Synthetix Introduces SNAXchain on Optimism’s Superchain
Synthetix announces the launch of SNAXchain on Optimism’s Superchain infrastructure, enhancing governance and cross-chain compatibility for decentralized finance applications.
Bollywood Fever: Synthetix, a leading decentralized finance (DeFi) protocol, has announced plans to introduce its new app chain, SNAXchain, on the Optimism Superchain infrastructure.
This move is part of Synthetix’s broader strategy to expand across multiple chains and Layer 2 solutions, enhancing its governance and protocol decision-making processes.
SNAXchain will act as a neutral hub for governance, allowing the Synthetix community to make key protocol decisions as the network grows.
The chain’s development has been supported by partnerships with Conduit for infrastructure and Wormhole for cross-chain messaging, strengthening its cross-chain capabilities.
Optimism’s Superchain infrastructure, which utilizes optimistic rollups on Ethereum to lower transaction costs, is expected to play a key role in improving user interoperability and driving growth for SNAXchain.
This infrastructure is governed by a decentralized autonomous organization (DAO) known as the Optimism Collective, with its flagship network being OP Mainnet.
Other chains in the ecosystem include Base, Mode, Zora, Lyra, and Aevo.
The launch of SNAXchain coincides with a new governance epoch for Synthetix, marked by the start of nominations for various governance councils.
Candidates will be required to nominate themselves through the SNAXchain, further aligning governance with the chain’s mission of decentralization and community-driven decision-making.
This rollout marks a significant step forward for Synthetix, as it continues to innovate within the DeFi space and build on the scalability and efficiency of Layer 2 solutions.
Also Read other news articles, Samsung Next Invests in Startale Labs to Propel Web3 Innovation
Travala Integrates 2.2M Hotels into Skyscanner, Enabling Crypto Payments for Travel Bookings
Intel Expects Significant Revenue from Contract Chip Manufacturing by 2027
