Golden Sentinel丨Synthetix launches the test network of the second layer expansion plan of Ethereum

What's been the biggest complaint about Ethereum lately? It must be that the gas fee is too expensive. Therefore, it is reasonable for DeFi projects to move towards layer 2 expansion.

On September 25, 2020, Synthetix announced the launch of the Optimistic Ethereum L2 testnet, the second-tier expansion solution of Ethereum, which means that users can conduct fast transactions on the second-tier network. The test function will be available to stakers with 1 to 2,500 SNX, and synthetixDAO will provide 50,000 SNX tokens every week as rewards for participating in the testnet staking, and the rewards will last for 4 weeks.

Synthetix said that Synthetix announced the launch of the second layer expansion plan of Ethereum. The goal is to hold less SNX token holders. Due to the high price of Ethereum Gas, they have been excluded from mortgage SNX in recent months. The first phase is an incentivized testnet to try to stake SNX on Optimistic Ethereum.

Jinse Finance Market Report | BTC fell rapidly last night, and the risk aversion sentiment in the market faded: According to the Huobi market, Bitcoin continued to decline last night, with the lowest test value at 11,130 USDT. It rebounded to around 11,300 USDT in the morning and then began to trade sideways. The decline was mainly affected by the state of the global economy. Russia registered the world's first COVID-19 vaccine yesterday, U.S. bond yields rose rapidly, and Germany's economic sentiment index was much better than expected. In the evening, the market was very optimistic about the progress of the economic recovery, so the demand for safe-haven assets with zero interest rates has decreased , causing gold and bitcoin to fall sharply. As of 10:00, the specific performance of the mainstream coins on the Huobi platform is as follows. [2020/8/12]

This is a huge milestone for Synthetix and Optimistic Ethereum, and Ethereum as a whole. Because Optimistic Ethereum is the only general-purpose Ethereum Layer 2 solution, "generalization" means that there is no need to build specific functions to support existing L1 protocols. For the DeFi ecosystem, launching SNX staking on Optimistic Ethereum is a key step towards full scalability, truly making open financial infrastructure accessible to everyone without high gas fees.

Golden Morning News | The Libra Association appointed a board of directors and 21 organizations signed the association's charter: 1. The number of open contracts for CME Bitcoin futures in the third quarter increased by 61% compared with the same period last year.

2. The Libra Association has appointed a board of directors, and 21 organizations have signed the association's charter.

3. Booking Holdings announced its withdrawal from the Libra Association.

4. Binance Q3 is expected to burn 12.35 million USD in BNB and Huobi may burn 30 million USD in HT.

5. U.S. Treasury Secretary: Visa and other partners withdrew from Libra because the project has not yet met regulatory standards.

6. Telegram's "force majeure" clause may curb its compensation to investors.

7. Group of Seven (G7): No stablecoin project should start operating without adequately addressing regulatory and other challenges.

8. Honda, Renault, BMW, General Motors and Ford will test a blockchain vehicle identification system in the United States next month. [2019/10/15]

How it works

Analysis | Golden disk: PAY/BTC short-term pull up Pay attention to the risk of callbacks: Comprehensive analysis of the golden disk: PAY/BTC short-term pull up, but still in a downward trend, not suitable for participation, short-term pay attention to the pressure of 0.000089 above. [2018/8/14]

The program will provide eligible SNX stakers with a snapshot of their SNX balance on the Optimistic Ethereum L2 testnet, which they can use to stake (mint and burn sUSD) and claim land stake rewards. synthetixDAO will provide 50,000 SNX as rewards every week for 4 weeks.

Test rewards will be collected when the L2 mainnet is launched and distributed in accordance with the L1 mortgage rules.

Test Eligibility Requirements

Addresses eligible to participate in this test must have balances between 1 and 2500 SNX, including SNX in custody, and have been staked (i.e. minted synthetic assets) at least once in history.

The full list of eligibility for the test is here:

https://docs.google.com/spreadsheets/d/18L2ojKsRQAXXwvIAutT-FXTUPF_uneAJP0Beu8YGP5I/edit#gid=59796841

If you qualify, a banner will appear on Mintr https://mintr.synthetix.io/ telling you to head to L2.

L2 test steps

You can access the L2 Mintr frontend at https://l2.mintr.synthetix.io/. The steps to participate are as follows:

If you qualify, then you will get an airdrop of L2 SNX. There is no need to adjust the network in the wallet provider - use the Mainnet network.

Go to https://l2.mintr.synthetix.io and connect your eligible wallet.

Use "Mint" to mortgage L2 SNX and mint sUSD.

Transactions will be completed soon, this will be the new normal for Optimistic Ethereum

After the next snapshot (Wednesday, around 10AM UTC), you will be able to claim staking rewards, which will also be fulfilled immediately.

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