Synthetix’s synthetic asset platform has pre-launched its L2 Optimistic Ethereum (OΞ) Layer 2 solution.
The Synthetix decentralised platform’s smart contracts have been converted to Optimistic Virtual Machine (OVM) format. Users can stack a native SNX token using the new service.
The developers have stated that OΞ is the first scalability Bitcoin Trader scam solution with „full cross-tier smart contract portability without the need to rewrite code“. This enables Synthetix to migrate to OVM with ease.
„This first phase of migration has been designed for smaller SNX holders who may be overpaid to interface with the Tier 1 network due to the high cost of gas,“ Synthetix said in a blog post.
Before migrating to the new system, users need to pay off sUSD debt in order to release SNX tokens from stacking within the former system. After the migration, the coins will appear in the second version of the Mintr service.
„The interaction with Optimism will be similar to that with the tier one system,“ the developers stressed. – After the migration to OΞ, SNX holders will be able to stack coins and issue sUSD.“
The developers stressed that the launch on the core network is preliminary. This means that bugs, glitches and other problems are possible. The Optimism project team plans to keep the keys to update the system for at least six months, so that in case of serious problems they can react quickly and update the solution.
ForkLog previously reported on Synthetix’s transition to a decentralised management model.