- 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 called SNAXchain. Built on Optimism's Superchain infrastructure, SNAXchain serves as a central hub for governance and protocol decisions.
The Role of Optimism's Superchain
SNAXchain is built on Optimism's Superchain infrastructure, which uses optimistic rollups to scale transactions on Ethereum. Rollups are a Layer 2 solution that reduces transaction costs while maintaining the security of Ethereum.
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.
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.
Governance and the New Synthetix Epoch
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.
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.
Future Use Cases and Development
While the primary focus of SNAXchain is governance, there are discussions about expanding its utility. Future use cases for SNAXchain could include:
* **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. * **Fee Aggregation**: SNAXchain may serve as a hub to aggregate fees from various Synthetix deployments across multiple chains. * **Next-Gen Synthetix Perps**: There is also speculation that SNAXchain could be used to build the next generation of Synthetix Perps (perpetual futures contracts).
The launch of SNAXchain represents a significant step for Synthetix, aimed at improving protocol governance and interoperability. This new platform is expected to play a key role in the development of the Synthetix ecosystem and provide new opportunities for users.
