HomeCoinsSynthetix Network Token (SNX)Moving Tokens Between Ethereum Mainnet and Optimism

Moving Tokens Between Ethereum Mainnet and Optimism

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Moving Tokens Between Ethereum Mainnet and Optimism

Optimism Gateway – For moving the vast majority of your tokens, you can do so directly with the official Optimism gateway at https://gateway.optimism.io/welcome. To do this, you will need to connect your wallet, select the token you’d like to migrate, and then select Deposit. The transaction will require some gas, like any other transaction. Once confirmed, it may take up to 10 minutes for your tokens to show up on Optimistic Ethereum. To view the tokens on OE, you may need to change the network your wallet is currently on.

SNX Staking Gateway – If you need to move your SNX to L2, you can do so directly from staking.synthetix.io by clicking on the Migrate to Layer 2 icon on the far right. This will bring you to a page where you can either deposit your unlocked SNX tokens directly to L2, or migrate your escrowed SNX so that you can continue to compound your earned staking rewards that have not been released yet. If you’ve been staking on L1 recently, make sure that you have burned enough sUSD to unstake the number of SNX tokens you wish to move.

Teleportr dApp – The Teleportr dApp at https://portr.xyz/ was funded by the Synthetix grantsDAO to help SNX stakers move small amounts of ETH between Mainnet and L2 with reduced gas fees. Because gas fees are considerably lower on L2 and a smaller amount of ETH is required to mint sUSD and claim your weekly rewards, some users have opted to send less than .05  ETH to Optimism to cover gas for transactions on the network. This makes Teleportr an ideal solution for moving a small amount of ETH quickly from L1 to L2

Synths – Currently, synths including sUSD are not able to be moved from L1 to L2 or vice versa due to limitations with the debt pools on both networks. This will likely change in the future with the merging of the debt pools, but as of this moment is the current state. If you have synths on either network and would like to move funds either direction, you will first need to exchange those synths for ETH or one of the approved tokens listed at the Optimism Gateway.

Summary

  • Optimism Gateway: Official gateway for moving tokens from mainnet to L2 and back.
  • SNX Staking Gateway: Must be used to migrate your escrowed SNX from staking rewards on L1
  • Teleportr dApp: Good for moving small amounts of ETH to L2 without wasting gas.

Optimism Gateway: In order to move tokens from Optimism to Ethereum Mainnet, it is recommended to use the official Optimism gateway. Please note that withdrawals from L2 to L1 require a waiting period of seven days. You can read more about the withdrawal process here: https://community.optimism.io/faqs/#why-is-there-a-delay-when-moving-assets-from-optimistic-ethereum-to-ethereum

SNX Staking Gateway: To use the Synthetix Staking gateway, visit: https://staking.synthetix.io/withdraw. In order to withdraw your SNX tokens from L2 to L1, you will need to make sure you have burned your sUSD to unstake your SNX. If this has been completed, you will then be able to submit the amount of SNX to withdraw and then submit the transaction. Like the Optimism Gateway, withdrawals to L1 from L2 take at least 7 days to complete.

FAQ:

Q: I bridged my funds back from L2 Optimism a while ago and I still have not received anything. Where are my tokens?

A: You must relay (claim) the deposit yourself now. All transactions back to Ethereum Mainnet from Optimism Mainnet must now be relayed manually using the Optimism Gateway.

On the Optimism gateway website, ensure your wallet is connected and on the Ethereum network. Press the wallet ‘account’ bar in the upper right corner, or go to https://gateway.optimism.io/account. If the 7+ day wait challenge period has finished, the transfer should show up on this page with a status marked ‘Pending Relay’. If you press this status bar it will pop-up a confirmation that the transaction is ready to be relayed back to Ethereum. Press the ‘Claim Withdrawal’ button which will lead you to the Etherscan page specifically for your relay transaction to then execute.

Execute your relay to get your Ethereum deposit

On the relay Etherscan page, you will then need to press the ‘Execute’ button located in the lower right area of the page and then confirm the pop-up window. It should then pass the relay transaction to your wallet for your claim approval. As soon as this Ethereum mainnet transaction has been confirmed your wallet will have the funds.

Notes:

  • If you have not previously connected your wallet to the OP Gateway or Etherscan sites you will first be prompted with wallet connection.
  • There is no chain-side time sensitivity for claiming the relay so you could leave it until a cheaper gas period if you wanted to wait.



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