1. The Role of Optimism's Superchain
2. Governance and the New Synthetix Epoch
3. Future Use Cases and Development

Synthetix, a decentralized finance (DeFi) protocol, has launched its own blockchain, SNAXchain, built on Optimism's Superchain infrastructure. SNAXchain will serve as a central hub for governance and protocol decisions across various blockchains and Layer 2 (L2) solutions.

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. The Optimism Superchain ecosystem includes networks such as Base, Mode, Zora, Lyra, and Aevo. The ecosystem is governed by a decentralized autonomous organization (DAO) known as the Optimism Collective, which oversees the direction and development of the Superchain. A key advantage of SNAXchain is user interoperability. Through its partnership with Wormhole, SNAXchain can communicate with the Ethereum mainnet, Optimism, and other chains, enabling users to move assets between chains without friction.

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. 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.

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 on Optimism's Superchain represents a significant step for Synthetix, opening new opportunities for governance and interoperability within the protocol's ecosystem. In the future, SNAXchain could become a key infrastructure component for Synthetix, supporting various functions and innovations.