Staking on Synthetix has launched on the layer 2 mainnet, this marks a big step forward in the Ethereum ecosystem and if favorable will be the gun for the race to move to layer 2 between dapps. Currently among the top names in DeFi, Synthetix with its scaling solution from Optimism is clearly leading this race.
The transition to layer 2 is divided into several stages over a period of several months to ensure smooth operations, and today I will guide you who are holding SNX on how to move SNX to layer 2, as well as other steps. related staking rewards.
Let’s get started!
First, before rushing to stake SNX on L2, I advise you to read the master plan here and try with a small amount of SNX first to get used to it.
Convert SNX to L2
Transfer SNX from L1 to L2 via bridge here.
If you have staked SNX on L1 before, you must pay back the staking debt in sUSD to unstake SNX. (Click Burn L1 Debt).
Currently L2 only supports Metamask, other wallets will be supported later.
After you pay off your debt, SNX can be transferred to L2. (Click Deposit SNX).
As for the margin SNX (Escrowed SNX), it’s up to you whether you want to move to L2 or not.
After you have transferred SNX to L2, the system will process it in about 5 minutes. After processing, you can see the SNX number on L2 Mintr.
The experience on L2 will be similar to L1 but you will not be able to see the transaction processing on Etherscan as usual, now there is an alternative block explorer, you can see here.
Gas fee in the first stage will be paid by Optimism, but you have to sign the transfer confirmation for Optimism (It is recommended to use a secondary wallet with a trial amount of SNX)
Transfer SNX margin to L2 (optional)
Escrow SNX can be transferred here.
- In the first time, you will not be able to transfer the SNX number back to L1 (for a few months).
- Gas fees can be up to 0.5 ETH. (However, those who deposit <1000SNX can withdraw their profit after moving to L2 as a solution to compensate for gas fees).
After moving to L2, you can stake SNX and mine sUSD. In the first phase, you will stake through L2 Mintr, direct staking will launch next week.
Synthetix DAO has agreed to award rewards during the transition to L2. (Rewards are added directly to APY).
The prize structure will be:
- Week 1: 10,000 SNX
- Week 2: 10,000 SNX
- Week 3: 25,000 SNX
- Week 4: 25,000 SNX
- Week 5: Vote to see an increase in prizes.
Note: SNX transferred to L2 and sUSD mined on L2 will not be transferable to another L2 wallet for several weeks.
There will be SNX rewards for those who participated in the recent Synthetix testnet. Participants must do all of the following to claim the prize.
- Moved SNX to L2 testnet.
- Stake SNX on L2 testnet.
- Get staking rewards on L2 testnet.
- Withdraw SNX from L2 to L1 (just withdraw no matter whether successful or not).
The prize structure includes 200,000 SNX for all who participate. That SNX number will be divided according to the proportion of the staking reward that the participant receives.
Example: A received 12 SNX staking rewards out of a total of 1,200 SNX staking rewards. A will receive 1% of 200,000 SNX which is 2,000 SNX.
List of Eligible Persons here and SNX has been airdropped to the wallet, eligible brothers can see it on L2 Mintr.
Above are detailed instructions as well as information about SNX rewards. If you like, you can join and experience the feeling on L2.
If you have any questions, don’t hesitate to discuss them on our Telegram Techtipsnreview Insights or comment below. Techtipsnreview team will answer your questions to the best of their ability.
Source: Instructions for staking SNX on layer 2