Synthetix has begun its process of moving Synths from L1 to L2. This transition to L2 will benefit traders via substantially lower gas and near instant transactions. Traders can already swap sUSD, sETH, sBTC, and sLINK on L2. With the release of Wezen, Synthetix has kicked off the next step in expanding the Synths available on L2.
As part of this process, several Synths have been deprecated on L1 and will need to be redeemed. Traders with holdings of any of the following Synths can redeem their deprecated Synths for sUSD:
s1INCH, sXTZ, sGOOG, sAMZN, sAAPL, sCOIN, sCOMP, sCRV, sDASH, sEOS, sETC, sFTSE, sFB, sLTC, sMSFT, sXMR, sNFLX, sNIKKEI, sREN, sXRP, sRUNE, sTRX, sTSLA, sUNI, sYFI, sBNB, sXAG, sXAU, sOIL, and all inverse synths.
Kwenta traders can find, and easily redeem, their holdings of deprecated Synths by visiting their Synth Balances tab in the Dashboard. By clicking the redeem button, traders will be able to have all deprecated Synths redeemed for sUSD in a single transaction.
Once these Synths have been deprecated, the Synthetix community will turn its attention to adding new assets and features to L2. We are particularly excited about a shorting on L2...
To check if you have any deprecated Synths that can be redeemed for sUSD, visit Kwenta.
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