Decentralised synthetic assets

L2 SNX is now available for withdrawal from the Optimistic Ethereum testnet

L2 SNX is now available for withdrawal from the Optimistic Ethereum testnet

The reward claiming phase for SNX stakers on L2 testnet is now complete, and here marks the start of the final testnet phase, in which participants can withdraw their L2 SNX back to the Goerli L1 testnet.

This action is only available to SNX stakers who participated in the previous phase of the L2 testnet trial, which began in October.

If you are one of these stakers, you must participate in initiating a withdrawal of at least 0.01 SNX by Monday December 7th to be eligible for rewards once mainnet L2 is launched.
(Update: this has been updated to COB Sunday, December 20th)

Withdrawal process

In order to withdraw, you firstly must burn all of your debt. Once burned, you can start the withdrawal process by clicking the “Withdraw” button and then “Withdraw Now” to withdraw all SNX that is not escrowed back to L1 (Goerli). One complete, there are two processes that will happen:

  • Firstly, there is a waiting period to confirm your transaction. The L2 OVM is configured with a one week window to allow for anyone to submit fraud-proofs.
  • Secondly, once your withdrawal has been through the waiting period, it will be picked up by the L2 to L1 Relayer to migrate your SNX from L2 back to L1. This is expected to only take a few short moments.

Reward details

There is 200,000 SNX from the synthetixDAO to be distributed between participants of the SNX L2 Optimistic Ethereum trial.

In order to be eligible for the L2 SNX rewards from the trial, you must have carried out each of the following steps:

  • Participate in at least one of the first two phases of the L2 testnet trial, staking some SNX on L2.
  • Withdraw at least 0.01 SNX this week back to L1.

The distribution of rewards will be calculated with the following method:

  • Of all the eligible accounts that initiate a withdrawal this week on L2 Goerli, we will allocate them their portion of the 200,000 SNX based on their portion of the amount of SNX they have claimed on L2 Goerli throughout the trial.
  • For example, if Alice has 12 SNX in claims, and there were 120 SNX claims in total, then she receives 10% of the 200,000 SNX. This would be 20,000 SNX.
  • It is not determined by how much SNX is withdrawn from L2 back to L1 — to be eligible for rewards, you simply need to have withdrawn

Rewards will be distributed on L2 when it launches on Mainnet.

Bug Bounty program

Our usual bug bounty program for smart contract bugs will also apply to Synthetix on Optimistic Ethereum testnet:

  • Informational: $100 sUSD
  • Low severity: $500 sUSD
  • Moderate severity: $1000 sUSD
  • High severity: $5000 sUSD

Learn more

This is phase C of the Optimistic Ethereum testnet trial — stay tuned for more updates by following us on Twitter at @synthetix_io.

In the meantime, you can learn more about Optimistic Ethereum by checking out their announcement or website.

To learn more about Synthetix, visit the website, follow along on Twitter, and come join the conversation on Discord!