Ethereum

Future

Spartan

Synthetix

Optimism

Synthetix, a decentralized finance (DeFi) protocol,&nbsp;<a style="text-decoration:none" href="https://x.com/synthetix_io/status/1831391360320233651" rel="noopener noreferrer nofollow">launched</a> its own blockchain, SNAXchain. SNAXchain, built on Optimism's Superchain infrastructure, serves as a central hub for governance and protocol decisions across additional blockchains and Layer 2 (L2) solutions.
SNAXchain is expected to become a key part of Synthetix’s ecosystem. The development of the protocol has been supported by Conduit, which provides chain infrastructure, and Wormhole, which enables cross-chain messaging.&nbsp;
<h2 dir="ltr" id="span-span-the-role-of-optimism-s-superchain-span-span">The Role of Optimism’s Superchain</h2>
SNAXchain is&nbsp;<a style="text-decoration:none" href="https://blog.synthetix.io/synthetix-governance-epoch-an-introduction-to-snaxchain/" rel="noopener noreferrer nofollow">built</a> on Optimism’s Superchain infrastructure, that uses optimistic rollups to scale transactions on Ethereum. Rollups are a Layer 2 solution that reduces transaction costs while maintaining the security of Ethereum.&nbsp;
&nbsp;
Optimism’s Superchain includes several other networks such as Base, Mode, Zora, Lyra, and Aevo. The ecosystem is governed by a decentralized autonomous organization (DAO) called the Optimism Collective, which oversees the direction and development of the Superchain.
&nbsp;
Per reports, the key advantage of SNAXchain being part of this Superchain is user interoperability. Through its partnership with Wormhole, SNAXchain can communicate with Ethereum mainnet, Optimism, and other chains. Using this integration, users can move assets between chains without friction, providing a crucial layer of interoperability.
&nbsp;
The broader vision for SNAXchain is to support Synthetix’s deployments across Optimism, Arbitrum, Base, and Ethereum mainnet. As Synthetix grows, SNAXchain will reportedly act as a neutral space to coordinate governance decisions and manage multi-chain deployments.
<h2 dir="ltr" id="span-span-governance-and-the-new-synthetix-epoch-span-span">Governance and the New Synthetix Epoch</h2>
A major feature of SNAXchain is its role as the new center for Synthetix governance. Governance has always been crucial to the Synthetix ecosystem, and SNAXchain can play a pivotal role in decision-making as Synthetix expands to more chains.
&nbsp;
As part of this new governance phase, nominations for Synthetix governance councils kicked off on August 30th. These councils include the Spartan Council, Treasury Council, and Ambassador Council, all of which will help manage the protocol's direction. Voting begins on September 6th, and the new epoch officially starts on September 16th.
&nbsp;
To nominate yourself for a council, you need to bridge a small amount of ETH for gas fees, connect their wallet to the governance app, and submit their nomination.&nbsp;
<h2 dir="ltr" id="span-span-future-use-cases-and-development-span-span">Future Use Cases and Development</h2>
While the primary focus of SNAXchain is governance, there are discussions about expanding its utility.&nbsp;<a style="text-decoration:none" href="https://x.com/synthetix_io/status/1831391365584056742" rel="noopener noreferrer nofollow">Future use cases</a> for SNAXchain could include:
<ul>
 <li>Staking SNX: The chain could eventually be the primary platform for staking SNX tokens, which would centralize staking operations and simplify the process for users.</li>
 <li>Fee Aggregation: SNAXchain may serve as a hub to aggregate fees from various Synthetix deployments across multiple chains.</li>
 <li>Next-Gen Synthetix Perps: There is also speculation that SNAXchain could be used to build the next generation of Synthetix Perps (perpetual futures contracts).</li>
</ul>

What is SNAXchain by Synthetix?

Table of Contents

BSCN

Other articles published on Sep 6, 2024

JPMorgan Chief Economist Reveals His Forecast on How Much Fed Will Cut in September!

Bitcoin Price Crashes Toward $53K But Arthur Hayes Expects It To Plummet Further

Weekly Article Recap: 8/26-8/30

Ripple CTO Responds to Discontent About XRP Ledger Smart Contracts

Binance Coin (BNB) Prediction for September 6

Best Upcoming Cryptos in 2024: Solana, Arbitrum, Celestia, and Kaspa Leading Blockchain Innovations

Join our free newsletter for daily crypto updates!