE3F95F2e1aDEC092337FB5D93C1fE87558658b11), [0x66892C66711B2640360C3123E6C23C0cFa50550F](https://arbiscan.io/address/0x66892C66711B2640360C3123E6C23C0cFa50550F), [0x980742eDEA6b0df3566C19Ff4945c57E95449a13](https://arbiscan.io/address/0x980742eDEA6b0df3566C19Ff4945c57E95449a13), [0x690d1E0fac0599874b849EE88AeA27F7b348e1f2](https://arbiscan.io/address/0x690d1E0fac0599874b849EE88AeA27F7b348e1f2)

##### EOA 1

Addresses: [0x12473dC3cBefb64337B6c7A772F25f4d2d9b45c3](https://arbiscan.io/address/0x12473dC3cBefb64337B6c7A772F25f4d2d9b45c3)

- Can interact with SequencerInbox
  - Can submit transaction batches or commitments to the SequencerInbox contract on the host chain

##### EOA 2

Addresses: [0x80e046764185e776100A4f59079C2B00327f279A](https://arbiscan.io/address/0x80e046764185e776100A4f59079C2B00327f279A)

- Can interact with RollupProxy
  - Can propose new state roots (called nodes) and challenge state roots on the host chain

### Ethereal

#### Actors

##### SafeL2 (0x14Fb…a351)

Addresses: [0x14Fb412e1B692Cfc8C56ec285169e8bF27A7a351](https://explorer.ethereal.trade/address/0x14Fb412e1B692Cfc8C56ec285169e8bF27A7a351)

A Multisig with 3/5 threshold.
- Can upgrade **with no delay**
  - ExchangeGateway
- Can interact with ExchangeGateway
  - this primary administrator can modify system parameters, add or remove tokens, sequencers, emergency pausers, delegate depositors, and claimers. They also manage fee schedules and perpetual products, liquidator details, implementation pointers and other essential exchange settings

Participants (5): [0xcE7a6c96B0a351081a6053e6C95FA616555f3fb9](https://explorer.ethereal.trade/address/0xcE7a6c96B0a351081a6053e6C95FA616555f3fb9), [0x9D2178879e0387B1820168463670c43889536042](https://explorer.ethereal.trade/address/0x9D2178879e0387B1820168463670c43889536042), [0x4320A9290720462F0cd5dfB0F0B9bD4D4A74A8D3](https://explorer.ethereal.trade/address/0x4320A9290720462F0cd5dfB0F0B9bD4D4A74A8D3), [0xF3D11F9829Fdb9F61a7d987CCAa858054E80Eb33](https://explorer.ethereal.trade/address/0xF3D11F9829Fdb9F61a7d987CCAa858054E80Eb33), [0xb6349012024331A6989cdc4cfDf480C40cfAE058](https://explorer.ethereal.trade/address/0xb6349012024331A6989cdc4cfDf480C40cfAE058)

##### SafeL2 (0x3F93…b50e)

Addresses: [0x3F93bCc6201558aE2d7528a85575cF07679Bb50e](https://explorer.ethereal.trade/address/0x3F93bCc6201558aE2d7528a85575cF07679Bb50e)

A Multisig with 5/10 threshold.
- Can interact with OrbitNativeOFTAdapter
  - modify the LayerZero security stack of this OApp, which defines the main trust assumptions for users owning the native token and also potentially affects and is affected by all connected crosschain peers

Participants (10): [0x66096e581863EC2682e4E317Da41B80510a274F6](https://explorer.ethereal.trade/address/0x66096e581863EC2682e4E317Da41B80510a274F6), [0xb93C042c688F1Cf038bab03C4F832F2630Bb7d8F](https://explorer.ethereal.trade/address/0xb93C042c688F1Cf038bab03C4F832F2630Bb7d8F), [0x54D0D64f7326b128959bf37Ed7B5f2510656a471](https://explorer.ethereal.trade/address/0x54D0D64f7326b128959bf37Ed7B5f2510656a471), [0xE987E14b2E204fdf5827a3cFCa7D476E8Df6a99E](https://explorer.ethereal.trade/address/0xE987E14b2E204fdf5827a3cFCa7D476E8Df6a99E), [0xe5cA87dA3A209aD85FdcbB515e1bD92644e9E1A6](https://explorer.ethereal.trade/address/0xe5cA87dA3A209aD85FdcbB515e1bD92644e9E1A6), [0x18d32B1AB042b5E9a3430e77fDE8B4783A019234](https://explorer.ethereal.trade/address/0x18d32B1AB042b5E9a3430e77fDE8B4783A019234), [0x99682F56F4ccCF61BD7e449924f2f62D395e1E45](https://explorer.ethereal.trade/address/0x99682F56F4ccCF61BD7e449924f2f62D395e1E45), [0xE3F95F2e1aDEC092337FB5D93C1fE87558658b11](https://explorer.ethereal.trade/address/0xE3F95F2e1aDEC092337FB5D93C1fE87558658b11), [0x66892C66711B2640360C3123E6C23C0cFa50550F](https://explorer.ethereal.trade/address/0x66892C66711B2640360C3123E6C23C0cFa50550F), [0x980742eDEA6b0df3566C19Ff4945c57E95449a13](https://explorer.ethereal.trade/address/0x980742eDEA6b0df3566C19Ff4945c57E95449a13)

##### SafeL2 (0x58a1…8aC8)

Addresses: [0x58a16791037dF85CCbc3A65DE5a8401Fd04C8aC8](https://explorer.ethereal.trade/address/0x58a16791037dF85CCbc3A65DE5a8401Fd04C8aC8)

A Multisig with 2/3 threshold.
- Can interact with ExchangeGateway
  - receive exchange fees

Participants (3): [0xb6349012024331A6989cdc4cfDf480C40cfAE058](https://explorer.ethereal.trade/address/0xb6349012024331A6989cdc4cfDf480C40cfAE058), [0xF3D11F9829Fdb9F61a7d987CCAa858054E80Eb33](https://explorer.ethereal.trade/address/0xF3D11F9829Fdb9F61a7d987CCAa858054E80Eb33), [0x4320A9290720462F0cd5dfB0F0B9bD4D4A74A8D3](https://explorer.ethereal.trade/address/0x4320A9290720462F0cd5dfB0F0B9bD4D4A74A8D3)

##### EOA 3

Addresses: [0x98046Bd286715D3B0BC227Dd7a956b83D8978603](https://explorer.ethereal.trade/address/0x98046Bd286715D3B0BC227Dd7a956b83D8978603)

- Can upgrade **with no delay**
  - PythLazer
- Can interact with PythLazer
  - update the trusted offchain signer

##### EOA 4

Addresses: [0x9D4F46b2595F596fC826Db2e5A6c32bCfE8BdDA5](https://explorer.ethereal.trade/address/0x9D4F46b2595F596fC826Db2e5A6c32bCfE8BdDA5)

- Can interact with ExchangeGateway
  - take over liquidated accounts, then settle funding and PnL on the resulting positions via the PerpEngine

##### EOA 5

Addresses: [0xFD65878abf4cc5D4219bBBa10009885511626cad](https://explorer.ethereal.trade/address/0xFD65878abf4cc5D4219bBBa10009885511626cad)

- Can interact with ExchangeGateway
  - trusted off-chain operator that bundles user actions and submits them for on-chain execution, only role that can call the core state-transition function processActions in the Exchange contract

## Smart contracts

**Note:** Contracts presented in this section had their implementations updated since the last time our team looked at this project. The information presented may be inaccurate.

![A diagram of the smart contract architecture](https://l2beat.com/static/images/architecture/ethereal.a89be38b.png)

Explore these contracts and permissions in Disco, L2BEAT's contract explorer: https://disco.l2beat.com/ui/p/ethereal

### Arbitrum One

#### SequencerInbox

Addresses: [0x0E2480384E3703FDf84c7A0448658E8C7543b3a8](https://arbiscan.io/address/0x0E2480384E3703FDf84c7A0448658E8C7543b3a8#code), [0xC08A4543b011fd4f1EfC9e26521F4e157433b3b1](https://arbiscan.io/address/0xC08A4543b011fd4f1EfC9e26521F4e157433b3b1#code) (Implementation (Upgradable)), [0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2](https://arbiscan.io/address/0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2#code) (Admin)

**Past upgrades** (Count of upgrades: 1, Last upgrade: 8mo 9d ago, Avg upgrade interval: 6mo 14d)

- 2026-02-09 10:03 UTC, upgrade of [SequencerInbox](https://arbiscan.io/address/0x0E2480384E3703FDf84c7A0448658E8C7543b3a8#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0xC08A4543b011fd4f1EfC9e26521F4e157433b3b1](https://arbiscan.io/address/0xC08A4543b011fd4f1EfC9e26521F4e157433b3b1#code) ([diff](https://disco.l2beat.com/diff/arb1:0x289b8F787Ab752b039C477B98016869f6b8AE772/arb1:0xC08A4543b011fd4f1EfC9e26521F4e157433b3b1))
- 2025-09-22 19:49 UTC, deployment of [SequencerInbox](https://arbiscan.io/address/0x0E2480384E3703FDf84c7A0448658E8C7543b3a8#code): transaction [0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d](https://arbiscan.io/tx/0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d), implementations: [0x289b8F787Ab752b039C477B98016869f6b8AE772](https://arbiscan.io/address/0x289b8F787Ab752b039C477B98016869f6b8AE772#code)

A sequencer (registered in this contract) can submit transaction batches or commitments here.
- Roles:
  - **admin**: ProxyAdmin; ultimately Conduit Multisig 2
  - **batchPosters**: EOA 1

Can be upgraded by: Conduit Multisig 2 with no delay

Implementation used in: [Earnm](https://l2beat.com/layer2s/projects/earnm#SequencerInbox), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#SequencerInbox)

#### RollupProxy

Addresses: [0x75c070fe237817Bd027d402327069e9cd07De078](https://arbiscan.io/address/0x75c070fe237817Bd027d402327069e9cd07De078#code), [0x8dA371823A4937e5F371B7b53876Ee34d5d5E520](https://arbiscan.io/address/0x8dA371823A4937e5F371B7b53876Ee34d5d5E520#code) (Implementation #1 (Upgradable)), [0x56411606380fD9eF28DB1AAc3897Bd4a24F26606](https://arbiscan.io/address/0x56411606380fD9eF28DB1AAc3897Bd4a24F26606#code) (Implementation #2 (Upgradable)), [0xDde7f92D0f2225f5951564D387e158b9b57f95F3](https://arbiscan.io/address/0xDde7f92D0f2225f5951564D387e158b9b57f95F3#code) (Admin)

**Past upgrades** (Count of upgrades: No upgrades, Last upgrade: N/A, Avg upgrade interval: N/A)

- 2026-02-09 10:03 UTC, deployment of [RollupProxy](https://arbiscan.io/address/0x75c070fe237817Bd027d402327069e9cd07De078#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0x8dA371823A4937e5F371B7b53876Ee34d5d5E520](https://arbiscan.io/address/0x8dA371823A4937e5F371B7b53876Ee34d5d5E520#code), [0x56411606380fD9eF28DB1AAc3897Bd4a24F26606](https://arbiscan.io/address/0x56411606380fD9eF28DB1AAc3897Bd4a24F26606#code)

Central contract for the project's configuration like its execution logic hash (`wasmModuleRoot`) and addresses of the other system contracts. Entry point for Proposers creating new assertions (state commitments) and Challengers submitting fraud proofs (In the Orbit stack, these two roles are both called Validators).
- Roles:
  - **admin**: UpgradeExecutor; ultimately Conduit Multisig 2
  - **getValidators**: EOA 2
  - **owner**: UpgradeExecutor; ultimately Conduit Multisig 2

Can be upgraded by: Conduit Multisig 2 with no delay

Implementation used in: [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#RollupProxy)

#### EdgeChallengeManager

Addresses: [0xA4444d9536595d35967206b86067a90aD053e1EF](https://arbiscan.io/address/0xA4444d9536595d35967206b86067a90aD053e1EF#code), [0x1Ef281CD6BD48affD9C44Cb590858FCfF92DE821](https://arbiscan.io/address/0x1Ef281CD6BD48affD9C44Cb590858FCfF92DE821#code) (Implementation (Upgradable)), [0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2](https://arbiscan.io/address/0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2#code) (Admin)

**Past upgrades** (Count of upgrades: No upgrades, Last upgrade: N/A, Avg upgrade interval: N/A)

- 2026-02-09 10:03 UTC, deployment of [EdgeChallengeManager](https://arbiscan.io/address/0xA4444d9536595d35967206b86067a90aD053e1EF#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0x1Ef281CD6BD48affD9C44Cb590858FCfF92DE821](https://arbiscan.io/address/0x1Ef281CD6BD48affD9C44Cb590858FCfF92DE821#code)

Contract that implements the main challenge protocol logic of the fraud proof system.
- Roles:
  - **admin**: ProxyAdmin; ultimately Conduit Multisig 2

Can be upgraded by: Conduit Multisig 2 with no delay

Implementation used in: [Earnm](https://l2beat.com/layer2s/projects/earnm#EdgeChallengeManager), [Edge Chain](https://l2beat.com/layer2s/projects/edgechain#EdgeChallengeManager), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#EdgeChallengeManager)

#### Bridge (escrow)

Addresses: [0xd86f5ad3fa5becbB07e565DbD4b70DBd817A43A8](https://arbiscan.io/address/0xd86f5ad3fa5becbB07e565DbD4b70DBd817A43A8#code), [0x31127A9c0308d8E3F6db5158a14aD674f22946d7](https://arbiscan.io/address/0x31127A9c0308d8E3F6db5158a14aD674f22946d7#code) (Implementation (Upgradable)), [0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2](https://arbiscan.io/address/0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2#code) (Admin)

**Past upgrades** (Count of upgrades: 1, Last upgrade: 8mo 9d ago, Avg upgrade interval: 6mo 14d)

- 2026-02-09 10:03 UTC, upgrade of [Bridge](https://arbiscan.io/address/0xd86f5ad3fa5becbB07e565DbD4b70DBd817A43A8#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0x31127A9c0308d8E3F6db5158a14aD674f22946d7](https://arbiscan.io/address/0x31127A9c0308d8E3F6db5158a14aD674f22946d7#code) ([diff](https://disco.l2beat.com/diff/arb1:0x92329713Dc1a897D67a1C7f2a40eeeA83F5362CE/arb1:0x31127A9c0308d8E3F6db5158a14aD674f22946d7))
- 2025-09-22 19:49 UTC, deployment of [Bridge](https://arbiscan.io/address/0xd86f5ad3fa5becbB07e565DbD4b70DBd817A43A8#code): transaction [0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d](https://arbiscan.io/tx/0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d), implementations: [0x92329713Dc1a897D67a1C7f2a40eeeA83F5362CE](https://arbiscan.io/address/0x92329713Dc1a897D67a1C7f2a40eeeA83F5362CE#code)

Escrow contract for the project's gas token (can be different from ETH). Keeps a list of allowed Inboxes and Outboxes for canonical bridge messaging.
- Roles:
  - **admin**: ProxyAdmin; ultimately Conduit Multisig 2

The following tokens are included in the value secured calculation: USDe

Can be upgraded by: Conduit Multisig 2 with no delay

Implementation used in: [Earnm](https://l2beat.com/layer2s/projects/earnm#Bridge), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#Bridge)

#### UpgradeExecutor

Addresses: [0xDde7f92D0f2225f5951564D387e158b9b57f95F3](https://arbiscan.io/address/0xDde7f92D0f2225f5951564D387e158b9b57f95F3#code), [0xb6298031A9536600EBB8B59f3DD24b0e33d86008](https://arbiscan.io/address/0xb6298031A9536600EBB8B59f3DD24b0e33d86008#code) (Implementation (Upgradable)), [0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2](https://arbiscan.io/address/0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2#code) (Admin)

**Past upgrades** (Count of upgrades: No upgrades, Last upgrade: N/A, Avg upgrade interval: N/A)

- 2025-09-22 19:49 UTC, deployment of [UpgradeExecutor](https://arbiscan.io/address/0xDde7f92D0f2225f5951564D387e158b9b57f95F3#code): transaction [0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d](https://arbiscan.io/tx/0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d), implementations: [0xb6298031A9536600EBB8B59f3DD24b0e33d86008](https://arbiscan.io/address/0xb6298031A9536600EBB8B59f3DD24b0e33d86008#code)

Central contract defining the access control permissions for upgrading the system contract implementations.
- Roles:
  - **admin**: ProxyAdmin; ultimately Conduit Multisig 2
  - **executors**: Conduit Multisig 2

Can be upgraded by: Conduit Multisig 2 with no delay

#### Inbox

Addresses: [0x574b121c469583c3a46cd88bBCC9Ac5c8C907d06](https://arbiscan.io/address/0x574b121c469583c3a46cd88bBCC9Ac5c8C907d06#code), [0x08b1395a2Ee51073d6B9ebF9E97FBeb09dcAcAf1](https://arbiscan.io/address/0x08b1395a2Ee51073d6B9ebF9E97FBeb09dcAcAf1#code) (Implementation (Upgradable)), [0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2](https://arbiscan.io/address/0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2#code) (Admin)

**Past upgrades** (Count of upgrades: 1, Last upgrade: 8mo 9d ago, Avg upgrade interval: 6mo 14d)

- 2026-02-09 10:03 UTC, upgrade of [Inbox](https://arbiscan.io/address/0x574b121c469583c3a46cd88bBCC9Ac5c8C907d06#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0x08b1395a2Ee51073d6B9ebF9E97FBeb09dcAcAf1](https://arbiscan.io/address/0x08b1395a2Ee51073d6B9ebF9E97FBeb09dcAcAf1#code) ([diff](https://disco.l2beat.com/diff/arb1:0xb0de8855D29C00ad0710BC7a9975f0534deFc227/arb1:0x08b1395a2Ee51073d6B9ebF9E97FBeb09dcAcAf1))
- 2025-09-22 19:49 UTC, deployment of [Inbox](https://arbiscan.io/address/0x574b121c469583c3a46cd88bBCC9Ac5c8C907d06#code): transaction [0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d](https://arbiscan.io/tx/0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d), implementations: [0xb0de8855D29C00ad0710BC7a9975f0534deFc227](https://arbiscan.io/address/0xb0de8855D29C00ad0710BC7a9975f0534deFc227#code)

Facilitates sending L1 to L2 messages like depositing ETH, but does not escrow funds.
- Roles:
  - **admin**: ProxyAdmin; ultimately Conduit Multisig 2

Can be upgraded by: Conduit Multisig 2 with no delay

Implementation used in: [Earnm](https://l2beat.com/layer2s/projects/earnm#Inbox), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#Inbox)

#### Outbox

Addresses: [0xA2A5DCA414e3AaBD48B9CA97426f7e3Fba967492](https://arbiscan.io/address/0xA2A5DCA414e3AaBD48B9CA97426f7e3Fba967492#code), [0x99761fAc22FcE23498F8004ac4025F822fEdce95](https://arbiscan.io/address/0x99761fAc22FcE23498F8004ac4025F822fEdce95#code) (Implementation (Upgradable)), [0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2](https://arbiscan.io/address/0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2#code) (Admin)

**Past upgrades** (Count of upgrades: 1, Last upgrade: 8mo 9d ago, Avg upgrade interval: 6mo 14d)

- 2026-02-09 10:03 UTC, upgrade of [Outbox](https://arbiscan.io/address/0xA2A5DCA414e3AaBD48B9CA97426f7e3Fba967492#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0x99761fAc22FcE23498F8004ac4025F822fEdce95](https://arbiscan.io/address/0x99761fAc22FcE23498F8004ac4025F822fEdce95#code) ([diff](https://disco.l2beat.com/diff/arb1:0xd2e4Cc9Ec636eC9cFE840A2cF6ca32B690fD921A/arb1:0x99761fAc22FcE23498F8004ac4025F822fEdce95))
- 2025-09-22 19:49 UTC, deployment of [Outbox](https://arbiscan.io/address/0xA2A5DCA414e3AaBD48B9CA97426f7e3Fba967492#code): transaction [0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d](https://arbiscan.io/tx/0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d), implementations: [0xd2e4Cc9Ec636eC9cFE840A2cF6ca32B690fD921A](https://arbiscan.io/address/0xd2e4Cc9Ec636eC9cFE840A2cF6ca32B690fD921A#code)

Facilitates L2 to L1 contract calls: Messages initiated from L2 (for example withdrawal messages) eventually resolve in execution on L1.
- Roles:
  - **admin**: ProxyAdmin; ultimately Conduit Multisig 2

Can be upgraded by: Conduit Multisig 2 with no delay

Implementation used in: [Earnm](https://l2beat.com/layer2s/projects/earnm#Outbox), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#Outbox)

#### OneStepProverHostIo

Addresses: [0x18Cc27B3a95a6FdEf9EAA391eff28F48F42fFe3F](https://arbiscan.io/address/0x18Cc27B3a95a6FdEf9EAA391eff28F48F42fFe3F#code)

One of the modular contracts used for the last step of a fraud proof, which is simulated inside a WASM virtual machine.

Implementation used in: [Earnm](https://l2beat.com/layer2s/projects/earnm#OneStepProverHostIo), [Edge Chain](https://l2beat.com/layer2s/projects/edgechain#OneStepProverHostIo), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#OneStepProverHostIo)

#### ERC20MigrationOutbox

Addresses: [0x3515ad5D3D904Cb2731A7d6E5DB9f35D6CAFEB14](https://arbiscan.io/address/0x3515ad5D3D904Cb2731A7d6E5DB9f35D6CAFEB14#code)

Simple contract that, if set as allowedOutbox in the Bridge, allows to sweep all native tokens from the escrow to Ethereal Multisig.

#### OneStepProverMemory

Addresses: [0x583F8BA007580c83EFB4B02C66694096cD5c56d1](https://arbiscan.io/address/0x583F8BA007580c83EFB4B02C66694096cD5c56d1#code)

One of the modular contracts used for the last step of a fraud proof, which is simulated inside a WASM virtual machine.

Implementation used in: [Earnm](https://l2beat.com/layer2s/projects/earnm#OneStepProverMemory), [Edge Chain](https://l2beat.com/layer2s/projects/edgechain#OneStepProverMemory), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#OneStepProverMemory)

#### RollupEventInbox

Addresses: [0x5D6bec85F093Eb49bD6913aCe7e9A081c41aed8F](https://arbiscan.io/address/0x5D6bec85F093Eb49bD6913aCe7e9A081c41aed8F#code), [0x9fD20D42Cf52B1A0dEf8e95AD8d2E92B58ECa51B](https://arbiscan.io/address/0x9fD20D42Cf52B1A0dEf8e95AD8d2E92B58ECa51B#code) (Implementation (Upgradable)), [0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2](https://arbiscan.io/address/0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2#code) (Admin)

**Past upgrades** (Count of upgrades: 1, Last upgrade: 8mo 9d ago, Avg upgrade interval: 6mo 14d)

- 2026-02-09 10:03 UTC, upgrade of [RollupEventInbox](https://arbiscan.io/address/0x5D6bec85F093Eb49bD6913aCe7e9A081c41aed8F#code): transaction [0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf](https://arbiscan.io/tx/0xdb6ad9c2efe65f5130149cc9cce9f3ab4cb89bcfbd7156028f5c8399babf62bf), implementations: [0x9fD20D42Cf52B1A0dEf8e95AD8d2E92B58ECa51B](https://arbiscan.io/address/0x9fD20D42Cf52B1A0dEf8e95AD8d2E92B58ECa51B#code) ([diff](https://disco.l2beat.com/diff/arb1:0x4b4fdb082b44490c9AEEd91C932c3E33AAbfF653/arb1:0x9fD20D42Cf52B1A0dEf8e95AD8d2E92B58ECa51B))
- 2025-09-22 19:49 UTC, deployment of [RollupEventInbox](https://arbiscan.io/address/0x5D6bec85F093Eb49bD6913aCe7e9A081c41aed8F#code): transaction [0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d](https://arbiscan.io/tx/0xea3190e2248e13d16ca5157e1f44d98de19a93595aa644e2622629ebdaa19e0d), implementations: [0x4b4fdb082b44490c9AEEd91C932c3E33AAbfF653](https://arbiscan.io/address/0x4b4fdb082b44490c9AEEd91C932c3E33AAbfF653#code)

Helper contract sending configuration data over the bridge during the systems initialization.
- Roles:
  - **admin**: ProxyAdmin; ultimately Conduit Multisig 2

Can be upgraded by: Conduit Multisig 2 with no delay

Implementation used in: [Earnm](https://l2beat.com/layer2s/projects/earnm#RollupEventInbox), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#RollupEventInbox)

#### OneStepProofEntry

Addresses: [0x61006c8566fac9a3315F646dA4624C00BbCF15E4](https://arbiscan.io/address/0x61006c8566fac9a3315F646dA4624C00BbCF15E4#code)

One of the modular contracts used for the last step of a fraud proof, which is simulated inside a WASM virtual machine.

Implementation used in: [Earnm](https://l2beat.com/layer2s/projects/earnm#OneStepProofEntry), [Edge Chain](https://l2beat.com/layer2s/projects/edgechain#OneStepProofEntry), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#OneStepProofEntry)

#### OneStepProver0

Addresses: [0x78B101eC9736c4Ab06b0833f01Fd4c011f7CA612](https://arbiscan.io/address/0x78B101eC9736c4Ab06b0833f01Fd4c011f7CA612#code)

One of the modular contracts used for the last step of a fraud proof, which is simulated inside a WASM virtual machine.

Implementation used in: [Earnm](https://l2beat.com/layer2s/projects/earnm#OneStepProver0), [Edge Chain](https://l2beat.com/layer2s/projects/edgechain#OneStepProver0), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#OneStepProver0)

#### OneStepProverMath

Addresses: [0xB08Ca18499389ABfDF7b14b09BD2Bd4d56D7fbbb](https://arbiscan.io/address/0xB08Ca18499389ABfDF7b14b09BD2Bd4d56D7fbbb#code)

One of the modular contracts used for the last step of a fraud proof, which is simulated inside a WASM virtual machine.

Implementation used in: [Earnm](https://l2beat.com/layer2s/projects/earnm#OneStepProverMath), [Edge Chain](https://l2beat.com/layer2s/projects/edgechain#OneStepProverMath), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain#OneStepProverMath)

#### ProxyAdmin

Addresses: [0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2](https://arbiscan.io/address/0xc1136ea5F91f82cb468Fc7650579A95605D9f5C2#code)

- Roles:
  - **owner**: UpgradeExecutor

### Ethereal

#### PerpEngine

Addresses: [0x5e26faca3898F6fF88A6ae0Be08a290Ad9f3C3c8](https://explorer.ethereal.trade/address/0x5e26faca3898F6fF88A6ae0Be08a290Ad9f3C3c8#code)

Auxiliary contract of the ExchangeGateway.

#### Liquidation

Addresses: [0x636DE0449C4175C8AA66989ab34fab5373e044f1](https://explorer.ethereal.trade/address/0x636DE0449C4175C8AA66989ab34fab5373e044f1#code)

Auxiliary contract of the ExchangeGateway.

#### CollateralManager

Addresses: [0x638D6DaC0550f30f37aC5784260309Ac89302faA](https://explorer.ethereal.trade/address/0x638D6DaC0550f30f37aC5784260309Ac89302faA#code)

Auxiliary contract of the ExchangeGateway.

#### ActionHandler

Addresses: [0x70702e58005f3b91f9c8dFBe3A170051Ee61cf96](https://explorer.ethereal.trade/address/0x70702e58005f3b91f9c8dFBe3A170051Ee61cf96#code)

Auxiliary contract of the ExchangeGateway.

#### OrbitNativeOFTAdapter

Addresses: [0x80F981abC18A48CfdbDe5556F9B72e6a726F0FF3](https://explorer.ethereal.trade/address/0x80F981abC18A48CfdbDe5556F9B72e6a726F0FF3#code)

An OApp in the LayerZero protocol. It allows to mint the native token using the arbNativeTokenManager precompile on ArbOs. This means that the native token inherits all trust assumptions of the LayerZero security stack configured for this OApp and its crosschein peers, including minting and burning.
- Roles:
  - **owner**: SafeL2

#### PythLazer

Addresses: [0xACeA761c27A909d4D3895128EBe6370FDE2dF481](https://explorer.ethereal.trade/address/0xACeA761c27A909d4D3895128EBe6370FDE2dF481#code), [0x486908B534E34D1Ca04d12F01b5Bf47aC62A68F5](https://explorer.ethereal.trade/address/0x486908B534E34D1Ca04d12F01b5Bf47aC62A68F5#code) (Implementation (Upgradable)), [0x98046Bd286715D3B0BC227Dd7a956b83D8978603](https://explorer.ethereal.trade/address/0x98046Bd286715D3B0BC227Dd7a956b83D8978603#code) (Admin)

**Past upgrades** (Count of upgrades: No upgrades, Last upgrade: N/A, Avg upgrade interval: N/A)

- 2025-09-24 19:55 UTC, deployment of [PythLazer](https://explorer.ethereal.trade/address/0xACeA761c27A909d4D3895128EBe6370FDE2dF481#code): transaction [0x10c96fa49c416b2c5064728b2e683e0ffe68885629e4f4ab4046a516184993c3](https://explorer.ethereal.trade/tx/0x10c96fa49c416b2c5064728b2e683e0ffe68885629e4f4ab4046a516184993c3), implementations: [0x486908B534E34D1Ca04d12F01b5Bf47aC62A68F5](https://explorer.ethereal.trade/address/0x486908B534E34D1Ca04d12F01b5Bf47aC62A68F5#code)

Used to verify offchain signed oracle data.
- Roles:
  - **admin**: EOA 3
  - **owner**: EOA 3

Can be upgraded by: EOA 3 with no delay

#### ExchangeConfig

Addresses: [0xC199cC890F61B847bec9cec4212C35b759A9fD38](https://explorer.ethereal.trade/address/0xC199cC890F61B847bec9cec4212C35b759A9fD38#code)

Auxiliary contract of the ExchangeGateway.

#### Deleverage

Addresses: [0xF0597CF73cBdB97484c439533bdDBF733BfDf84B](https://explorer.ethereal.trade/address/0xF0597CF73cBdB97484c439533bdDBF733BfDf84B#code)

Auxiliary contract of the ExchangeGateway.

**Warning:** There are impactful changes to the following contracts, and part of the information might be outdated.

#### ExchangeGateway (impactful change)

Addresses: [0xB3cDC82035C495c484C9fF11eD5f3Ff6d342e3cc](https://explorer.ethereal.trade/address/0xB3cDC82035C495c484C9fF11eD5f3Ff6d342e3cc#code), [0xd03959377f5DF4CB08A6bB1aec93ddE2141fC3A0](https://explorer.ethereal.trade/address/0xd03959377f5DF4CB08A6bB1aec93ddE2141fC3A0#code) (Implementation (Upgradable)), [0x14Fb412e1B692Cfc8C56ec285169e8bF27A7a351](https://explorer.ethereal.trade/address/0x14Fb412e1B692Cfc8C56ec285169e8bF27A7a351#code) (Admin)

**Past upgrades** (Count of upgrades: 2, Last upgrade: 4mo ago, Avg upgrade interval: 4mo 2d)

- 2026-06-19 01:34 UTC, upgrade of [ExchangeGateway](https://explorer.ethereal.trade/address/0xB3cDC82035C495c484C9fF11eD5f3Ff6d342e3cc#code): transaction [0x7e8bc19dd02c63ae22cba5f88603c784cbcd2bd6230e11491b2b80d601ee4967](https://explorer.ethereal.trade/tx/0x7e8bc19dd02c63ae22cba5f88603c784cbcd2bd6230e11491b2b80d601ee4967), implementations: [0xd03959377f5DF4CB08A6bB1aec93ddE2141fC3A0](https://explorer.ethereal.trade/address/0xd03959377f5DF4CB08A6bB1aec93ddE2141fC3A0#code) ([diff](https://disco.l2beat.com/diff/ethereal:0x6F4888af4c37D9Da8545b4766646e2891e47b1db/ethereal:0xd03959377f5DF4CB08A6bB1aec93ddE2141fC3A0))
- 2026-04-16 07:56 UTC, upgrade of [ExchangeGateway](https://explorer.ethereal.trade/address/0xB3cDC82035C495c484C9fF11eD5f3Ff6d342e3cc#code): transaction [0x5af5474916ab2d51c82b367a4de90b08e07eb9dd8bc452788c9856ff70cabad2](https://explorer.ethereal.trade/tx/0x5af5474916ab2d51c82b367a4de90b08e07eb9dd8bc452788c9856ff70cabad2), implementations: [0x6F4888af4c37D9Da8545b4766646e2891e47b1db](https://explorer.ethereal.trade/address/0x6F4888af4c37D9Da8545b4766646e2891e47b1db#code) ([diff](https://disco.l2beat.com/diff/ethereal:0x922Eb912285225c25428bC4Aaf4C31Eb73C07f6d/ethereal:0x6F4888af4c37D9Da8545b4766646e2891e47b1db))
- 2025-10-15 13:20 UTC, deployment of [ExchangeGateway](https://explorer.ethereal.trade/address/0xB3cDC82035C495c484C9fF11eD5f3Ff6d342e3cc#code): transaction [0x04a67ea928eab86c5df00ab440dbc47745f199286b8478ef520c8f6fc6b804d0](https://explorer.ethereal.trade/tx/0x04a67ea928eab86c5df00ab440dbc47745f199286b8478ef520c8f6fc6b804d0), implementations: [0x922Eb912285225c25428bC4Aaf4C31Eb73C07f6d](https://explorer.ethereal.trade/address/0x922Eb912285225c25428bC4Aaf4C31Eb73C07f6d#code)

Main contract of the Ethereal DEX. Entrypoint for users to deposit and withdraw funds and for operators submit user actions.
- Roles:
  - **admin**: SafeL2
  - **getFeeCollector**: SafeL2
  - **getLiquidator**: EOA 4
  - **owner**: SafeL2
  - **registeredSequencers**: EOA 5

Can be upgraded by: SafeL2 with no delay

The current deployment carries some associated risks:

- Funds can be stolen if the custom whitelisted Outbox or its destination Multisig is compromised (CRITICAL).
- Funds can be stolen if a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL).

### Program Hashes

#### ArbOS wasmModuleRoot v51

A commitment to the exact WASM binary version used for Orbit stack optimistic dispute games.

- Hash: `0x8a7513bf7bb3e3db04b0d982d0e973bcf57bf8b88aef7c6d03dba3a81a56a499`
- Repository: https://github.com/OffchainLabs/nitro/tree/consensus-v51/arbos
- Verification: successful
- Used in: [Plume Network](https://l2beat.com/layer2s/projects/plumenetwork), [Gravity](https://l2beat.com/layer2s/projects/galxegravity), [Reya](https://l2beat.com/layer2s/projects/reya), [Ethereal](https://l2beat.com/layer2s/projects/ethereal), [EDU Chain](https://l2beat.com/layer2s/projects/edu-chain), [Lasernet](https://l2beat.com/layer2s/projects/lasernet), [Pepe Unchained](https://l2beat.com/layer2s/projects/pepe-unchained), [Corn](https://l2beat.com/layer2s/projects/corn), [Onyx](https://l2beat.com/layer2s/projects/onyx), [Powerloom](https://l2beat.com/layer2s/projects/powerloom), [Superposition](https://l2beat.com/layer2s/projects/superposition)

##### Verification steps

Even though the program is compiled in docker for reproducibility reasons, it gives the correct results only on linux OS. Steps below were done on Ubuntu 22.04 OS. The steps below consume ~35 GiB disk space.

1. Install docker [https://docs.docker.com/get-started/get-docker/](https://docs.docker.com/get-started/get-docker/).
2. Checkout the correct branch in [nitro](https://github.com/OffchainLabs/nitro) repo: `git checkout consensus-v51` . Commit hash should be `03949e76071f048c850d721c7a378a2e4b3fbd09`.
3. Update git submodules `git submodule update --init --recursive --force`.
4. Generate wasm module root in docker: `docker buildx build --target nitro-node-dev -t nitro-node-dev .`.
5. Export the value from the docker: `docker run --rm --entrypoint cat nitro-node-dev /home/user/target/machines/latest/module-root.txt`.