Synthetix revealed that Synth exchanges have finally resided on the Optimistic Ethereum L2 platform. At first, a restricted variety of coins are supported in the new platform, however, the team prepares to release the completely capable trading service shortly.
Synthetix procedure prepares to fully introduce all of its services on O&X I;, and the current statement is a tactical step toward that goal. Users can now test the new trading services on Kwenta.
Action by Step Toward the Next Stage
Blockchain-bases services, specifically those that depend on smart agreements and offer monetary services, are slowly relocating to the next version of platforms. A lot of them are looming for layer two services, and most of them are all set to benefit from the Ethereum V2 capabilities.
IT’S FINALLY HERE!! @CHAINLINK AND @SYNTHETIX_IO NOW LIVE ON L2! 🥳🎈🎉 WOOOO! HTTPS://T.CO/IDBAWGZRH6
— OPTIMISM (@OPTIMISMPBC) JULY 29, 2021
Synthetix is one of the most active teams concerning migration and wishes to release the complete protocol on the layer two services. The very first and essential part has occurred, and Synth exchanges are now live on the Optimistic Ethereum L2 platform. A limited variety of digital properties are offered for trading in this stage, including sUSD, sBTC, sETH, and sLINK.
Gradually launching and moving to the new options is a technique to test and evaluate the circumstances in the platform– synthetix plans to examine network performance in production in the preliminary phase and study the behavior of users.
The most recent statement post about introducing the exchanges on the Positive platform explains the advantages of transferring to the L2 services. The most important one is reduced gas charges for traders. It claims ~ 50x lower gas fees for traders in the brand-new platform.
Reducing the gas fees in a decentralized exchange platform results in a better experience for traders and liquidity providers. Synthetix describes one of the benefits:
“As trading activity on O&X I; scales up in the coming months, L2 stakers will likely have to begin managing their financial obligation more actively. With the capability to mint and burn more regularly without incurring inflated gas fees, stakers will have the ability to handle their debt positions more efficiently and improve the overall stability of the network.”
A massive decrease in oracle latency is another advantage for traders when the launch is finished on Optimistic. Chainlink is the main partner in this area and will provide accurate costs for traders.
As pointed out above, launching Synth exchanges is the initial action. Synthetix plans to use numerous brand-new features on the L2 options, and we can anticipate it to draw in more liquidity since of the quick and low gas cost deal nature on L2.