In preparation for the Optimism Bedrock upgrade, we’ve created this blog post to provide detailed information about the scheduled downtime and its impact on Synthetix.
In preparation for the Optimism Bedrock upgrade, we’ve created this blog post to provide detailed information about the scheduled downtime and its impact on Synthetix.
The Bedrock upgrade is scheduled to begin June 6th at 16:00 UTC. There will be planned optimism chain downtime of approximately 4 hours, ending at 20:00 UTC. During this period, all Synthetix contracts on Optimism will be inaccessible.
This major update will bring about significant improvements to Optimism, increasing its robustness and scalability. Bedrock will also help to improve Synthetix Perps, reducing gas fees and order confirmation times.
Synthetix will be affected in the following ways:
– From May 30th, a week prior to the Bedrock upgrade, optimism trading rewards will be temporarily paused
– Starting June 4th 16:00 UTC, Perps Positions will be close-only for the 48 hours before the upgrade is scheduled to begin, which means you are able to close existing positions, but not open new positions.
– 10 minutes before bedrock is set to begin (i.e. 6th of June at 15:50 UTC) all perps markets will be set to a paused state, issuance (staker mint/burn) will be paused on both Ethereum and Optimism, and synth exchanges will be paused on Optimism.
– Continuation of trading rewards afterward will be contingent on a smooth upgrade and subsequent resumption of trading
– All Synthetix contracts on Optimism will be inaccessible during the upgrade due to chain downtime (16:00 UTC to ~20:00 UTC on June 6th)
-Once the bedrock update is complete, all functions and contracts will be unpaused and accessible.
FAQ
10 minutes before bedrock is set to begin, issuance (mint/burn) will be paused on both Ethereum and Optimism. All other Synthetix contracts on Ethereum mainnet will be accessible.
- How will this affect bridging?
On upgrade day, transactions, deposits, and withdrawals will be unavailable for the duration of the downtime, and the OP Mainnet chain will not be progressing.
- How will I know when Optimism is ready again?
Refer to the Optimism Status and Optimism Foundation Twitter accounts for live Optimism Bedrock updates.
- What should I do before the upgrade?
Complete any transactions that are time-sensitive, as you will be unable to process any additional transactions on Optimism during the bedrock upgrade.
Optimism Downtime Details
On upgrade day, transactions, deposits, and withdrawals will be unavailable for the duration of the downtime, and the OP Mainnet chain will not be progressing.
Learn more about Optimism Bedrock Upgrade release & downtime.
What is Optimism Bedrock?
Bedrock is the name of the first-ever official release of the OP Stack, which is a set of free and open-source modular components that work together to power Optimism. Here’s a summary of improvements pulled directly from the Optimism Bedrock Docs.
- Reduced Fees: Bedrock employs an optimized data compression strategy, which is expected to significantly lower transaction costs. Additionally, it eliminates all gas costs associated with EVM execution when submitting data to Layer 1 (L1), cutting fees by an extra 10%.
- Shortened Deposit Times: Thanks to the support for L1 reorganizations (re-orgs) in the node software, deposit times will be considerably reduced. Where it took up to 10 minutes to confirm deposits previously, with Bedrock, deposits are expected to confirm within 3 minutes.
- Improved Proof Modularity: Bedrock abstracts the proof system from the OP Stack, allowing a rollup to use either a fault proof or validity proof to confirm correct execution of inputs. This abstraction enables the use of systems like Cannon to verify faults.
- Enhanced Node Performance: Node software performance is significantly improved in Bedrock. It allows multiple transactions in a single rollup block, spreading the cost of Merkle trie updates across these transactions. This change is estimated to reduce state growth by about 15GB per year. Further, technical debt from the previous version is removed, improving node efficiency.
- Improved Ethereum Equivalence: Bedrock is designed to emulate Ethereum as closely as possible. It eliminates several deviations found in the previous version and adds support for EIP-1559, chain re-orgs, and other L1 Ethereum features.
Stay Informed
If you have any questions or need further clarification, please join the conversation on Discord.
