- The Role of Optimism’s Superchain
- Governance and the New Synthetix Epoch
- Future Use Cases and Development
Synthetix, a decentralized finance (DeFi) protocol, launched its own blockchain, SNAXchain, built on Optimism's Superchain infrastructure. SNAXchain is set to serve as a central hub for governance and protocol decisions across multiple blockchains and Layer 2 (L2) solutions.
The Role of Optimism’s Superchain
SNAXchain is built on Optimism’s Superchain infrastructure that uses optimistic rollups to scale transactions on Ethereum. Rollups reduce transaction costs while maintaining Ethereum's security. The Superchain includes other networks such as Base, Mode, Zora, Lyra, and Aevo, and is governed by a decentralized autonomous organization (DAO) called the Optimism Collective. The key advantage of SNAXchain being part of this Superchain is user interoperability. Due to its partnership with Wormhole, SNAXchain is able to communicate with Ethereum mainnet, Optimism, and other chains, allowing users to move assets seamlessly across chains.
Governance and the New Synthetix Epoch
A major feature of SNAXchain is its role in the governance of the Synthetix ecosystem, particularly as it expands across multiple chains. On August 30th, nominations for Synthetix governance councils began, including the Spartan Council, Treasury Council, and Ambassador Council. Voting starts on September 6th, and the new epoch officially begins on September 16th. To nominate yourself for a council, you need to bridge a small amount of ETH for gas fees, connect your wallet to the governance app, and submit your nomination.
Future Use Cases and Development
While the primary focus of SNAXchain is governance, there are ongoing discussions about expanding its utility. Potential use cases include: * **Staking SNX**: The chain could eventually be the primary platform for staking SNX tokens, centralizing staking operations and simplifying the process for users. * **Fee Aggregation**: SNAXchain may serve as a hub to aggregate fees from various Synthetix deployments across multiple chains. * **Next-Gen Synthetix Perps**: SNAXchain could potentially be used to build the next generation of Synthetix Perps (perpetual futures contracts).
The launch of SNAXchain marks a significant development in the Synthetix ecosystem, providing new opportunities for governance and interoperability across blockchains.
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