Synthetix has announced the upcoming launch of its own blockchain, called SNAXchain, which promises to revolutionize protocol governance and interoperability.
SNAXchain, built on the Optimism Superchain infrastructure, is focused on leveraging Optimism’s features to optimize the protocol’s governance and improve its interoperability with other blockchains in the crypto ecosystem.
The upcoming launch of this blockchain not only represents a significant technological advancement for the cryptocurrency derivatives protocol, but also sets a new standard for community participation and decision-making within the decentralized protocol.
Synthetix developers highlighted that SNAXchain “will act as a neutral hub for governance and protocol decisions and more.”
Synthetix enters a new era of decentralized governance
Through a blog post, the protocol developers noted that a new era of decentralized governance is about to begin for Synthetix. The transition to SNAXchain marks the beginning of a new stage, where community members will have a more active and direct role in the decision-making of the blockchain protocol.
As explained by the developers, with the opening of the nomination process for Synthetix's governing councils, which began on August 30 and will culminate with voting on September 6, the protocol is implementing a system that promotes participation and transparency.
The governing councils These include the Spartan Council, the Treasury Council, and the Ambassador Council. Each of these groups will play a crucial role in the direction of the protocol, and interested users will need to nominate themselves through SNAXchain. With this focus on governance, Synthetix is facilitating the inclusion of more voices and setting a precedent for decentralization in decision-making within the ecosystem.
SNAXchain is built on Ethereum Layer 2
The choice to build SNAXchain on the Optimism Superchain infrastructure is a strategic move that maximizes the scalability and efficiency capabilities of the new network. In the publicationSynthetix developers highlighted that Optimism has proven to be a robust platform for decentralized applications, and collaboration with their team allows the DeFi protocol to benefit from cutting-edge technology.
SNAXchain will act as a neutral hub for protocol governance and decisions, facilitating interoperability between different chains and increasing the utility of the Synthetix ecosystem. Additionally, with key partners such as Conduit for infrastructure management and Wormhole for cross-chain messaging, SNAXchain is designed to be a dynamic hub that seamlessly connects users between Synthetix and other platforms in the crypto ecosystem.
“OP Stack has some of the most talented contributors, a pipeline for new users, and upcoming interoperability will be crucial to driving users across our chain and others in a frictionless way.”, Synthetix developers said.
With the launch of this new blockchain, Synthetix will improve the user experience and attract new participants to its digital ecosystem. This is thanks to the ease of access and interoperability that Optimism allows with multiple blockchains.
Implications for the future of Synthetix
Synthetix is a cryptocurrency derivatives protocol that has been expanding its presence across different blockchains in recent years. As such, the launch of SNAXchain represents a significant opportunity for the protocol in its quest to become a leader in the cryptocurrency and decentralized finance space.
By leveraging the Optimism Superchain infrastructure, Synthetix seeks to offer a more accessible and efficient platform that strengthens its position in the cryptocurrency ecosystem.
Synthetix has been revamping itself this year, introducing a new foundation and architecture for the protocol. In May, it introduced its V3 iteration and with it a number of improvements and features designed to scale its crypto derivatives ecosystem in the digital world.
