We’re thrilled to announce that the L2 Kwenta Alpha is now live on Optimistic Ξthereum (OΞ).

The L2 Alpha will offer both the Kwenta and Synthetix communities an opportunity to learn more about Synth trading on L2. During this initial testing phase, it's important to note that we expect to encounter down time and potentially unforeseen challenges. The data we collect from the Alpha will enable us to optimize Synth trading on L2 and prepare for the beta launch.

This is a tremendous milestone for Kwenta and the broader Synthetix ecosystem, representing an opportunity to demonstrate the full potential of Kwenta for the first time. L2 Kwenta will offer users an estimated 50X reduction in gas fees and blazing fast transaction speeds.

Assets on L2 Kwenta

During phase one of our broader L2 Launch Plan, traders will have access to these Synths:

  • sUSD
  • sETH
  • sBTC
  • sLINK

Synthetix has set the trading fees for these L2 Synths at 0.4%.

The Synthetix community will monitor early L2 performance and then gradually vote in additional Synths as they see fit. Once enough Synths have been added to offer users a meaningful trading experience on L2, the next phase of the L2 Launch Plan will come into effect where trading incentives will be added to L2 Kwenta.

Learn more about L2 Kwenta and OΞ

Check out our full guide (please read if this is your first time using Optimism) on trading with L2 Kwenta, including information on how to use Optimism's Gateway for bridging ETH to OΞ and acquiring L2 sUSD.

A few reminders about Optimism and L2:

  1. You currently need to use Optimism Gateway's L1 → L2 bridge to move your ETH over to Optimistic Ethereum.
  2. Confirming L1 to L2 transactions can take up to 2-5 minutes on Mainnet. We recommend you use Etherscan to track your transaction.
  3. Before beginning your transaction, confirm that your wallet balance has enough to cover gas. We've seen a few issues with the Optimism Gateway when wallet balances don't have enough to cover gas.
  4. It currently takes one week to transfer funds from L2 back to L1.

Get Started

Test the trading experience on L2 Kwenta.

To be the first to learn about new updates to Kwenta, follow us on Twitter.

Provide feedback, get support, and become a part of the Kwenta community in Discord.

Disclaimer: As with all releases on the current iteration of the Optimism network there is a high likelihood exchanges will experience some downtime or even minor outages as this functionality is deployed, upgraded and monitored over the next few weeks. The Optimism network will also likely be upgraded with downtime several times ahead of the Optimism mainnet launch. We will be working closely with Optimism and Chainlink to ensure this deployment is as smooth as possible but your feedback and bug reports are critical to this process, please report any issues in the Synthetix discord, linked at the bottom of this post.