This event is an incentivised testnet to trial SNX staking on Optimistic Ethereum. It’s aimed at SNX stakers with smaller balances, who may have been priced out of participating in staking in recent months due to high gas prices. This is a huge milestone for Synthetix, Optimistic Ethereum, and indeed the entire Ethereum space. Optimistic Ethereum is the only generalised Layer 2 solution for Ethereum, ‘generalised’ meaning it doesn’t require specific functionality to be built to support existing L1 protocols. Launching SNX staking on OE is a crucial step towards full scalability for the burgeoning DeFi ecosystem, truly allowing anyone around the world access to open financial infrastructure without the friction of high gas costs.
This initiative will provide eligible SNX stakers with a snapshot of their SNX balance on Optimistic Ethereum’s L2 testnet which they can use to stake (and mint and burn sUSD) and claim staking rewards. The synthetixDAO will provide 50,000 SNX per week for 4 weeks as staking rewards for participating in the Optimistic Ethereum testnet. These rewards will be claimable on L2 mainnet at launch, and are allocated as per the usual L1 staking rules — they are allocated according to each staker’s debt percentage at the weekly snapshots at the end of each fee period.
At the end of the testnet trial, L2 stakers’ testnet L2 SNX rewards will be airdropped onto mainnet L2. However, they will not receive their initial testnet L2 SNX balance that was based on their L1 SNX balance, but like all L1 SNX stakers they will have the option of migrating over to L2 mainnet.
To be eligible to participate in this initiative, addresses must hold between 1 and 2500 SNX, including escrowed SNX, and must have staked (i.e. minted Synths) at least once historically. There was a snapshot earlier today (September 24, ET), at which time these requirements must have been met.
The purpose behind these eligibility criteria was to help alleviate the impact of past high gas costs for SNX stakers.
If your wallet is eligible, there will be a banner at the regular Mintr which tells you to head to L2.
Please note that if you do not qualify via the above requirements, there is currently no other way to participate. Please be aware that there may be scam Telegram groups offering fake SNX in exchange for ETH.
You can access the L2 Mintr frontend here. To participate, follow these steps:
Due to overwhelming demand, team have opted for a gradual release process where team will be integrating a small cohort of early adopters one at a time, in order to provide the best possible support to each pioneering project.
Synthetix has bravely volunteered to be the first! They will be incentivizing testnet usage (and breakage) with 200,000 SNX in rewards to their users for participating.
The testnet is currently open for public use, but not yet for public contract deployment. In order to best isolate bugs as they arise, the first phase of testnet will be limited to a subset of the full featureset. As team gain confidence in the stability of the testnet, team will progress through each phase until the full Optimistic Ethereum system is up and running.
Phase A — No deposits or withdrawals. Airdrop tokens into L2 Goerli and allow participants to mint & burn sUSD, and claim staking rewards.
Phase B — Deposits enabled. Airdrop of L1 Goerli SNX to participants. Users can now increase their staked SNX if they perform a deposit.
Security Drill — Upgrade OVM Contracts to add verification abilities. Team’ll actively commit fraud and reward the users who successfully submit a fraud proof!
Phase C — Withdrawals are enabled. Participants must perform a successful withdrawal to receive their testnet rewards on mainnet.