Lyra will soon experience a period of planned system unavailability due to the Optimism Bedrock upgrade. The scheduled start of the Bedrock upgrade is set for June 6th at 16:00 (UTC). This upgrade will result in a planned interruption of chain activity for approximately 4 hours, concluding on June 6th at 20:00 UTC. Please note that during this duration, all contracts on Optimism will be inaccessible to traders.
What is the Optimism Bedrock Upgrade?
Bedrock is the inaugural release of the OP Stack, a set of open-source components designed to enhance Optimism, a layer 2 scaling solution for Ethereum. The Bedrock release boasts multiple improvements, including lowered transaction fees through optimized batch compression and utilizing Ethereum as a data availability layer. It also introduces more efficient handling of Layer 1 reorganizations, shortening the delay for Layer 1 transactions in rollups.
- Lower fees
- Shorter deposit times
- Improved EVM equivalence
Read more about the Optimism Bedrock upgrade here.
Impact on Lyra Traders and LPs
Traders and LPs on Lyra should be prepared for scheduled downtime starting June 4th at 10:00 UTC, as the Bedrock upgrade takes place.
To mitigate any risks associated with price fluctuations during this time, we strongly advise you to consider closing your positions before the expected downtime or plan your trading accordingly.
Here are some important points to note regarding the impact on trading during this period:
- Starting from May 30th, a week prior to the Bedrock upgrade, optimism trading rewards from Lyra will be temporarily halted.
- From June 4th at 10:00 UTC, option positions will be limited to "close only" leading up to the scheduled upgrade. You will be able to close your existing positions and adjust margin, but opening new positions will not be possible.
- 10 minutes before the start of the Bedrock upgrade (June 6th at 10:00 UTC), all markets will be put on hold.
- Throughout the duration of the upgrade, from 16:00 UTC to approximately 20:00 UTC on June 6th, Optimism contracts will be inaccessible.
Once the Bedrock upgrade is finalized, contracts will be unpaused, and trading and LP activity can resume. However, please note that the 4-hour window is an estimate and may vary. We will provide regular updates on the progress of the upgrade to keep you informed.
Frequently asked questions:
- What actions should I take before the upgrade? We recommend completing any trades or making any necessary risk adjustments before the close only period, as you will not be able to process additional transactions on Optimism during this period.
- What about Lyra on Arbitrum? Lyra Newport on Arbitrum will continue as normal.
- 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, you are allowed 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. We recommend referring 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 successfully completed.
We hope this information provides you with a clear understanding of the upcoming Optimism Bedrock upgrade and its impact on your trading activities. Should you have any further questions, please do not hesitate to reach out to us.