Vitalik Buterin Stakes $10,000 in Synthetix Tokens

Vitalik Buterin, founder of the second-largest cryptocurrency by market capitalization, transferred 562 native tokens of the DeFi protocol Synthetix (SNX) valued at $9,695 into staking. Earlier, the project launched the second-layer solution called Optimistic Ethereum (OΞ).

Buterin transferred 562 SNX to the bridge address linking the largest decentralized derivatives platform to the OΞ sidechain.

Data: Etherscan.

According to developers, OΞ is the first scaling solution with “full inter-layer transfer of smart contracts without the need to rewrite code.”

The smart contracts of the decentralized Synthetix platform were converted to the Optimistic Virtual Machine (OVM) format. This allowed holders of small amounts of SNX to bypass the high gas costs.

Earlier in October, Buterin urged developers to focus on layer-2 solutions and to integrate them into wallets, as Ethereum’s base-layer scalability remains years away.

In August 2020, the Synthetix project moved to a decentralized governance model.

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