Posted on May 25, 2023Read on

Optimism Bedrock & Exchange Downtime

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).

Impact on Traders on Kwenta:

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:

  1. Starting from May 30th, a week prior to the Bedrock upgrade, optimism trading rewards from both Kwenta & Synthetix will be temporarily halted.

  2. 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.

  3. 10 minutes prior to the start of the Bedrock upgrade (June 6th at 15:50 UTC), all markets will be put on hold.

  4. 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.

Frequently Asked Questions (FAQs)

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?

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.

Join the Kwenta Community

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.