Synthetix ExchangeThe Kwenta Token Migration
The swap interface for migrating your KWENTA tokens to SNX is now live. This migration unlocks opportunities to participate in the Synthetix system and DAO, where your SNX tokens can be staked and used to help govern the protocol. Follow the simple steps below to ensure a smooth transition and start vesting your tokens today. For more details about the unification with Synthetix, check out this blog.Key Details About Token VestingTokens began vesting on November 12th, even if you haven’t depo...
Synthetix ExchangeKwenta x Synthetix: Next Steps
Following the unification announcement, we’re now entering the next phase of the transition. This stage focuses on streamlining token migration, refining incentives, and ensuring traders experience a smooth shift as Kwenta evolves into Synthetix Exchange.Social Media UpdatesKwenta’s community spaces are evolving to support this transition while ensuring traders and community members continue to have access to resources and support.Discord ChangesWhile most channels will be archived, key chann...
Synthetix ExchangeKwenta x Synthetix: A Unified Future
Today marks a monumental step forward for both Kwenta and Synthetix. Following the approval of KIP-138 by the Kwenta community and SIP-411 by the Synthetix community, the two projects will now reunite under a single mission: to build the most powerful decentralized derivatives platform in DeFi.Why Was This Decision Made?This unification brings Kwenta full circle. Originally launched in 2021 as an independent protocol through SIP-179, Kwenta was designed to be a dedicated front end for Synthet...
Kwenta has been acquired by Synthetix. Please follow along at https://blog.synthetix.io/ Trading is live at https://exchange.synthetix.io/
Synthetix ExchangeThe Kwenta Token Migration
The swap interface for migrating your KWENTA tokens to SNX is now live. This migration unlocks opportunities to participate in the Synthetix system and DAO, where your SNX tokens can be staked and used to help govern the protocol. Follow the simple steps below to ensure a smooth transition and start vesting your tokens today. For more details about the unification with Synthetix, check out this blog.Key Details About Token VestingTokens began vesting on November 12th, even if you haven’t depo...
Synthetix ExchangeKwenta x Synthetix: Next Steps
Following the unification announcement, we’re now entering the next phase of the transition. This stage focuses on streamlining token migration, refining incentives, and ensuring traders experience a smooth shift as Kwenta evolves into Synthetix Exchange.Social Media UpdatesKwenta’s community spaces are evolving to support this transition while ensuring traders and community members continue to have access to resources and support.Discord ChangesWhile most channels will be archived, key chann...
Synthetix ExchangeKwenta x Synthetix: A Unified Future
Today marks a monumental step forward for both Kwenta and Synthetix. Following the approval of KIP-138 by the Kwenta community and SIP-411 by the Synthetix community, the two projects will now reunite under a single mission: to build the most powerful decentralized derivatives platform in DeFi.Why Was This Decision Made?This unification brings Kwenta full circle. Originally launched in 2021 as an independent protocol through SIP-179, Kwenta was designed to be a dedicated front end for Synthet...
Kwenta has been acquired by Synthetix. Please follow along at https://blog.synthetix.io/ Trading is live at https://exchange.synthetix.io/
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Traders should be aware that there will be an upcoming period of system unavailability due to the Optimism Bedrock upgrade. The scheduled start of the Bedrock upgrade is set for June 6th at 16:00 (UTC). As part of this upgrade, there will be a planned interruption of chain activity for approximately 4 hours, concluding on June 6th at 20:00 UTC. Throughout this duration, all contracts on Optimism will be inaccessible to traders.
This major update will significantly improve the trading experience on Kwenta by reducing gas fees and slashing order confirmation times significantly (currently up to 15 seconds).
Traders on Kwenta should be aware that during the scheduled downtime for the Optimism Bedrock upgrade, all trading activities related to Perps contracts on Optimism will be temporarily halted. This means that traders will not be able to execute new trades, modify existing positions, or access market data.
If you wish to avoid the unknown risks associated with price fluctuations during this time, we advise traders to close their positions before the expected downtime or plan accordingly.
Traders should take note of the following impacts on trading during this period:
Starting from May 30th, a week prior to the Bedrock upgrade, optimism trading rewards from both Kwenta & Synthetix will be temporarily halted.
Beginning on June 4th at 16:00 UTC, perp positions will be limited to “close only” for the 48 hours leading up to the scheduled upgrade. Traders can close their existing positions and add or remove margin, but cannot open new positions.
10 minutes prior to the start of the Bedrock upgrade (June 6th at 15:50 UTC), all markets will be put on hold.
Throughout the upgrade duration, from 16:00 UTC to approximately 20:00 UTC on June 6th, Optimism will be inaccessible, as will access to the futures contracts.
Contracts will be unpaused and trading activity can resume once the bedrock update is finalized. Note: The 4 hours window is based on best estimates and may vary; we will maintain regular communication on the progress of the upgrade.
What actions should I take before the upgrade?
Complete any trades or make any risk adjustments before the bedrock upgrade, as you cannot process any additional transactions on Optimism during this period.
Will I be subject to liquidation during the downtime?
No, liquidations will not occur during the 4-hour maintenance window. Once optimism resumes and on-chain price data is restored, account liquidations will resume.
Can I add margin or collateral during the upgrade?
During the "close only" period, which starts on June 4th at 16:00 UTC and lasts until 10 minutes before the Bedrock upgrade begins, traders are permitted to add collateral.
How will I be informed when Optimism is ready again?
Updates regarding the readiness of Optimism will be communicated through various channels. Refer to the Optimism Status and Optimism Foundation Twitter accounts for the latest information.
When will $OP rewards resume?
The $OP rewards program will resume once the Optimism upgrade has been deemed successfully completed.
$KWENTA Trading & staking rewards?
All $KWENTA trading rewards and staking incentives will continue as normal.
If you haven't already, join the Kwenta community on Discord. To be the first to learn about new updates to Kwenta, follow us on Twitter. To trade synthetic assets and futures, visit Kwenta.
Traders should be aware that there will be an upcoming period of system unavailability due to the Optimism Bedrock upgrade. The scheduled start of the Bedrock upgrade is set for June 6th at 16:00 (UTC). As part of this upgrade, there will be a planned interruption of chain activity for approximately 4 hours, concluding on June 6th at 20:00 UTC. Throughout this duration, all contracts on Optimism will be inaccessible to traders.
This major update will significantly improve the trading experience on Kwenta by reducing gas fees and slashing order confirmation times significantly (currently up to 15 seconds).
Traders on Kwenta should be aware that during the scheduled downtime for the Optimism Bedrock upgrade, all trading activities related to Perps contracts on Optimism will be temporarily halted. This means that traders will not be able to execute new trades, modify existing positions, or access market data.
If you wish to avoid the unknown risks associated with price fluctuations during this time, we advise traders to close their positions before the expected downtime or plan accordingly.
Traders should take note of the following impacts on trading during this period:
Starting from May 30th, a week prior to the Bedrock upgrade, optimism trading rewards from both Kwenta & Synthetix will be temporarily halted.
Beginning on June 4th at 16:00 UTC, perp positions will be limited to “close only” for the 48 hours leading up to the scheduled upgrade. Traders can close their existing positions and add or remove margin, but cannot open new positions.
10 minutes prior to the start of the Bedrock upgrade (June 6th at 15:50 UTC), all markets will be put on hold.
Throughout the upgrade duration, from 16:00 UTC to approximately 20:00 UTC on June 6th, Optimism will be inaccessible, as will access to the futures contracts.
Contracts will be unpaused and trading activity can resume once the bedrock update is finalized. Note: The 4 hours window is based on best estimates and may vary; we will maintain regular communication on the progress of the upgrade.
What actions should I take before the upgrade?
Complete any trades or make any risk adjustments before the bedrock upgrade, as you cannot process any additional transactions on Optimism during this period.
Will I be subject to liquidation during the downtime?
No, liquidations will not occur during the 4-hour maintenance window. Once optimism resumes and on-chain price data is restored, account liquidations will resume.
Can I add margin or collateral during the upgrade?
During the "close only" period, which starts on June 4th at 16:00 UTC and lasts until 10 minutes before the Bedrock upgrade begins, traders are permitted to add collateral.
How will I be informed when Optimism is ready again?
Updates regarding the readiness of Optimism will be communicated through various channels. Refer to the Optimism Status and Optimism Foundation Twitter accounts for the latest information.
When will $OP rewards resume?
The $OP rewards program will resume once the Optimism upgrade has been deemed successfully completed.
$KWENTA Trading & staking rewards?
All $KWENTA trading rewards and staking incentives will continue as normal.
If you haven't already, join the Kwenta community on Discord. To be the first to learn about new updates to Kwenta, follow us on Twitter. To trade synthetic assets and futures, visit Kwenta.
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