Layer 2

In order to effectively compete with centralized alternatives, Synthetix intends to migrate the system onto a scalable Layer 2 network. Despite recent improvements, gas costs on Mintr and Exchange are still quite high. Additionally, many potential traders and stakers aren't fluent enough in Web3 to participate in the network (without some abstraction). For both of these reasons, deploying Synthetix onto a scalable, user-friendly Layer 2 is a critical part of the roadmap.

Before using the staking.synthetix.io dapp to deposit your SNX to layer 2, be sure to review the links below. Layer 2's full functionality such as exchanges and transferring between wallets is currently in development, and the minimum time to withdraw back to layer 1 is currently 7 days.

You can find the the rollout plan for Layer 2 here.

In May 2020, the team announced a Layer 2 demo launched in coordination with the Optimism team. See the team's blog post for more info.

In January 2021, staking on Synthetix Layer 2 went live. See the mainnet launch blog post for details.

In March 2021, this blog post gave an update on progress of the transition.

For more details about how layer 2 works, further FAQ's and community members are ready to help in the layer2 channel on Discord.