- The Role of Optimism’s Superchain
- Governance and the New Synthetix Epoch
- Future Use Cases and Development
Decentralized finance protocol Synthetix has launched its own blockchain platform, SNAXchain, built on Optimism's Superchain infrastructure.
The Role of Optimism’s Superchain
SNAXchain is built on Optimism’s Superchain infrastructure, using optimistic rollups to scale transactions on Ethereum. Rollups are a Layer 2 solution that reduces transaction costs while maintaining Ethereum's security. The Superchain infrastructure includes several networks such as Base, Mode, Zora, Lyra, and Aevo and is governed by a decentralized autonomous organization (DAO) called the Optimism Collective.
Governance and the New Synthetix Epoch
SNAXchain will serve as the new governance center for Synthetix. A key part of this new governance phase includes elections for Synthetix governance councils, which began on August 30 with voting starting on September 6. The new epoch begins on September 16. The elected councils include the Spartan Council, Treasury Council, and Ambassador Council, which will direct the protocol's course.
Future Use Cases and Development
While the primary focus of SNAXchain is governance, there are discussions about other potential use cases. These could include staking SNX tokens, fee aggregation from various Synthetix deployments, and developing the next generation of Synthetix perpetual futures contracts.
The launch of SNAXchain opens new avenues for scalability and governance, supporting the growth of the Synthetix ecosystem and inter-chain interactions.
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