Optimism Bedrock Upgrade & Protocol Downtime

The Optimism Bedrock upgrade will happen soon. This upgrade brings remarkable advancements in scalability and security to Optimism. This update will greatly enhance the trading experience on Pika by reducing gas fees and reducing confirmation times. To ensure you’re fully informed before the upgrade on June 6th, this article covers all the essential details you need to know.

This upgrade is scheduled to kick off on June 6th at 16:00 (UTC). As part of this upgrade, the chain activity will experience a planned interruption for about 4 hours, ending at 20:00 UTC on June 6th. During this time, all contracts on Optimism will be inaccessible to users.

Impact on Pika Users

Traders on Pika should take note that during the scheduled downtime for the Optimism Bedrock upgrade, all trading and vault activities related to Pika contracts on Optimism will be temporarily halted. Consequently, traders will not be able to execute new trades, modify existing positions, or access market data. Vault depositors will not be able to deposit or withdraw funds.

If you have concerns on the potential risks associated with price fluctuations during this time, we advise traders to close their positions before the expected downtime or make appropriate plans.

Pika users should be aware of the following impacts on trading during this period:

• Beginning on June 6th at 10:00 UTC(6 hours before the upgrade), exchange positions will be restricted to “close only” for 24 hours till June 7 at 10:00 UTC(14 hours after upgrade completion). Traders will be able to close their existing positions and adjust margin, but opening new positions will not be possible.
• Throughout the upgrade duration, from 16:00 UTC to approximately 20:00 UTC on June 6th, all trading and vault activity won’t be available.

The next day after the bedrock update is finalized, on June 7 at 10:00 UTC, contracts will be unpaused, and all activity can resume. We will maintain regular communication regarding the progress of the upgrade.

FAQs

Q: What should I do before the upgrade?

A: Before the bedrock upgrade, make sure to wrap up any trades or adjust your risks as no additional transactions can be processed on Optimism during this period.

Q: Will I face liquidation during the downtime?

A: No, liquidations won’t happen during the 4-hour upgrade window. Once optimism resumes account liquidations will resume.

Q: Will limit and stop-loss orders be working during the downtime?

A: No, both will not be working. They may resume working a few hours after the upgrade completes.

Q: How will I know when Optimism is ready again?

A: Stay informed about the readiness of Optimism through the Optimism Status and Optimism Foundation Twitter accounts. Regular updates will be provided there.

If you haven’t done so already, we encourage you to join the Pika community on Telegram for discussion.