Synthetix launches Ethereum level 2 Optimism solution

by in DeFi News

Synthetix

Synthetix platform for synthetic assets has carried out a preliminary launch of the second level Ethereum solution L2 Optimistic Ethereum (OΞ).

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 the new service.

The developers stated that OΞ is the first scaling solution with "full ability to cross-tier smart contracts without rewriting code." That allows Synthetix to migrate to OVM with ease.

“This first phase of migration was designed for small SNX holders who may find it too expensive to interact with the Tier 1 network due to the high cost of gas,” reads the Synthetix blog.

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Before migrating to the new system, users need to pay off their sUSD debt to free SNX tokens from staking under the old system. After the migration, the coins will appear in the 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. That 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.