Decentralized Finance (DeFi) Protocol Synthetix is Building a New Network on Optimism Infrastructure!

Decentralized finance (DeFi) protocol Synthetix is set to introduce its own blockchain, SNAXchain, on Optimism’s Superchain infrastructure.

Synthetix to Launch SNAXchain on Optimism’s Superchain Infrastructure

This move is designed to improve governance and decision-making processes as Synthetix expands into more blockchain networks and Layer 2 solutions.

SNAXchain will function as a neutral hub for governance, allowing the protocol to maintain streamlined operations across its expanding ecosystem.

The team announced that the project was developed in partnership with Conduit for the chain infrastructure and Wormhole for cross-chain messaging.

According to the Synthetix team, Optimism’s Superchain infrastructure is expected to increase interoperability for SNAXchain users and facilitate user growth.

Optimism uses optimistic rollups to reduce transaction costs for decentralized applications and is governed by a decentralized autonomous organization (DAO) called the Optimism Collective. Other networks in the Optimism ecosystem include OP Mainnet, Base, Mode, Zora, Lyra, and Aevo.

The SNAXchain launch coincides with a new governance era for Synthetix, which begins with nominations for various governance councils. The team added that candidates will submit their candidacy via SNAXchain, marking an important step in the protocol’s evolution.

*This is not investment advice.