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Decentralised synthetic assets

Second OVM L2 testnet SNX distribution

Second OVM L2 testnet SNX distribution

After the recent launch of the incentivized trial to stake SNX on Optimistic Ethereum’s Layer 2 testnet for SNX stakers with less than 2500 SNX, it’s time for the next phase of the trial.

The purpose of this second phase is to trial the migration from L1 to L2, which will be an important part of the eventual mainnet launch. It also serves to open up the testnet trial to even more stakers than before, allowing more users to experience the seamless speed of Optimistic Ethereum!

Eligibility

This phase is open to all SNX holders who had up to 5000 SNX staked (including escrowed SNX) at 9:31 pm UTC on Monday Oct 5th.

If your wallet is eligible, there will be a banner on the Mintr L1 dApp that prompts you to participate in the trial.

How it works

To test the L1 to L2 migration, we will be using the Goerli L1 testnet, which can be selected in MetaMask. To switch your MetaMask wallet to the Goerli Testnet Network, click on the Main Ethereum Network bottom at the top of the wallet and select Goerli from the dropdown as demonstrated in the clip below.

In order to use Goerli to deposit your SNX, you’ll need Goerli ETH. We will distribute some Goerli ETH to eligible wallets, otherwise you can acquire some by using the Goerli ETH Faucet.

To check your eligibility for this trial, you can use this spreadsheet.

All eligible L1 SNX stakers will be distributed Goerli L1 SNX, which can then be migrated via Mintr onto the Optimistic Ethereum L2 testnet. This includes stakers who were eligible already in the first phase of the trial — they will have additional SNX to migrate to L2 and stake.

This second phase of L2 stakers will also have access to the rest of the SNX rewards, which as explained in relation to the first phase is 4 weeks of 50,000 SNX, totalling 200,000 SNX. Also from that post:

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.

Migrating to Optimistic Ethereum testnet

You can access the Goerli L2 Mintr migration frontend through the regular L1 Mintr interface. To participate, follow these steps:

  • If you’re eligible to participate, then you have been transferred Goerli SNX to your wallet and a banner will appear at the top of Mintr.
  • Switch to the Goerli Testnet Network in your MetaMask wallet as shown in the clip above.
  • Your screen will automatically refresh when you switch to Goerli. Select your wallet provider again and there should be another banner to replace the original one, only this one has a clickable link. Follow that link in the banner at the top of Mintr.
  • This takes you to the Goerli migration page. Press the Get Started button.
  • Burn the necessary amount of sUSD to clear your debt. (It’s unlikely you’ll have an existing sUSD debt on Goerli testnet).
  • Next, approve and deposit your Goerli SNX for staking on L2. Once completed, you will be able to manage your L2 funds in L2 Mintr.
  • After the next snapshot (Wednesdays, around 9am UTC), you’ll be able to claim your L2 staking rewards.

Your transactions may throw up an error such as the above, but this is to be expected.

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 only phase B of the Optimistic Ethereum testnet trial — we will be making further announcements about the following phases soon.

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!