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Synthetix Launches Staking on Optimistic Ethereum

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Key Takeaways

  • Synthetix Staking now integrates Optimistic Ethereum on Layer 2.
  • SNX holders can stake via Optimistic Ethereum to earn SNX and sUSD.
  • Synthetix has been one in every of DeFi’s frontrunners in adopting Layer 2.

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Synthetix doubles down on Layer 2. 

Synthetix Integrates Optimistic Ethereum 

Synthetix staking is now suitable with Optimistic Ethereum. 

Synthetix introduced the replace in a blog post, stating the improved consumer expertise and expanded options that the Staking product provides over its Mintr software (Mintr was beforehand the one approach to stake on Layer 2). 

The important DeFi undertaking, generally known as a liquidity protocol for artificial belongings, has been operating on Optimism’s testnet for several months. Optimism is hoping to make Ethereum extra scalable by leveraging Optimistic Rollups, a kind of Layer 2 resolution that makes use of a sidechain to ship transactions to Ethereum as calldata. Rollups, which additionally come within the ZK-Rollup selection, are designed to facilitate high-speed and low-cost transactions on prime of Ethereum. Optimism is arguably probably the most anticipated Layer 2 resolution. Final week the group postponed its mainnet launch; it’s now slated for July or someday after. 

Synthetix was the primary main DeFi undertaking to undertake Layer 2 Ethereum, although others have joined the race amid rising fuel charges. Uniswap introduced that it could deploy its sensible contracts on Optimism quickly after its V3 replace goes dwell. Yesterday, Aave detailed its plans to construct on Polygon, which at the moment makes use of plasma and a sidechain with its personal proof-of-stake consensus algorithm. It’s going to quickly help rollups and standalone chains, too. 

With Synthetix Staking dwell on Optimistic Ethereum, SNX holders can now earn staking rewards, paid in SNX. There are additionally Synth change rewards, paid in sUSD. This artificial greenback can then be traded for different Synths on the Synthetix change, Kwenta. Synthetix helps Synths for gold, Bitcoin, and as of the previous few weeks, Tesla, together with varied different belongings. It offers DeFi customers a approach to acquire publicity to all kinds of belongings from conventional markets in a permissionless approach. As soon as absolutely realized on Ethereum’s Layer 2, it might be vastly disruptive sooner or later. 

Synthetix is among the hottest DeFi protocols, generally known as a “blue chip” of the ecosystem. It has a market cap of round $2.8 billion, based on CoinGecko

Disclosure: On the time of writing, the writer of this function owned SNX, ETH, AAVE, MATIC, and a number of other different cryptocurrencies. Additionally they had publicity to UNI in a cryptocurrency index. 

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