DeFi Protocol Synthetix To Launch Its Own Application Blockchain, SNAXChain
06 Septembre 2024 - 5:00AM
NEWSBTC
Decentralized finance (DeFi) protocol Synthetix (SNX) is working
toward launching its application blockchain, dubbed SNAXChain,
according to a blog post published on September 4, 2024. Synthetix
SNAXChain To Launch On Optimism’s Superchain Infrastructure
Ethereum-based derivatives liquidity protocol Synthetix is set to
unveil SNAXChain, an application blockchain built on Optimism’s
Superchain infrastructure. For the uninitiated, Ethereum
layer-2 (L2) scaling network Optimism’s Superchain is essentially a
network of L2 chains, known as OP chains. These chains share
security features a communication layer, and are powered by an
open-source technology stack. The Superchain ecosystem is
governed by the Optimism Collective, a decentralized autonomous
organization (DAO). Examples of existing OP chains include Base,
Lyra, Mode, and Zora, with SNAXChain poised to join the list.
Related Reading: What Is Defi? An Explainer And Guide The launch of
SNAXChain aims to improve the protocol’s efficiency and scalability
to offer a more seamless and cost-effective experience to DeFi
enthusiasts interested in issuing and trading synthetic assets.
SNAXChain will also boost Synthetix’s liquidity to keep up
with the growing demand for synthetic assets. The Synthetix team
notes that SNAXChain will be a neutral hub for on-chain governance
and protocol decisions. At the same time, the protocol will
continue to expand to additional blockchain networks and L2
solutions. Notably, Synthetix has partnered with Conduit to manage
chain infrastructure. It partnered with Wormhole to
provide cross-chain messaging between SNAXChain, Optimism, and
Ethereum mainnet. Synthetix will kickstart a new governance epoch
alongside the launch of the new application blockchain. According
to the official post, interested individuals or groups can nominate
themselves for various governance councils on SNAXChain. A
small amount of Ethereum (ETH) must be bridged to the chain for
gas. After bridging the ETH, interested nominees may connect their
wallets to the Synthetix governance app and nominate themselves for
the appropriate council. Voting for the Synthetix governance
council is slated to begin on September 6, 2024. Can DeFi Make A
Comeback? Despite the rapid pace of development and innovation in
the Ethereum DeFi space with the launch of layer-2 scaling
solutions such as Optimism and Arbitrum, DeFi has not quite managed
to take hold of the industry like it did during the ‘DeFi summer’
of 2020. However, recent on-chain trends and patterns could
indicate a potential DeFi comeback later this year. For instance,
Optimism witnessed strong network activities earlier this year,
helping its native OP token surge by 9%. As the network expands to
more chains, user activity can continue upward. Related Reading:
ARB Surges Nearly 10% As Franklin Templeton Launches Fund on
Arbitrum Similarly, leading decentralized exchange (DEX) Uniswap
recently made a cumulative $50 million in total revenue, making a
strong case for the undervaluation of its native UNI token, down
86% from its all-time high value of $44.92. Similarly, one of the
earliest DeFi lending protocols, AAVE, has recently seen a
resurgence in interest from crypto whales. The total DeFi market
cap sits at $69.88 billion at press time. Featured Image from
Binance Academy, Chart from TradingView.com
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