Optimism bedrock 🛌 🪨 and Polynomial Downtime
In anticipation of the upcoming Optimism Bedrock upgrade, we want to provide you with detailed information regarding the scheduled downtime and its implications for Polynomial Trade.
The Bedrock upgrade, which will take place on June 6th at 16:00 UTC, is set to bring significant enhancements to Optimism's network, enhancing its scalability and reliability. These improvements will directly benefit Polynomial Trade, as it is built on top of the Synthetix protocol and leverages the Optimism network.
During the upgrade, there will be a planned downtime of approximately 4 hours on the Optimism chain, concluding at 20:00 UTC. This means that all Polynomial Trade contracts on Optimism will be temporarily inaccessible during this period.
The Bedrock upgrade represents a crucial milestone in the evolution of Optimism, and it will deliver several notable advantages for Polynomial Trade. One of the key benefits is the reduction in gas fees and faster order confirmation for Polynomial trade, which will directly enhance the trading experience.
To ensure a smooth transition, there are a few important points to note:
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🔴 Temporary Pause in $OP Trading Rewards
Starting from May 30th, a week prior to the Bedrock upgrade, trading rewards on the Optimism network will be temporarily paused for Polynomial Trade. -
🔒 Close-Only Perps Positions
Beginning on June 4th at 16:00 UTC, Perps Positions on Polynomial Trade will be restricted to a close-only mode for the 48 hours before the upgrade. During this time, it will be possible to close existing positions but not open new ones. -
✅ Pre-Upgrade Preparations
At 15:50 UTC on June 6th, 10 minutes before the Bedrock upgrade, trading will be paused to ensure a smooth transition. -
🎁 Resumption of Trading Rewards
The continuation of trading rewards on Polynomial Trade will be dependent on the successful completion of the upgrade and subsequent resumption of trading activities.
After successful Bedrock Upgrade 🛌 🪨
⛽️ Reduced gas fees
With this upgrade, users can expect lower transaction costs, enabling more cost-effective trading and improving the overall affordability of participating in the Polynomial Trade ecosystem.
With lower transaction costs, the required deposit for keepers on Polynomial Trade will be reduced, making it one of the most cost-effective options available in the decentralized finance (DeFi) space.
⚡️ Faster order confirmation
With the implementation of the Bedrock upgrade, this completion time is expected to be significantly improved. Optimism's enhanced scalability and efficiency will bring down the order completion time on Polynomial Trade to impressive ~3 seconds. Currently, the average completion time for orders on the platform is approximately 13-15 seconds.
During the Bedrock upgrade window, which lasts from 16:00 UTC to approximately 20:00 UTC on June 6th, all Polynomial Trade contracts on Optimism will be inaccessible. However, rest assured that once the upgrade is complete, all functions and contracts will be unpaused and accessible once again.
We are excited about the upcoming Optimism Bedrock upgrade and the opportunities it will unlock for Polynomial Trade. These improvements will further strengthen our platform's foundation and provide our users with an enhanced trading experience.
Stay tuned for further updates and announcements as we progress through this important network upgrade. Thank you for your support and understanding during this transition period.
Happy trading 😉
About Polynomial
Polynomial Trade is a decentralised derivative trading exchange powered by the Synthetix protocol on Optimism. The exchange allows leverage trading up to 50x with a faster and smoother UI and lower fees than other derivative exchanges.