Synthetix Launches SNAXchain on Optimism’s Superchain
Decentralized finance (DeFi) protocol Synthetix is gearing up to introduce its own blockchain, SNAXchain, on Optimism’s Superchain infrastructure. This strategic move aims to enhance governance and streamline decision-making as Synthetix continues to expand into multiple blockchain networks and Layer 2 solutions.
Key Features of SNAXchain
SNAXchain is designed to serve as a neutral governance hub, enabling smooth operations within Synthetix’s growing ecosystem. The development of the blockchain was made possible through partnerships with:
- Conduit: For chain infrastructure development.
- Wormhole: To support cross-chain messaging.
By leveraging these technologies, SNAXchain will enhance the protocol’s governance framework and ensure interoperability across various platforms.
Optimism’s Superchain: Enhancing Interoperability
Optimism’s Superchain infrastructure, which uses optimistic rollups to lower transaction costs for decentralized applications (dApps), plays a key role in this launch. The Optimism ecosystem includes notable networks such as:
- OP Mainnet
- Base
- Mode
- Zora
- Lyra
- Aevo
These Layer 2 networks operate under the governance of the Optimism Collective, a decentralized autonomous organization (DAO), promoting cost-effective scalability and fostering user growth.
A New Governance Era for Synthetix
The launch of SNAXchain marks the beginning of a new governance era for Synthetix. The protocol is initiating nominations for various governance councils, and candidates are required to submit their candidacy through the SNAXchain platform. This is a critical step forward in the protocol’s evolutionary journey.
Overall, SNAXchain is expected to enhance Synthetix’s governance structure while boosting cross-chain interoperability and paving the way for future growth.
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