TL;DR
- Synthetix launches SNAXchain: Built on Optimism’s Superchain infrastructure, SNAXchain aims to enhance governance and expand to more chains and Layer 2 solutions.
- Optimism Superchain benefits: Expected to boost user interoperability and drive growth, leveraging optimistic rollups to reduce transaction costs.
- Strategic partnerships: Collaborations with Conduit and Wormhole ensure seamless interoperability, with new governance councils and phased functionality expansions planned.
Synthetix, a leading DeFi protocol, has announced the launch of its own blockchain, SNAXchain, built on Optimism’s Superchain infrastructure. This development marks a significant milestone for Synthetix as it aims to enhance governance and protocol decisions while expanding to more chains and Layer 2 solutions.
It's time for a new election epoch for Synthetix Governance.
But this one comes with a twist – nominations are now live on SNAXchain, the phase 1 version of Synthetix's new app chain built on the @Optimism superchain.
— Synthetix ⚔️ (@synthetix_io) September 4, 2024
Leveraging Optimism’s Superchain
The team highlighted that the Optimism Superchain infrastructure is anticipated to boost user interoperability and drive user growth for SNAXchain. The SNAXchain is designed to serve as a neutral hub for governance and protocol decisions.
By leveraging Optimism’s Superchain infrastructure, Synthetix aims to provide a more efficient and scalable solution for its users. The Superchain ecosystem utilizes optimistic rollups on top of Ethereum, which helps reduce transaction costs for decentralized applications.
This infrastructure is governed by the Optimism Collective, a DAO that oversees the ecosystem’s flagship network, OP Mainnet, and other chains like Base, Mode, Zora, Lyra, and Aevo.
Synthetix’s Partnerships and Collaborations
To ensure the success of SNAXchain, Synthetix has partnered with Conduit for chain infrastructure and Wormhole for cross-chain messaging. These collaborations will enable seamless interoperability between SNAXchain, Optimism, and Ethereum mainnet.
The project also highlights the importance of these partnerships in driving user growth and enhancing the overall utility of the chain. The launch of SNAXchain coincides with a new governance epoch for Synthetix.
Nominations for various governance councils, including the Spartan Council, Treasury Council, and Ambassador Council, have already begun. Candidates must nominate themselves via the SNAXchain, which requires bridging a small amount of ETH for gas.
Voting will continue to be conducted on the chain where users have staked their SNX, either Ethereum Mainnet or Optimism. As Synthetix expands to additional chains and Layer 2 solutions, SNAXchain will play a crucial role in facilitating governance and protocol decisions.
The project aims to build functionality into the chain in phases, with future expansions expected to enhance its scope and utility further.
