Originally published on: September 06, 2024
Synthetix is revolutionizing the world of decentralized finance with the launch of SNAXchain — a groundbreaking app chain designed to bring cross-chain liquidity and trading-fee revenues to native-token stakers and on-chain trading products. Matt Losquadro, a key contributor to Synthetix, shared this exciting news with Cointelegraph on Sept. 6.
The primary goal of SNAXchain is to serve as an on-chain governance platform, facilitating the management of Synthetix deployments on Ethereum mainnet and various layer-2 (L2) scaling chains such as Optimism, Arbitrum, and Base. This new development, announced in a recent post on the X platform, is set to revolutionize how Synthetix expands to additional chains and L2s.
In an exclusive interview with Cointelegraph, Losquadro emphasized the potential for SNAXchain to become a neutral hub for governance and protocol decisions, laying the foundation for future functionalities like staking for SNX, cross-chain liquidity, and the introduction of a custom-built perps product. Stay tuned for more exciting proposals in Q4 as Synthetix continues to push boundaries in the DeFi space.
On its quest for innovation, Synthetix is already exploring SNXstaking on SNAXchain and aims to share liquidity across multiple L2s using Optimism’s Superchain. Leveraging platforms such as Conduit and Wormhole for cross-chain messaging, SNAXchain is powered by Optimism’s Superchain, a network of interconnected layer 2s at the forefront of DeFi technology.
Synthetix’s dedication to providing liquidity for permissionless derivatives, including perpetual futures and options, is evident in its recent launch on Arbitrum in July. By offering a range of tokens as collateral, Synthetix aims to stand out in Arbitrum’s competitive DeFi ecosystem, with yields for liquidity providers reaching up to nearly 16%.
In a move to enhance capital efficiency for liquidity providers, GMX recently introduced GMX Liquidity Vaults, a series of innovative products available on the X platform. This development demonstrates the ongoing evolution and commitment to growth within the DeFi space.
As Synthetix continues to drive innovation and explore new horizons, SNAXchain stands poised to revolutionize cross-chain liquidity and staking for SNX holders and DeFi enthusiasts worldwide. Join the movement towards a decentralized and interconnected future with Synthetix’s cutting-edge technology and forward-thinking approach.
