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Synthetix platform for synthetic assets has carried out a preliminary launch of the second level Ethereum solution L2 Optimistic Ethereum (OΞ).
Synthetix staking is now live on Optimistic Ethereum’s L2 mainnet! @optimismPBC https://t.co/zxGjJghWpW
— Synthetix ⚔️ (@synthetix_io) January 15, 2021
Smart contracts of the Synthetix decentralized platform have been converted to the Optimistic Virtual Machine (OVM) format. Users can stake the native SNX token using new service.
The developers stated that OΞ is the first scaling solution with “full ability to cross-tier smart contracts without rewriting code.” This allows Synthetix to migrate to OVM with ease.
“This first phase of migration was designed for small SNX holders who might find it too expensive to interact with the Tier 1 network due to the high cost of gas,” says on the Synthetix blog.
Before migrating to the new system, users need to pay off their sUSD debt in order to free SNX tokens from staking under the old system. After migration, coins will appear in second version of the Mintr service.
“Interaction with Optimism will be similar to interaction with the first level system, – the developers emphasized. “After migrating to OΞ, SNX holders will be able to stake coins and issue sUSD.”
The developers emphasized that the launch on the mainnet is preliminary. This means that errors, crashes and other problems are possible. The Optimism project team plans to keep the keys for updating the system for at least six months, so that in case of serious problems they can quickly respond and update the solution.
Formerly ForkLog reported on Synthetix’s transition to a decentralized management model.
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