Optimism’s Superchain Network Gets Synthetix App Chain Boost
- Optimism’s OP Stack has received yet another big nod.
- Synthetix’s OP-powered app chain will play a key role in the protocol’s expansion strategy.
- Synthetix is wasting no time to leverage the chain.
From Coinbase ‘s Base to Sony’s Soneium , the Optimism network ‘s OP Stack has emerged as a fan favorite among major firms and projects seeking to spin off their Layer 2 chain . The latest to join this impressive lineup is leading DeFi protocol Synthetix.
Synthetix Unveils OP-Powered SNAXchain
The Optimism Superchain network has been bolstered by a major DeFi player. On Wednesday, September 4, leading derivatives trading protocol Synthetix disclosed that it had launched an app chain called SNAXchain on Optimism’s Superchain Infrastructure.
Sponsored
SNAXchain will play a crucial role in Synthetix’s expansion strategy, acting as a neutral hub for governance and protocol decisions as Synthetix expands to offer derivatives trading across multiple blockchains, including other Layer 2 chains.
It's time for a new election epoch for Synthetix Governance.
— Synthetix ⚔️ (@synthetix_io) September 4, 2024
But this one comes with a twist – nominations are now live on SNAXchain, the phase 1 version of Synthetix's new app chain built on the @Optimism superchain.
Synthetix’s SNAXchain boasts partnerships with Conduit for chain infrastructure and Wormhole for cross-chain messaging between Optimism and the Ethereum mainnet. Synthetix tipped these partnerships and Optimism’s Superchain infrastructure to eventually unlock greater utility for SNAXchain. Already, Synthetix expects the Superchain’s planned native interoperability to drive users to SNAXchain.
The SNAXchain launch comes as Synthetix is set to start a new governance epoch. The new Layer 2 chain will play its first key governance role in this epoch as aspiring nominees to various councils will have to enter their nominations on the new blockchain.
Read this for more on Optimism:
Here’s How Optimism Plans to Solve Superchain and Ethereum Interoperability
Learn about ApeChain’s “Blueprint” and what it means for ApeCoin:
“Blueprint” for ApeChain Success Drops: A Beacon of Hope for ApeCoin?
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.
You may also like
Crypto Prices Today: Bitcoin Holds Above $62K as Crypto Market Shows Resilience
JASMY Eyes Major Breakout as FET Aims to Reclaim $2 Price Target, Altcoins Reflect BTC’s Bullish Plan
Nayib Bukele meets Elon Musk at Tesla to discuss AI, future of humanity
Altcoins Moving Up: They Outperformed Bitcoin and Ethereum – Analysts Assessed the Situation
Following the FED's interest rate decision, it was observed that the market values of altcoins increased more than that of Bitcoin.