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Tutorial | What is the Layer 2 Synthetix experience of Optimism?

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Although this Layer 2 network is very early and may encounter many unknown defects and problems, there are still a lot of users who dare to try. The value of SNX migrated to the Layer 2 network is close to 40 million US dollars.

Original author: Donnager

Original source: Lianwen

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Synthetix may be the first mainstream decentralized finance (DeFi) application to be officially launched on the Ethereum Layer 2 network, which is based on the Optimistic Rollup expansion technology developed by the Optimism team.

Optimism is launching the main network in stages, and has carried out reward activities on the test network, and finally officially launched the Ethereum main network on January 15th. However, it is still promoted in the form of limited functions, so it is officially called "soft release", and currently only cooperates with Synthetix. According to the plan, Optimism will conduct a wider community public test on March 15.

Synthetix is a native financial application based on the Ethereum network. This protocol provides users with the ability to mint synthetic assets, anchoring goals through the design of token economics Asset prices, trading products or derivatives are also provided thereafter.

Layer 2 version has limited functions, but iteration should be fast

Current Layer 2 The version of Synthetix has very limited functions, and only provides functions such as staking, burning, receiving rewards, or exiting the Layer 2 network. According to the development progress of Synthetix, the iterative update of subsequent functions should be very fast, but it may also be affected by the development progress of the Optimism network. Influence.

The expansion scheme of Optimistic Rollup has the potential to bring two orders of magnitude improvement to the blockchain network, which means that if the network transaction cost is expected to be reduced. Optimism also provided transaction subsidies for this early Layer 2 network. Users do not need to pay transaction costs for operations in the Layer 2 version of Synthetix, but the official has not yet disclosed how long the subsidy will last.

Although this Layer 2 network is very early and may encounter many unknown defects and problems, there are still quite a few users who dare to try. The value of SNX to the Layer 2 network is close to 40 million US dollars.

How much gas does it take to go to Layer 2?

In order to let everyone feel the user experience of Optimism’s Layer 2 network at such an early stage, we have also conducted a test of the entire process and calculated the following The total Gas cost required to go through the entire process on Layer 1 is actually not low.

The overall Gas consumption is about (different addresses may vary slightly): 50,000 (authorize USDT) + 240,000 (buy SNX on Uniswap) + 69,000 (authorize SNX) +340,000 (recharged to Layer 2 contract) ≈ 700,000

Based on the current market fluctuations of the Gas cost of 40 to 80 Gwei, the overall ETH consumption is about 0.028 to 0.056 ETH, which is about $40 to $80.

Fortunately, referring to the airdrop reward strategies of 1inch and Uniswap, for Optimism, a project that has not yet released governance tokens, it may also be conducted for early users of the network Airdrop, who knows.

Experience the Layer 2 version of Synthetix

It should be noted that the entire process currently only supports MetaMask wallet can also be used by accessing Ledger or Trezor hardware wallets through MetaMask, and it is best to have some basic operating experience.

Step 1: Get SNX

Can be in Uniswap, 1inch, DeBank or any exchange Or exchange SNX in DEX, which is the native token in the Synthetix system. If non-ETH assets are exchanged for SNX, there may be an additional authorization transaction.

Step 2: Recharge SNX assets to Layer 2 network

On the official website https://staking.synthetix. io/l2, select Deposit SNX.

Authorization is required first.

Then submit the final transaction to deposit assets into the Layer 2 network.

Step 3: Execute Synthetix's business logic in Layer 2 network

After waiting for about 5 minutes, visit https: //l2.mintr.synthetix.io/ You can see that the SNX balance in the Layer 2 network has increased.

After that, you can use the real Layer 2 application. Currently, there are not many business logics supported in Synthetix, and only the most core ones are included: Mint, burn, claim.

The minting function enables the exchange of SNX collateral for the USD stablecoin sUSD.

After clicking "Start Minting", the confirmation page of MetaMask will pop up. For transactions on Layer 2, users do not need to perform on-chain operations on Layer 1, but they need to "sign" each transaction to ensure that the operation is indeed authorized by a specific address.

It can also be destroyed afterward (destroy sUSD, Exchange back to SNX) and claim (receive SNX rewards every week) operations, the process is similar.

Step 4: How to exit Layer 2?

There is a certain compromise in the expansion technology of Optimistic Rollup. It takes several days for user assets to return from Layer 2 to Layer 1 in order to improve the overall security of the system. Optimism sets the number of days for this network to 7 days.

Because the current network has not been online for 7 days, I have not seen any on-chain transactions on the withdrawn Layer 1, but the function has been provided, it should be executable. According to the "Withdraw" function page, the transaction fee for withdrawing back to Layer 1 may also be subsidized by Optimism in the short term.

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