Synthetix Has Just Launched Staking On Optimistic Ethereum: Report

As we all know, congestion is an issue for ethereum as it can cost over $50 to trade on exchanges and even more to perform more complex ETH Transactions. This is why Synthetix has just launched staking on optimistic Ethereum in a bid to try and lower the costs so let’s find out more in today’s altcoin news.

Many investors have been asking how this can be solved especially since ETH increased in value and more users tried to transact on ETH every day. Synthetix has a solution as it now looks. Back on Friday, the platform rolled out a new solution for its proposal in collaboration with Optimistic Ethereum and now users are able to migrate SNX to Optimistic ETH which is a second-layer scaling solution that uses a technology named Rollups in order to increase transactions speeds and to reduce transaction costs.

It’s important to remember that not all of syntehtix is on the layer-two solution as the team wrote in a blog post:

 “The migration process to OΞ has been designed to protect the core functionality of Synthetix, with multiple phases over several months to ensure the protocol is sufficiently robust by the time both staking and Synth exchanges are both fully live on L2.”

Only staking is available so far and this is a one-way bridge for the native token of the platform. In the upcoming months, the support will be extended and will include trading o sUSD into other Synthetix assets as well as support for Chainlink oracles and a two-way bridge for SNX too. Ethereum optimism released its own blog where it highlighted the goals with the rollout. The blog post had an image shared showing a pig with a unicorn horn and many considered this to be a sign that Optimistic Ethereum will be working with Uniswap which is one of the hardest platforms to use by smaller holders once the network gets congested.

Synthetix staking is now live on Optimistic Ethereum's L2 mainnet! @optimismPBC https://t.co/zxGjJghWpW

— Synthetix ⚔️ (@synthetix_io) January 15, 2021

Optimistic Ethereum is now live and works on ETH2 continues until we get a scaling solution that will adopt the speed of the layer-two scaling solutions without having to sacrifice the solutions that optimistic already has. ETH2 staking seems to be working fine with more than $2.5 billion worth of crypto deposited on the chain. This could be followed up with the integration of the transfers and with the introduction of smart contracts in the upcoming years.