Decentralized Finance Protocol Synthetix To Launch Its Layer-2 Exchange This Month

The very long-awaited layer two exchange platform from Synthetix is finally ready for launch this month, and the protocol is in good hopes that everything will go as planned.

Synthetix, a DeFi Synthetic asset Protocol, is in full swing of releasing the very much anticipated Layer 2 Exchange platform, which is going to be given power by Optimistic Ethereum. Synthetix has explored the world of Layer 2 Tech for almost a year and is now fully prepared to bring a layer 2-based exchange into the crypto market.

Blog Post from the Founder

As mentioned in a recent blog post, the founder from Synthetix mentioned that the exchange is scheduled to launch on Optimistic Ethereum Tech around the week started with the 26th of July. Founder at Synthetix, Kain Warwick, stated in the blog post he wrote that switching from Synthetix to Optimistic Ethereum is said to become one of the best and most important achievements since the project was first initiated and that every single person who has worked on it must now get even more serious as the project enters a new space.

In regards to the information shared in the blog post, the first of the supported assets will include sETH, sLINK, sBTC, and the value of SNX will also be released using Chainlink. Following the launch, support for more assets and synthetic futures will follow up as time moves on. Warwick also stated in the blog post that a few changes are to be implemented, so for that, a few proposals will be submitted for them to be accepted. The few changes include tweaks to the dept pool caching system, putting down of iSynths, and decrement of Synths on the first layer.

The integration with Optimistic Ethereum has had a long testing phase going back to September of last year. Participants of the test net held were offered SNX tokens as a reward for providing crucial feedback and suggestions. The Optimistic Ethereum works on the basis of optimistic rollup, which helps to get rid of 0 knowledge proofing by switching out the consensus principle. Every transaction is let through, meaning that the user has to pick out invalid transactions and report them as fraudproof.

Following the June update, Sythentix mentioned that teaming up with the Optimistic Community has helped a ton for improving this new Layer 2 Exchange through multiple tough testing phases.

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