Staking on Synthetix is live on the L2 mainnet, Optimistic Ethereum (OΞ).
With this staking, Synthetix has attained a new height. Likewise, the Ethereum ecosystem also experienced a new height as Optimistic Ethereum (OΞ) is the first-ever scaling solution that has full cross-layer porting capabilities for smart contracts. In addition, such porting does not require the contracts to be rewritten.
The Synthetix team has been working for several months to prepare the protocol towards the launch of staking and the Synth exchanges on L2. With multiple phases in place, migrating to OΞ has been developed to protect the core functionality of Synthetix. The team developed the first phase of migration for smaller SNX holders who are affected by the high gas costs on L1.
Migrating Your SNX to L2
Migrating to OΞ requires a bridge at https://staking.synthetix.io/l2, which will guarantee a successful migration from L1 to L2 for SNX holders. Prior to migration, SNX holders that have been taking part in SNX staking on L1 will be required to pay back any staking debt they have accrued. The staking debt must also be paid in sUSD to enable them to unstake their SNX.
Besides, the announcement stressed that SNX holders ensure that they have enough sUSD to pay back their debt before burning. The SNX holders should also note that the process of migration will eventually accept a variety of wallets. As for now, though, the migration only supports the MetaMask wallet. As soon as the debts have been paid by burning sUSD, there can be a successful migration of SNX to L2.
What To Do After Migrating To L2
Once SNX holders finally migrate to Optimistic Ethereum, they would be able to stake their SNX and also mint sUSD. After migration, it is pertinent to note that there is a time delay of ~5 minutes, which will last until the migrated SNX balance will appear on L2.
The initial phases of L2 do not enable stakers to receive inflationary SNX rewards. They are not also eligible to receive Synth exchange rewards from L1. In the future, the Synthetix community governance process plans to give some of the weekly SNX inflationary supply to reward stakers on L2.
Before now, Synthetix announced their partnership with Chainlink, leading to the launch of their Synthetic oil asset, sOIL. Synthetix utilizes a Chainlink decentralized oracle network to mirror the price movement of oil.
As of the time of publication, Synthetix Network Token’s price was $18.45 with a 24-hour trading volume of $325,982,311. SNX price also went up 9.8% over the last 24 hours. Besides, it has a circulating supply of 143 million SNX coins and a max supply of 216 million. WhiteBIT is also the current most active market trading SNX.
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