Synthetix will start sunsetting all remaining leveraged tokens on Optimism. This is without doubt one of the remaining steps in our broader shift away from Layer 2 deployments, as we refocus protocol assets on Synthetix Mainnet, the high-performance perp trade being constructed on Ethereum.
This shutdown follows the finished deprecations of our merchandise on Base and Arbitrum. You possibly can learn extra about these adjustments in L2s are Lifeless, Lengthy Stay Ethereum. This represents one of many two remaining steps earlier than whole retirement of L2s is full. For perps merchants on Optimism, no motion is required presently, however we encourage you to observe bulletins for future adjustments.
What’s Occurring
All Synthetix-powered leveraged tokens on Optimism are being deprecated. New mints have already been disabled within the app. Over the approaching weeks, the tokens shall be paused, liquidated, and the ensuing balances returned to customers.
Timeline
Deprecation will happen within the following phases:
Minting Disabled (August 4, 2025)Minting has been disabled, and no new leveraged token positions will be opened.Closing Redemption Window (August 4–11, 2025)Customers have one week to manually redeem their leveraged tokens. That is the ultimate alternative to exit positions manually.Liquidation and Airdrop (Begins August 11, 2025)After the redemption window closes, remaining tokens shall be liquidated. sUSD shall be airdropped inside a pair weeks of the liquidation occasion to holders, based mostly on their balances on the time of liquidation.
What You Ought to Do
If you happen to’re at present holding leveraged tokens, we strongly encourage you to redeem your tokens earlier than the shutdown deadline. Guide redemption offers you instant entry to your funds and keep away from reliance on the liquidation course of, supplying you with full management over your buying and selling.
If You Do Nothing
Any positions that stay after the shutdown deadline shall be routinely liquidated. You’ll nonetheless obtain your share of the underlying worth through airdrop, distributed to the pockets holding the leveraged tokens.
Observe Synthetix intently as we speedrun to mainnet:
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