The Synthetix platform for synthetic assets has begun a pilot launch of Ethereum Layer-2 solution 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
The smart contracts of the decentralized Synthetix platform have been converted to the Optimistic Virtual Machine (OVM) format. Users can stake the native SNX token using the new service.
The developers stated that OΞ is the first scaling solution with a “full inter-layer transfer of smart contracts without the need to rewrite code”. This will allow Synthetix to migrate to the OVM with ease.
“This first phase of migration was designed for small SNX holders who may find interacting with the Layer 1 network prohibitively expensive due to high gas costs,” according to the Synthetix blog.
Before migrating to the new system, users must burn their debt in sUSD to release SNX tokens from staking under the old regime. After the migration, the coins will appear in the second version of the Mintr service, Mintr v2.
“Interaction with Optimism will be similar to interaction with the Layer 1 system,” the developers stressed. “After migrating to OΞ, SNX holders will be able to stake coins and mint sUSD.”
The developers stressed that the launch on mainnet is preliminary. This means that there may be bugs, outages and other issues. The Optimism team plans to retain control keys for updates for at least six months to respond quickly and upgrade the solution in case of serious problems.
Earlier, ForkLog reported on Synthetix’s transition to a decentralized governance model.
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