Synthetix develops own blockchain on Optimism's Superchain infrastructure

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The Block2024/09/04 16:00

By:The Block

Quick Take Synthetix has introduced a blockchain named SNAXchain using Optimism’s infrastructure. The development of the network involves a partnership with Conduit.

DeFi protocol Synthetix is working on introducing its app chain, SNAXchain, on Optimism OP +0.27% ’s Superchain infrastructure.

The team announced that SNAXchain aims to serve as a neutral hub for governance and protocol decisions as Synthetix expands to more chains and Layer 2 solutions.

The network has been developed with partnerships with Conduit for chain infrastructure and Wormhole for cross-chain messaging.

Optimism Superchain infrastructure is expected to enhance user interoperability and facilitate user growth for SNAXchain, the team noted.

The chains in the Optimism ecosystem utilize optimistic rollups to reduce transaction costs for decentralized applications. This ecosystem is governed by a DAO known as the Optimism Collective. The ecosystem’s flagship network is OP Mainnet. Other chains include Base, Mode, Zora, Lyra and Aevo.

The rollout comes amid a new governance epoch for Synthetix — starting with nominations for various governance councils. Candidates must nominate themselves via the SNAXchain, the team added.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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