Optimism Regenesis Scheduled Downtime

Optimism Regenesis Scheduled Downtime

On November 11th at 10am PST Optimism will be conducting a regenesis of the OE network. This will not put any funds at risk, but it will mean that transaction history will be lost.

The purpose of the regenesis is to launch the next generation of Optimistic Ethereum, introducing EVM Equivalence as the universal standard across the L2 space. By moving from EVM compatibility to EVM equivalence, everything in the Ethereum stack will now integrate seamlessly with the Optimistic Ethereum network.

This update should provide significant improvements to composability along with more deployment to the network in near future. You can read more about EVM equivalence in the Optimism blog post here.

What does this mean for Lyra?

The Lyra dApp and contracts will be paused at 1am PT 11/11 and restart at 7pm PT 11/11 after regenesis.

Behind the scenes, the Lyra development team has been working to be able to keep the dApp working smoothly before and after regenesis via an event caching system. However, there are some factors that Lyra users should be aware of:

Trading downtime - During this time, the dApp will not be functional and traders will be unable to open and close positions.

Loss of transaction history - After this upgrade, users will not be able to view their historical withdrawals on the block explorer

Funds are safe - Funds are safe and balances, contracts and storage will not be impacted. All activity will be halted and pending withdrawals will be accelerated and processed on L1 so that we can safely take this snapshot.

If you have any questions about the Optimism regenesis please don’t hesitate to reach out in the Lyra discord.