![]() ![]() Yes, I said we needed to avoid this exact situation, but the good news is that phase0 is a walled garden so you can’t withdraw the sUSD to L1 yet anyway, so I could have totally lied and said they are 100% fungible but that would be cruel. However, this sUSD will *NOT* be fungible with sUSD on L1. You will be able to stake SNX and mint sUSD. ![]() Transfers of SNX will then be enabled after a few weeks once key components are validated to be working as expected. This is to avoid the need to pay $200-300 in gas to migrate vesting entries. In order to reduce the impact for smaller SNX holders we are also proposing that all addresses with less than 1,000 SNX in escrow is instantly vested. Additionally all debt must be paid before the migration can be initiated. The migration process will also transfer any escrowed SNX associated with that wallet. ![]() SNX sent to L2 will also not be transferable, so you will not even be able to transfer your SNX to a different wallet on the L2 network. *WARNING* this will initially be a one way process for escrowed SNX and there will likely be no way to get escrowed SNX back to L1 for at least a few months. This will be the bridge that allows SNX holders on L1 to migrate to L2. Once OΞ mainnet is live a new SNX deposit contract will be deployed by the pDAO on L1. SNX & sUSD will be non-transferrable on L2 One way SNX bridge from L1 to L2 including escrowed SNX This is a minor modification to the proposed configuration but it introduces complexity in order to allow stakers who feel more comfortable on L1 to remain there and still participate in staking.Īssuming we agree on the end state (we probably don’t), I will now sketch out a transition plan starting from mainnet deployment this week. The second is to allow minting on either network indefinitely. I should point out two potential alternatives, the first is just a completely distinct parallel network on L2, this is low risk but would fragment liquidity and introduce complexity for users as Synths on both networks would be incompatible, so you would need L1sUSD to burn debt on L1 and L2sUSD to burn debt on OΞ. If we can achieve this we will have a single protocol spanning two networks, with transfers and exchanges of Synths on both, but staking only on L2. In order to support this we will then need Synth Teleporters (coined by These are contracts that allow for Synths to be moved between L1 and L2. So this leaves us with supporting exchanges on both L1 and L2 but transitioning all minting activity to L2. It is significantly less complex to only support minting on a single network, and that network should ideally be the one with the lowest cost to ensure high staking participation. We will almost definitely need to maintain exchanges on L1 for the foreseeable future, but we should be able to migrate staking to L2 though. The two components we need to focus on are staking and exchanges. If we can reach consensus on this target then the path between these two points can remain somewhat opaque while we address specific issues as they arise. This conflict is fundamentally incompatible, so we have opted for initiating the transition with the absolute minimum risk to L1, and then adding functionality over the course of the next few months as we build confidence in OΞ.Īs a starting point though I think it is worth identifying the end state we are targeting. With this change we are trying to maintain a balance between risk to L1 and maintaining a coherent system across both layers. In addition this post will call out some of the considerations users should be aware of before transitioning to L2. It is not yet clear whether this plan needs to be included within the SIP or each transition phase should be its own SIP, but I will leave that discussion to the community. However, we believe we have a reasonable transition plan. As discussed in a recent call there remain some unknowns. One of the most critical is how to gracefully transition from L1 to a protocol running on both L1 and L2 simultaneously. With the launch of Optimistic Ethereum (OΞ) mainnet in a few days we are entering a new era for the project, OΞ presents an opportunity to scale the protocol but it also presents a number of challenges. ![]()
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